While it feels like hardly anyone makes enough per year to be able to afford a down payment and mortgage on a house in Toronto, the salary required for home ownership in the city has actually gone down in the last year, even despite steep interest rate hikes.   When examining year-over-year figures in a new report, Ratehub.ca found that would-be h ...

        The First Home Savings Account (FHSA) is specifically designed to help first-time homebuyers save for their down payment without having to pay taxes on the interest earned on their savings.   This means that the interest earned on the savings in the account is not taxed, nor are withdrawals from the account. Plus, since your contributions to this account ar ...

        The spring market is showing no signs of cooling down yet as buyer activity remains intense. According to the Canadian Real Estate Association, national home sales were up month-over-month by 5.1% with 54,241 homes trading hands. Annually, sales were up by 1.4%, the first national year-over-year increase since June 2021.    The major markets ...

        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 ...

      As peak buying season approaches, typically in June and July, you may find yourself competing with several other prospective buyers or dealing with limited inventory that’s quickly snapped up. Even in this fierce climate, you don’t need any special battle gear to succeed in peak buying season. Here are 5 tips to help you navigate the summer market and secure t ...

        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 ...