Buying a home in Canada became slightly easier in July, according to a new report that cites dropping mortgage rates and lowering average home prices. The minimum income required to purchase a home dipped last month across the 13 major cities studied by Ratehub.ca, according to their recent blog post. Income required to purchase a home in select Canadian cities Data is based on average home...
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)...
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...
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...
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...
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)...
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...
Government policy with respect to the COVID-19 pandemic is being updated daily and the Ontario Real Estate Association (OREA) has your back in getting you the latest and most important information to keep you, your clients and communities safe. I have two breaking news updates for you. One is on virtual open houses and the other is related to NR12 evictions. Open House Prohibition & Virtual...
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