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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…

Vancouver and Toronto luxury real estate: Investors should expect price trajectory to continue moving up

Vancouver and Toronto luxury real estate: Investors should expect price trajectory to continue moving up

Despite recent measures intended to curb foreign demand, prices for luxury condos continue rising as we head into 2018. According to Re/Max Integra vice-president Christopher Alexander, “Toronto is an emerging city on the world stage,” and that is drawing attention from non-residents.     As downtown condo prices soared, Vancouver residents and first-time homebuyers were…

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…

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