Canada's Condominium Magazine

Market News

News with a focus on real estate, finance and the marketplace.

Teranet-National Bank Composite Price Index up 2.11% in July 2017

Teranet-National Bank Composite Price Index up 2.11% in July 2017

Prices are up on the Teranet-National Bank Composite Index by 2.11% month over month — or 27.96% year over year for July 2017. Although these numbers are somewhat different from TREB’s July price statistics —which showed 4.6% for monthly and 18% for year-over-year — they reflect a “smoothing” calculation, where the index is the average…

$8.1 billion in new building permits in June 2017, up 2.5% from May, second highest on record

$8.1 billion in new building permits in June 2017, up 2.5% from May, second highest on record

With an inventory shortage in the market, builders are stepping up the pace of building permits, particularly in multi-unit buildings, such as Condominiums. The latest released data indicates that Canadian municipalities issued another $8.1 billion in building permits in June 2017 — the last month tallied by Statistics Canada — although residential permits were $5…

Downturn or breather in housing market? Demographics, inventory, history, and new-build sales trends suggest the market in fall will sharply bounce back

Downturn or breather in housing market? Demographics, inventory, history, and new-build sales trends suggest the market in fall will sharply bounce back

Price pressure and inventory-shortage argue against characterizing the current summer market as a “downturn” — versus a short lull — in the market. While this may dash the hopes of struggling first-time buyers, demographics and listing supply make it highly unlikely that the market will downturn past the summer months. At most, the lull would…

TREB reports July resales 40.4% down year-over-year, contrasting new condo increase in sales of 89% reported by BILD

TREB reports July resales 40.4% down year-over-year, contrasting new condo increase in sales of 89% reported by BILD

Contrasting a sharp increase of 89 percent in last period for new condo sales — our report here>> — the resales market appeared to continue to react negatively to Ontario’s Fair Housing Plan, sharply down 40.4 percent, year over year for July sales.     TREB CEO John DiMichele cautioned: “Summer market statistics are often not the…

Sales of new Condo high rise apartments record high — jumps 89 percent year over year

Sales of new Condo high rise apartments record high — jumps 89 percent year over year

Only 9 percent of homes sold last month were low-rise single-family homes, leaving high-rise condominiums to dominate the market at 91 percent of all June 2017 sales.  Not only is the share of sales higher, the 89 percent year-over-year increase in sales is a higher-than-expected growth number — especially with worries over Ontario’s Fair Housing…

TREB Quarterly condominium report reveals stability, especially downtown, with prices and listings up, sales slightly down year-over-year

TREB Quarterly condominium report reveals stability, especially downtown, with prices and listings up, sales slightly down year-over-year

In the vital markets of City of Toronto downtown core and Mississauga downtown, condominiums are showing market resilience in the face of sharper drops for other home types. The shift of preference is likely driven by ongoing demand for homes tempered by the relative lack of affordability of other home types.     The last reported June…

CREA: Home sales drop in June, prices up; but fundamentals in economy are good for future growth

CREA: Home sales drop in June, prices up; but fundamentals in economy are good for future growth

Home sales are down Nationally, led by Toronto, as previously reported in Condo.ca from Toronto Real Estate Board numbers, although luxury sales, especially in Toronto are up for higher-end condominiums. [See our story on Condo luxury market here>>]   NOTE: Although CREA numbers are similar to TREB indicators, they reflect only MLS sales, largely resales, and…

Bank of Canada raises rate 0.25 per cent: What does it mean to your mortgage?

Bank of Canada raises rate 0.25 per cent: What does it mean to your mortgage?

As expected, the Bank of Canada raised rates for the first time in seven years to a key interest rate 0.75 percent. Although this is likely to have a slight dampening effect on markets already in “hold” mode due to the Ontario Government’s new rules, in real life its effect is negligible and can most…

Condo resale prices up 23.2%; sales down 21.7%; significantly better than detached and townhomes in June’s wait-and-see month

Condo resale prices up 23.2%; sales down 21.7%; significantly better than detached and townhomes in June’s wait-and-see month

As expected, sales in June 2017 were down year-over-year, although prices were again moderately up, even with more new and active listings coming into the market. Significantly, condo resale prices soared in pricing by 23.2% in the 416 and 21.4% in the 905, more than double the increase of detached homes, semis and town homes….

Foreign buyers of real estate at 4.7 per cent of sales: largely unchanged since last year

Foreign buyers of real estate at 4.7 per cent of sales: largely unchanged since last year

New data from the Ontario government seems to indicate that only 4.7 per cent of properties sold between April 24 and May 26 were bought by foreign buyers. The new 15 per cent tax on international-buyers was announced April 20th, but seems to have had no impact. Only 859 sales in this period were foreign…

Baby Boomers migrate to condos? 36 percent of Canadians are 54 years and older — empty-nest down-sizing can boost GTA market

Baby Boomers migrate to condos? 36 percent of Canadians are 54 years and older — empty-nest down-sizing can boost GTA market

5.9 million people are 65 years of age and older, while 20 per cent of Canada’s population is 54-65.[1] In other words fully 36 percent of our population are old enough to potentially have empty nests — aged 54 and up. The exception would be Boomers with adult children. [See our stories on Boomerang kids:…

Toronto condo average resale prices increase 31.85 per cent in May over last year at $446,600, now the fastest growing home type in Canada

Toronto condo average resale prices increase 31.85 per cent in May over last year at $446,600, now the fastest growing home type in Canada

Despite a year-over-year drop in number of listings and actual sales, Toronto condominium prices rose more than any other home type. In Canada, the overall aggregate composite MLS price rose 17.9 per cent in May 2017 from April 2017 — the first reporting month since the Ontario government announced new measures to cool the market….

Real estate affordability one of top five political issues: 60 per cent of first-time buyers more likely to support a political party that promotes affordability

Real estate affordability one of top five political issues: 60 per cent of first-time buyers more likely to support a political party that promotes affordability

Affordable housing may not top the list, but it’s certainly one of the top five political issues for millennials, with 60 per cent of prospective first-time buyers “likely to support a political party” that moves the agenda of “housing affordability.” According to a new poll for the Ontario Real Estate Association (OREA), 37 per cent…

Proposed Toronto rules may help condos manage disruptive short-term rentals such as Airbnb

Proposed Toronto rules may help condos manage disruptive short-term rentals such as Airbnb

Toronto is finally moving to curb short term rentals with new proposed licensing. The sudden rise of short-term rentals — personified in Airbnb — has created “coping issues” in condominium communities. Disruptive short-term renters tend not to respect the community common areas, amenities and rules.     At Condo.ca we’ve reported on several complaints from…

TD Economists like “soft landing prospects” in Toronto market, on track for slight 4 per cent decline next year

TD Economists like “soft landing prospects” in Toronto market, on track for slight 4 per cent decline next year

“Tighter housing policies have helped to kick-start a soft landing in the GTA housing market, while gradually rising interest rates later this year are likely to help solidify it.” — TD Bank Economists Michael Dolega and Diana Petramala     The “soft landing” was the elusive goal of the Ontario government sought with new “Fair Housing” rules…

Cooling not chilling: Toronto market soft landing? May prices up year over year but market down on sales volume — except for condos

Cooling not chilling: Toronto market soft landing? May prices up year over year but market down on sales volume — except for condos

May is normally hot market time. To see a year-over-year sales drop of —20.3 percent (year over year) would have been a shocking development prior to the Ontario Government’s “Fair Housing” rules. Prices, on the other hand, increased, in part due to a shortage of listings on a year over year basis. Significantly, though, on…

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Although some recent reports show a drop in actual resale sales — in the short-term dramatic double digit drops according to some brokers — prices are showing no sign of dropping on new homes.[1] The Building Industry and Land Development Association recently released data detailing rising costs for new detached and semi-detached homes, as well…

The Greater Golden Horseshoe could become greater, golder, and greener: Ontario updates land use plans

The Greater Golden Horseshoe could become greater, golder, and greener: Ontario updates land use plans

In an effort to improve livability in the Greater Golden Horseshoe, while protecting the environment, Ontario has passed updated land use plans intended to encourage sustainable communities. The plans were released on May 18, 2017 after two years of review.     These include updates to the Greenbelt Plan, the Growth Plan for the Greater Golden…

1 2 3 32Next →

SHARE WITH US

Subscribe to condo.ca

@ 2017 condo.ca  |  Designed by Persona Corp