The Bank of Canada hiked its key interest rate Wednesday by a quarter percentage point, bringing the rate to 4.75 per cent - the highest it's been since April 2001.   The hike is aimed at quelling inflation, which has proved stubborn, not moving down quickly enough toward the central bank's target of two per cent.   However, the hike is also bound to ...

        Detached homes continue to be one of the most popular options for buyers in Toronto. As interest rates have settled, and buyers have had greater confidence in getting into the market, prices have crept up again at the start of 2023. Sales increased by 5% month-over-month from March to April, while the average price grew from $1,468,651 to $1,489,258. With min ...

        May 2023 proved to be one of the strongest sales months that the Greater Toronto Area has seen in a long time; home sales were up on both a monthly and annual basis for the first time since 2021’s record-breaking year. The Toronto Regional Real Estate Board (TRREB) reported that 9,012 homes traded hands in May, a month-over-month increase of 19.7% ...

        The average selling price of a home in the Greater Toronto Area ticked up again last month as supply continues to lag behind growing demand, the Toronto Regional Real Estate Board says.   Numbers released by TRREB on Friday show the average price of a home reached $1,196,101 in May compared with $1,153,269 recorded the prior month. Although, last month's fi ...

      Rent in Toronto continues to climb beyond what most people can reasonably afford, as the cost of living continues to soar and wages trail behind.   For some, the alternative may be investing in a property, but a new report from the National Bank of Canada sheds light on just how much you need to be making (and saving) in order to ...

        Home prices are marching back upward in the Greater Toronto Area (GTA), registering the third straight month of gains following a turbulent period that saw the cost of a home decline in seven of the ten months between May 2022 and January 2023.   The latest housing market report from the Toronto Regional Real Estate Board (TRREB) highlights shifti ...

        Homebuyers in the Greater Toronto Area (GTA) are showing no signs of slowing down, with limited listings and high demand continuing to push average home prices back up.   In May, GTA home sales averaged $1,196,101, according to new data from the Toronto Regional Real Estate Board (TRREB), up 3.5% from April and down just 1.2% from one ye ...

        Last year marked the first time that more than half of investors in newly-completed Greater Toronto Area condos were losing money on their rental properties, and authors of the report that reached that conclusion expect the trend to persist.    The research from the Canadian Imperial Bank of Commerce and real estate research firm Urbanation found 48 pe ...

      If you're looking to buy a property in the GTA (and aren't completely set in stone about which city to call home), considering factors like property taxes may help you decide which municipality matches your budget the best.    Property taxes can vary significantly from city to city, and are set by municipalities to cover the costs of services su ...

    As much as realtors and other industry experts are adamant that Canada's housing market is on the road to recovery, the return has been extremely sluggish, especially for certain cities and housing types.   High mortgage rates and the inflated cost of living have fueled a dramatic lull of very little interest in Toronto's usually red ...

        Home prices have been on the decline across much of Canada since successive lending rate hikes brought the soaring housing markets crashing down, and no province has been hit harder than Ontario.   A new report published by Zoocasa sheds light on evaporating home values across the country, including some severe price movement in Ontario, ...

        Renting is widely considered the cheapest option to put a roof over your head, but a new study finds that is no longer the case in many Toronto neighbourhoods.   A string of successive mortgage rate hikes last year pushed many would-be homeowners into the rental market to wait out conditions. However, stabilizing home prices and an apparent end to ...

        One of the biggest financial goals that Canadians have is to purchase a home. In fact, according to a recent survey of 1,200 Zoocasa readers, 76.1% of our respondents said owning their own home is important to them. This can seem like an unattainable goal, especially when you are making monthly rent payments.   Fortunately, there are simple ways to save mon ...

        Home inspections are an essential part of the home-buying process in Canada. They provide buyers with a comprehensive assessment of a property’s condition, identifying any issues or defects that may not be immediately apparent. The COVID-19 pandemic impacted the frequency of home inspections in Canada, with physical distancing measures and safety concer ...

        The Canadian housing market is finally emerging from a year-long slump, with April 2023 proving to be a pivotal month for its turnaround.    RBC Economic’s Assistant Chief Economist Robert Hogue analyzed April data from the Canadian Real Estate Association, noting home resales experienced a significant spurt, rising 11.3 per cent nation ...

        While Canada may be home to two of the worst housing bubbles in the world, high interest rates and costs of living in general have meant a massive tumble in once red-hot housing markets, in both sales volumes and average prices.   While Toronto is still extremely unaffordable, prices are actually far lower than they were at this time last year, accordi ...

        The GTA housing market appears to have turned a corner after more than a year of price declines but a likely increase in sellers over the coming months should “keep any price appreciation relatively contained,” a new report from RBC says.   The bank’s home price index for the GTA rose by 2.4 per cent in April, marking the second ...

      Purchasing a home or condo whether you're a first-time buyer or not can be a stressful experience, especially when you factor in the closing costs you'll have to manage once you've reached the end of your property-buying journey.    One of the major costs you'll have to factor in when deciding to purchase a home or condo is land transfer tax (LT ...

        As the cost of living continues to rise and homeowners receive no reprieve on the interest rate front, mortgage delinquencies could rise by more than one third over the coming year, says a new report from RBC.   The report, written by Assistant Chief Economist Robert Hogue and Research Analyst Mishael Liu, laid out the increased amount of debt Can ...