On Monday, The Toronto Real Estate Board (TREB) released its Monthly Market Figures for the month of May, and home sales across the Greater Toronto Area are down, once again, when compared to the same time last year. According to the report, the number of home sales for May was 7,834 units, a 22.2 per […]
CIBC: New Canadian Mortgages To Be Reduced By Half In Back Half Of Year
Last week, CIBC forewarned that the number of mortgages it will grant in the back half of the year will be reduced by 50 per cent. The bank, which faced a serious number of cutbacks for mortgage applications during the first half of the year, believes that the new lending guidelines (including stress test for […]
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Outdated zoning bylaws, deferrals on permit approvals, amplified development charges, and land-use restrictions in Southern Ontario’s Greenbelt, have added nearly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 […]
The Need for More Missing Middle Housing
When trying to find a place downtown Toronto we stumble upon a lot of one-to-two bedroom condos in sky-high towers. When looking for a place in the suburbs, we find many single detached family homes. What the city lacks are ground-centered housing types like small apartment blocks, multiplexes, stacked townhomes, and courtyard apartments – also […]
Public Outcry Against Proposed Daycare in Cabbagetown
Cabbagetown residents are, yet again, against another proposed development in their community, except this time the uproar is about a daycare- yes, you read correctly…a daycare. The neighbourhood, located in Central Toronto, is encircled by historic Victorian-era multi-unit houses, one of which developers would like to convert into a daycare space for children. The proposed […]