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2018 average price on homes in GTA increase to $901,392, up 6.8% according to Market Survey Forecast from Royal Lepage; market “correction” unlikely

2018 average price on homes in GTA increase to $901,392, up 6.8% according to Market Survey Forecast from Royal Lepage; market “correction” unlikely

Taking into account the new, stricter “stress test” for mortgages in 2018, the annual Market Survey Forecast from Royal Lepage projects GTA increases of 6.8% in 2018, up to $901,392 projected in 2018 from $844,000 aggregate home price $844,000 in 2016. All markets, except Edmonton, are projected to increase with a “risk of high price…

In 416 area, condo sales double numbers for detached homes, with prices rising 16.4% on resales November year-over-year; listings up 37.2% in response to demand

In 416 area, condo sales double numbers for detached homes, with prices rising 16.4% on resales November year-over-year; listings up 37.2% in response to demand

Although sales are down 7.9% on resale condos, demand remains high and is fuelling the active new and prebuild markets. The latest Toronto Real Estate Board numbers reveal resale condo apartments up 16.4% average in price in the GTA, pressured by high demand against low listings. New listings, however, increased int he same period in…

Toronto Real Estate Board (TREB) must allow greater online access to selling prices, Federal Court of Appeal rules

Toronto Real Estate Board (TREB) must allow greater online access to selling prices, Federal Court of Appeal rules

Access to valuable resale information — such as how much a house sold for — will soon be available to ordinary house hunters, assuming the Toronto Real Estate Board abides by a Federal Court of Appeal dismissal of their appeal of a previous Competition Tribunal ruling. Last year, in April, the tribunal had ordered TREB…

New condos sales set record for October: high-rise and mid-rise condo apartments lead numbers for GTA, reports BILD

New condos sales set record for October: high-rise and mid-rise condo apartments lead numbers for GTA, reports BILD

New condominium apartments in high-rise and mid-rise, led a surge in sales for October, as reported by Building Industry and Land Development Association. Short inventories are a key factor, together with the shift in preference to condominiums for homeowners in the GTA area. Sales of new condos (high-rise) soared over 2016 and 2015 numbers —…

Canada’s resale housing market: national stability masks regional fluctuations; overall resales drops mask rise in condo popularity

Canada’s resale housing market: national stability masks regional fluctuations; overall resales drops mask rise in condo popularity

Recent reports have show stability in Canada’s housing market, despite regional fluctuations throughout the country. The data, especially inventory and price data, also show an apparent change in preference in the GTA to vertical condo living. The resales drops  tend to be deceptive, against price surges in some verticals, pressured by low inventories.    …

3 months of sales upticks indicates GTA and Canadian resale market soft bounce

3 months of sales upticks indicates GTA and Canadian resale market soft bounce

Three straight months of gains (month-over-month) may indicate recovery in the resale market. Many buyers appeared to press the “pause” button after new Ontairo government rules hit the market in summer. The trend of three ‘uptick’ months indicates many have moved back into the market after a short wait. Despite a lull in sales, as…

Where to live: young professionals rate commute time to work and access to transit as more important than “Dream home”: Toronto Region Board of Trade

Where to live: young professionals rate commute time to work and access to transit as more important than “Dream home”: Toronto Region Board of Trade

76% of young professionals, or Millennials, ranked their commute to work as the most important factor in choosing where to live. They were willing to compromise their idea of a “dream home” for a shorter, better quality commute. This is the first time commute time scored so high as a preferrence in housing location. In…

Dwellling starts were up for 3rd quarter 2017 year-over-year in Ontario but down for October: lower future inventory may pressure prices up

Dwellling starts were up for 3rd quarter 2017 year-over-year in Ontario but down for October: lower future inventory may pressure prices up

A dip in building starts for October in Ontario — on a year-over-year basis — may escascerbate short future inventories, putting upwards pressure on housing prices and rent. This may be especially pronounced given the announcement by Prime Minister Trudeau that Canada will welcome 340,000 new immigrants annually to the year 2020. [See our news…

New Condo prices up for Q3 2017 to $816 per square foot for unsold inventory in Toronto reflecting increased demand for condominium apartments

New Condo prices up for Q3 2017 to $816 per square foot for unsold inventory in Toronto reflecting increased demand for condominium apartments

New condo pricing increased to $816 per square foot in Q3, 2107, for unsold inventory. Pre-build prices per square foot may not reflect inventory prices. As previously reported in Condo.ca, this is due to increased demand for condominiums in the GTA — also reflected in higher prices for resale condominiums — as other home types…

Ontario Housing Market Outlook for 2017, 2018 and 2019 according to CMHC fall report; only multi-unit and condo starts are forecast to increase, with prices increasing

Ontario Housing Market Outlook for 2017, 2018 and 2019 according to CMHC fall report; only multi-unit and condo starts are forecast to increase, with prices increasing

Ontario’s existing home sales and new home starts will trend lower over 2018 and 2019, while prices will continue to grow — although more modestly — according to the latest forecasts from the Canada Mortgage and Housing Corporation (CMHC). “Multi-unit starts led by condo and rental construction will remain elevated,” states the Fall 2017 CMHC…

Condo prices up 22.7% in Q3 2017 over last year as condominiums become the home of choice in Toronto

Condo prices up 22.7% in Q3 2017 over last year as condominiums become the home of choice in Toronto

Prices for condominiums rose a striking 22.7% year-over-year, from an average $415,894 to $510,206. This is despite a drop in sales for the same third quarter period. What’s driving the increases? Rents are also up for condos. According to Jason Mercer, TREB’s Director of Market Analysis: “Condominium apartments will likely account for a greater share…

New mortgage rules could strip buyers of 25% of their buying power and targets uninsured mortgages

New mortgage rules could strip buyers of 25% of their buying power and targets uninsured mortgages

With Ontario Fair Housing Plan rules already impacting the Toronto market, putting some prospective buyers in “wait and see” mode, new mortgage rules could further test the market’s resilience.The “Nanny” provisions — which will make it more difficult to borrow, with the goal of “protecting” people from themselves — will reduce the amount of the…

Housing starts continue strong in Ontario, up 13% in Sept 2017 over last year: CMHC data

Housing starts continue strong in Ontario, up 13% in Sept 2017 over last year: CMHC data

September was another strong month for building starts (year over year), with Ontario continuing to lead in sheer numbers, and (and among the highest as a percentage) in both Single-detached and multi-dwelling buildings: single-detached starts Ontario 2,594, up from 2,423 (in Sept 2016), or 7% all other starts Ontario 3,854, up from 3,291, or up…

Prices rebound in September: Condos up 23.2% in GTA yr-over-yr; all types of homes increase in price in 416

Prices rebound in September: Condos up 23.2% in GTA yr-over-yr; all types of homes increase in price in 416

With the increased interest in condominiums, September prices jumped 24% in the 416 and 16.6% in the 905 (23.2% overall GTA). Although sales are down year-over-year in all categories — especially given the previous year was a “hot” market — prices were up in all home types, with the sole exception of detached homes in…

Ontario Housing Minister defends new rent control after strong criticism of its impact on the rental market

Ontario Housing Minister defends new rent control after strong criticism of its impact on the rental market

Peter Milczyn, Ontario’s Housing Minister, felt pressured to defend the new rent controls after news that at least 1,000 planned rental units have been converted to condos or cancelled due to the restrictions. [First reported on Condo.ca here “Over 1,000 planned rental housing units converted to condos”>>] The Minister indicated he was “watching” the housing…

Over 1,000 planned rental housing units converted to condos in reaction to new Ontario rental rules; Ontario faces shortfall of 6,000 units per year in rentals

Over 1,000 planned rental housing units converted to condos in reaction to new Ontario rental rules; Ontario faces shortfall of 6,000 units per year in rentals

A new Urbanation study indicated “rental housing supply will continue to diminish and vacancy rates will drop further unless at least 6,250 additional new rental units are built each year for the next decade, in addition to the expected level of new development.” This is despite the fact that 32.6% of all condos are used…

Home building starts up for Ontario 50%; up 58% multi-residences and condos in Toronto, 29% for all types

Home building starts up for Ontario 50%; up 58% multi-residences and condos in Toronto, 29% for all types

Builders are pushing forward with new home building, largely unaffected by the sales-pause in the real estate market. Canada Mortgage and Housing Corp data shows Ontario growth August starts up 29% in August last year — even though last year was a hot market. Other hot markets for building starts included Manitoba at 45%, Nova…

In Ontario, 42.1% of adult children live with parents; we earn more income; 54.3% of us live in detached homes; 19.9% increase in 65-years and over proportion: new Census data

In Ontario, 42.1% of adult children live with parents; we earn more income; 54.3% of us live in detached homes; 19.9% increase in 65-years and over proportion: new Census data

The new peaks inside Canada’s latest Census (2016) reveal a “mixed bag” of indicators, with, for example, income up, yet over 42.1% of adult children living with parents (in Ontario), and 96% of couples/families both working. The sharp ageing demographic is also quickly evident, with average age way up at 41. The population has increased…

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