We all know that Toronto’s housing market is rated one of the most expensive in Canada, however, according to a recent study, it’s now the third most expensive in North America. A study led by a professor at Simon Fraser University revealed Toronto’s market is not far behind from Vancouver (which ranked first on the […]
Housing Affordability Is at Crisis Levels in Vancouver, Is Toronto Next?
Affordability has been a major topic of concern in Vancouver and Toronto, Canada’s largest markets. According to a new report, Vancouver affordability is at a critical level while Toronto’s affordability still poses a major challenge despite improvement. RBC released their Housing Trends and Affordability report earlier this week, and illustrates that while the affordability measure […]
The Condo Sector Is Becoming The Leading Market For New Home Buyers
Toronto’s condominium sector is becoming the leading market for new home buyers, and as a result is forcing prices to jump to 25 per cent to $758,370. According to a recent report by the Building Industry and Land Development Association (BILD), the reason for the increase in prices within the condo sector is due to […]
Number of Housing Starts Fell Sharply in May – Lowest Level in a Year
Amidst months of above-average activity, the pace of housing starts for the month of May fell sharply to 195,613 units from 216,775 units this past April, according to a recent report by the Canada Mortgage and Housing Corp (CMHC). The decline seen in May was due to drastically fewer condos, apartments, and town homes being […]
Millennials Are Opting Out Of Condos And Looking For More Spacious Homes. The Issue: The Lack of (Affordable) Supply
Millennials are outnumbering Baby Boomers and are quickly becoming the fastest growing cohort in the Greater Toronto and Hamilton Area (GTHA). As the growth of this generation continues, so does the demand for housing. According to a new study released last week by Ryerson University’s Centre for Urban Research and Land Development, 500,000 Millennials will […]
Excessive Regulations And Barriers To Development Are Costing Canadian Home Buyers An Extra $200,000: New Study
Outdated zoning bylaws, deferrals on permit approvals, amplified development charges, and land-use restrictions in Southern Ontario’s Greenbelt, have added nearly $168,000 to single-detached homes in the Greater Toronto Area (GTA), and $644,000 in Vancouver – the two (already) priciest cities in Canada. According to a new study released last week by C.D. Howe Institute, government […]
Luxury Condo Prices Outperform Luxury Detached Homes
Amidst government interventions, rising mortgage rates, and declining sales activity within the Greater Toronto Area (GTA), luxury condo prices have remained comparatively resilient. According to new figures released last week by Royal LePage, luxury condo prices outpaced luxury detached homes in the GTA over the first four months of the year, with average prices rising […]
Toronto Home Sales for the Month of April: Lowest Recorded in 15 Years
While the housing market may appear to be stabilizing itself, when compared to the whirlwind number of sales and steep pricing last year, the latest Market Figures report released by the Toronto Real Estate Board (TREB) shows April home sales are at its lowest level in 15 years. Typically, April tends to be a big month for the […]
What Rising Mortgage Rates Mean for Canadian Homebuyers
Last week, three of the five largest banks in Canada, TD Bank, CIBC, and RBC, raised their benchmark rates for five-year fixed mortgage rates, igniting concern amongst homebuyers and homeowners. TD Bank began the rippling effect of rising interest rates last Wednesday, increasing its five-year fixed rate 45 points, from 5.14% to 5.59% – not […]
Toronto’s Housing Market to Look Up This Spring
Since January, home sales across the Greater Toronto Area (GTA) have been tumbling when compared to the same time last year. Economists, however, are hopeful that come Spring, the market will adjust and bounce back. When comparing year-over-year, sales these past few months in the GTA have plummeted 30 per cent or more, with average […]