2022

Sales Numbers Overall, in Toronto and GTA sales were down 47% from same time last year. Market had the lowest sales volume in 20 years for the fourth consecutive month. What is causing this? Many buyers are sitting on the sideline as Bank of Canada is continuing on raising interest rate. This upward trend on interest rate is not an ideal environment for buyers as their budget and monthly...

Average selling price in Greater Toronto Area has fallen by 14 per cent since February! The slowdown underway in Canada's two most expensive housing markets continued in June, with new numbers showing the number of homes sold in Toronto and Vancouver fell by more than a third, and average prices have now declined for several months in a row. The Toronto Regional Real Estate Board (TRREB)...

The Canada Mortgage and Housing Corp. (CMHC) says 3.5 million more homes need to be built by 2030 to reach affordability.  The agency released a report Thursday explaining the need for a different approach to the housing supply shortage at a time of rising demand and affordability concerns. "Increasing supply will be difficult. Critically, increasing supply takes time because the time to...

Good luck buying a home anywhere in Ontario right now, as meteoric price gains and a historic inflation spike push housing markets in the province further out of reach. And as bad as things are in the Greater Toronto Area in 2022, rampant speculation is not limited to urban centres. According to one housing market assessment, Peterborough is now the single most overvalued housing market in the entire...

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As widely expected by economists, the Bank of Canada implemented another half-point interest rate increase in today’s rate policy announcement, embarking on the tightest hiking cycle seen in decades and reinforcing its commitment to tame runaway inflation growth. The 50-basis-point hike — the second consecutive, following the April 13 announcement — brings the bank’s trend-setting...

Selecting a mortgage is one of the biggest – and most stressful – financial decision made by many Canadians. But a clear understanding of a few basic terms and concepts can help allay some the anxiety. Here’s a primer on the basics of mortgages, along with insights into the current market. THE BASICS What is a mortgage? In plain terms, a mortgage is a loan most often used to buy a house,...