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Market Watch – April 2024

Market Watch – April 2024

April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.

Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new […] Read more

Market Stats At A Glance – MAR 2024

Market Stats At A Glance – MAR 2024

TRREB: Selling Prices Up In March and Set to Accelerate This SpringTORONTO, ONTARIO, April 3, 2024 – March 2024 home sales reported through TRREB’sMLS® System were lower than the March 2023 result, due in part to the statutory holiday GoodFriday falling in March this year versus April last year. Despite a better-supplied marketcompared to last year, there was enough competition between buyers to see a moderateincrease in the average March home price compared to last year’s level.Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS®System in March 2024 – down by 4.5 per cent compared to March 2023. […] Read more

Working with a real estate agent: Things you need to know

Working with a real estate agent: Things you need to know

Real estate agents in Ontario are required to walk you through this guide before providing services or assistance to you.

Working with a real estate agent — page 2This section describes the benefits of working with a real estate agent, what you can expect,and the responsibilities of clients.Know the risks of representing yourself — page 4This section explains the risks if you choose not to work with a real estate agent and the risks ofreceiving assistance from a real estate agent who is working for the person on the other side ofthe transaction.Signing a contract with a real estate brokerage — […] Read more

Navigating the Finances: Understanding Pre-Construction Closing Costs in Ontario

Navigating the Finances: Understanding Pre-Construction Closing Costs in Ontario

Introduction: Investing in a pre-construction property in Ontario is an exciting venture, offering the opportunity to tailor your dream home or make a sound real estate investment. However, it’s essential to navigate the financial landscape with a clear understanding of the associated costs. In this blog, we’ll delve into the realm of pre-construction closing costs in Ontario and shed light on the crucial considerations for prospective buyers.

Deposit Structure: Before we dive into closing costs, it’s vital to revisit the deposit structure. Builders typically require a series of deposits throughout the construction process. While these deposits contribute to the overall purchase […] Read more

Navigating the Exciting Path: Buying Pre-Construction Condos 101 in Ontario

Navigating the Exciting Path: Buying Pre-Construction Condos 101 in Ontario

Introduction: Embarking on the journey of purchasing a pre-construction condo in Ontario can be a thrilling adventure filled with anticipation and potential. However, it’s crucial to navigate this process with knowledge and awareness. In this guide, we’ll explore some must-knows for those considering investing in pre-construction condos in Ontario.

Understanding the Pre-Construction Phase: Buying a pre-construction condo means investing in a property that is still in the planning or construction stage. This presents both opportunities and challenges. While you may secure a lower price compared to completed units, there are uncertainties, such as potential construction delays. It’s essential to have a […] Read more

Vacant Home Tax

Vacant Home Tax

An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.

A property is considered vacant if it was not used as the principal residence by the owner(s) or any permitted occupant(s), or was unoccupied for a total of six months or more during the previous calendar year. Properties may also be deemed (or considered to be) vacant if an owner fails to make a declaration of occupancy status as outlined in the bylaw .

The goal of the City of Toronto’s Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties […] Read more

July 2022 Real Estate Market Update

July 2022 Real Estate Market Update

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 carrying cost is changing rapidly. I expect once Bank of Canada stabilize their interest rate hike and reach neutral rate, buyers will have to re-baseline their budget and start searching for properties at that […] Read more

Real estate slowdown in Toronto, Vancouver continues, as prices fall from pre-rate hike highs

Real estate slowdown in Toronto, Vancouver continues, as prices fall from pre-rate hike highs

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) said 6,474 homes were sold in the Greater Toronto Area last month, down by 41 per cent compared with last June.

As was the case in many parts of Canada, house prices in and around Toronto exploded during the COVID-19 pandemic, […] Read more

To reach affordability, 3.5M more homes need to be built by 2030: CMHC

To reach affordability, 3.5M more homes need to be built by 2030: CMHC

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 construct is significant, but so is the time to progress through government approval processes,” the report reads. “This delay means that we must act today to achieve affordability by 2030.”

If current rates of new construction continue, CMHC said the country’s […] Read more

This Ontario city has the most overvalued real estate market in Canada

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 country.

Moody’s Analytics has ranked Peterborough, Ontario, at the top of the list for most overvalued housing markets in the company’s fourth-quarter assessment of housing price valuations in Canada.

Peterborough’s 107.8 per cent valuation comes after years […] Read more