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Condo building starts soar to records, up 78% in Ontario according to CMHC

Condo building starts soar to records, up 78% in Ontario according to CMHC

Toronto-area builiding starts for condos soared to record numbers: 78% month-over-month in Ontario, from February to March 2018) as condos remain the most popular option for new home buyers. “Indeed, note that Toronto starts jumped to the highest since at least 1990, but all of the gain was in condos,” wrote Bank of Montreal chief…

In Toronto, Work Spaces Get a Condo-Style Makeover

In Toronto, Work Spaces Get a Condo-Style Makeover

Although office spaces are typically leased, a growing number of professionals are beginning to question whether they should rent or buy. After all, these spaces are generally intended to be a long-term investment, whereas renting is only beneficial when fulfilling short-term needs. If you are only going to occupy a space for a few months…

Toronto Condo Developments Set Record

Toronto Condo Developments Set Record

The condominium market saw an increase in construction over the past month or so. Condo and multi-unit buildings rose by 14 per cent from February to March, compared to a 7 per cent decline in single-family detached homes. Ontario showed the strongest growth with 102,838 new units, an increase of 26 per cent. Toronto was…

Stable Canadian Market Attractive for Investors

Stable Canadian Market Attractive for Investors

Despite regulatory hurdles and a fluctuating market, Canadian real estate remains a solid investment in many aspects. According to representatives at the Real Capital Conference earlier this month, real estate across the country will continue to attract strong investment interest. Rob Kumer, Chief Investment Officer for KingSett Capital, described a growing trend among buyers to…

Over Half of Toronto Real Estate Price Increases Unexplained

Over Half of Toronto Real Estate Price Increases Unexplained

It is no secret that the real estate market has hit a rough patch, and it does not seem to be getting any better. Torontonians have been struggling with rising prices, and strict regulations have been passed by the government, making it even more difficult to purchase by limiting access to loans. The government has,…

Baby Boomers’ Investments in Residential Real Estate Outperforming Other Financial Investments

Baby Boomers’ Investments in Residential Real Estate Outperforming Other Financial Investments

According to a recent report by Mustel Group and Sotheby’s International Realty Canada, residential real estate investments rank high amongst Canada’s urban baby boomers. Approximately 61 per cent of baby boomers in Canada’s largest metropolitan areas (Vancouver, Calgary, Toronto, and Montreal) had real estate investments which outperformed other financial assets such as stocks and bonds….

Limited Housing Sparks Bidding Wars Across Ontario

Limited Housing Sparks Bidding Wars Across Ontario

  Bidding wars have broken out over the past several months as homes around the province have become few and far between, reaching what realtors describe as “historic low levels.” Housing prices have continued to increase despite a decline in sales. Kitchener-Waterloo Association of Realtors president Tony Schmidt noted that the region continues to see…

Metro Vancouver Condos, Townhomes in High Demand

Metro Vancouver Condos, Townhomes in High Demand

  According to the Real Estate Board of Greater Vancouver, demand is high for condominiums and townhomes across the region, a sharp comparison to detached homes. January listings were comprised of 3,796 detached, attached, and apartment properties, representing an 8.3 per cent decrease compared to the 4,140 homes listed a year prior. The board noted…

Foreign Buyers Account for Fewer Than 5 Per Cent of Purchases

Foreign Buyers Account for Fewer Than 5 Per Cent of Purchases

              Contrary to popular belief (and previous trends), it appears that foreign buyers now account for less than five per cent of purchases in the Toronto housing market. However, the properties that they buy tend to be newer and more expensive than that of the average Canadian homeowner. The average home price for properties…

Record Sales Lead to Capacity Issues in Toronto Condo Market

Record Sales Lead to Capacity Issues in Toronto Condo Market

    Urbanation Inc. released its annual market results on Thursday, in which highlights include high condo and apartment sales, record low inventory surplus, and more. Over 35,000 condo units sold across the Greater Toronto Area last year, which represented a growth of 30 per cent over the previous year and a rate 75 per…

TREB Releases Year in Review Report

TREB Releases Year in Review Report

  The Toronto Real Estate Board released the annual Market Year in Review and Outlook Report at the Board’s Economic Summit on January 30th. The annual report captures statistics recorded through the board’s MLS System, while providing a market outlook for the following year. The current report focuses a great deal on transportation and housing…

Is the Government to Blame for Drop in Sales? Toronto Real Estate Board Says Yes

Is the Government to Blame for Drop in Sales? Toronto Real Estate Board Says Yes

The Toronto Real Estate Board is blaming the Ontario government for an 18 per cent drop in sales. The board insists that the Greater Toronto Area’s home sales dropped 18.3 per cent in 2017 from the previous year’s all-time high. Toronto Real Estate Board released a statement on January 4th, wherein the board’s president Tim…

Luxury Condo Prices Growing at Double-Digit Rates Despite Cooling Housing Market

Luxury Condo Prices Growing at Double-Digit Rates Despite Cooling Housing Market

As the housing market cools across Toronto and the rest of the country, condominiums continue to become increasingly popular, especially among foreign buyers and baby boomers who are looking to downsize. Sales of condos priced above $1 million surged drastically across the country, with Toronto taking the lead with a 59 per cent sales increase….

Canadian banks match Bank of Canada’s interest rate hike, impacting mortgages and loans

Canadian banks match Bank of Canada’s interest rate hike, impacting mortgages and loans

All five of the major Canadian Banks,  BMO, CIBC, Royal, Scotiabank, and TD, raised interest rates on their bank prime rates by a quarter percentage point. There is no difference now, in prime rate at the banks at 3.45 percent, up from 3.2 percent. What does this amount to, for the average mortgage holder? A…

Housing Price Forecast for 2018

Housing Price Forecast for 2018

  Data released in November by the Toronto Real Estate Board showed a decline in housing prices. However, the price drop only slightly improved an overly inflated housing market. In an economy where condominiums go for $400,000 or more, buyers have been forced to take out large loans, sometimes taking on loans from multiple sources….

Fixed 5-year mortgage rates go up at Royal Bank and TD, others will likely follow

Fixed 5-year mortgage rates go up at Royal Bank and TD, others will likely follow

Two major Canadian banks, Toronto Dominion Bank and Royal Bank of Canada, raised the benchmark 5-year mortgage rate. Other banks will likely match the move. Currently, Scotiabank, Bank of Montreal and CIBC are at 4.99% for the five-year posted rate, while Royal and TD climb to 5.14%.     The strong economy is one factor…

2018 projected real estate trends: condos will increase in popularity, borrowing will get tougher, and CRA will target property flippers

2018 projected real estate trends: condos will increase in popularity, borrowing will get tougher, and CRA will target property flippers

The real estate industry is known for having its ups and downs, and the CREA has adjusted its 2018 forecast based on recent trends. As we head into a new year, we often wonder what lies in store for us. The new year is a time for leaving the past behind us and looking forward…

Condos dominate new home sales in Toronto — 91 percent of sales in November — continued trend to vertical living in urban areas: BILD

Condos dominate new home sales in Toronto — 91 percent of sales in November — continued trend to vertical living in urban areas: BILD

In new-build homes, the trend to vertical living continued, with new condominium apartments dominating the Toronto market at 91 percent. In the GTA, which includes regions typcially more popular with single-family home buyers, condo apartments still dominate overall. In 2017, for November: 3,161 condo apartments sold versus 312 single-family homes in overall GTA 2,326 condo…

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