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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…

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…

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