A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind. 1. Houses That Are Priced Right Are Still Selling Houses that are updated and priced at t ...
Astronomically high Toronto home prices may have fallen a bit since the Bank of Canada started hiking interest rates in March, but purchasing property is no more affordable than it was last year. Quite the contrary, in fact. A report from RBC Economics suggests that home ownership costs are skyrocketing as interest rates soar, ...
Average Toronto home prices continue to fall on a year-over-year basis, dropping a record-breaking 17.9 per cent between February of 2022 and February of 2023, per newly-released market data. Homes that were going for an average of $1,334,062 across the GTA last year at this time are now selling for an average price of $1,095,617, marking the st ...
February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year. “I ...
The Canadian real estate market had a turbulent year in 2022. Prices in many major markets were high at the beginning of the year, and quickly began declining as interest rates increased eight times in ten months. As a result, housing prices have declined across Canada. According to the Canadian Real Estate Association (CREA), the non-seasonally adjusted benchma ...
Things are about to get worse for Canadian real estate, according to a credit rating giant. Fitch Ratings dropped its latest analysis to clients on risk in the mortgage bond market. The agency’s analysis shows high flying global real estate prices are likely to correct, with Canada expected to experience one of the biggest booms and busts in the wo ...
Many people are reaching the point in their lives when they need to decide where they want to live when they retire. If you’re a homeowner approaching this stage, you have several options to explore. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), says: “As we ...
A new report says the average listed rent for all property types in Canada jumped by 10.7 per cent year-over-year in January, the ninth straight month of double-digit increases. The report from Rentals.ca and Urbanation calculated the average listed rent to be $1,996 in January, down 0.5 per cent from December. When compared with the pre-pandemic ...
It is no secret that the Canadian real estate market has been shifting over the last year. Home prices have tumbled, and sales activity has fallen. The Bank of Canada (BoC) has been raising interest rates since March 2022 to return the annual inflation rate to its two-per-cent target rate. In the process, this tightening campaign ha ...
As interest rate hikes destabilized Canada’s housing market over the last year, a new report from RE/MAX offers some reassurance to anyone who’s concerned about a housing market crash. Despite the difficulties of the last year, homeowners are well-prepared to weather the storm. As such, a 2008-esque crash just isn’t in the cards for the ...
House hunters looking to buy a home in Toronto need to make over $200,000 per year to crack into the market, according to new housing data. Ratehub.ca, an online mortgage brokerage service, looked at data reported by the Canadian Real Estate Association (CREA) and compared the required income needed to buy a property in 10 major cities across the country ...
Some Highlights The biggest challenge in the housing market is how few houses there are for sale compared to the number of people who want to buy. The number of homes for sale is up from last year but below pre-pandemic numbers, and that means we’re still in a sellers’ market. The housing market needs more homes for sale to mee ...
Pandemic living has changed how Canadians think about renovations: according to the RE/MAX 2021 Renovation Investment Report, more than half of Canadians renovated their homes during the year. While only 16 per cent explicitly renovated to increase their home’s market value, nearly 60 per cent said they still considered the return on investmen ...
The second half of 2023 will see a slow but steady rise in home sales and intensified competition among buyers in the Greater Toronto Area (GTA), according to the Toronto Regional Real Estate Board (TRREB). However, TRREB’s 2023 Market Outlook & 2022 Year in Review also forecasts a slight decline in sales, with 70,000 sales expected this year, com ...
Toronto's housing market risked degrading from a controlled descent into a tailspin in 2022, but experts are confident that 2023 will bring major changes to the regional real estate situation. The Toronto Regional Real Estate Board (TRREB) has released a pretty optimistic outlook for the year considering all the doom and gloo ...
Canadians who watched the cost of taking out a mortgage steadily increase over the last year were dealt another blow when the Bank of Canada upped its interest rate to 4.5 per cent Wednesday. The hike is the eighth in less than a year and was accompanied by the central bank saying the rate will likely remain at 4.5 per cent unless Cana ...
The Greater Toronto Area (GTA) is facing a critical shortage of rental units, and experts are warning that the region's deficit in rentals could double to an astonishing 177,000 units in the next decade. A new report released Thursday by the Building Industry and Land Development Association (BILD) and the Federation of Rental-housing Provi ...
There might be a few bastions of relative affordability in Ontario, but let's not kid ourselves here; this province is not an affordable place to own a home. In fact, there are no large urban centres in the province where the median income even approaches the annual pay required to afford a home, as highlighted in a new report exploring aff ...
The Greater Toronto Area's real estate board saw home prices plateau in January after being in free fall and depressing sales since spring, but brokers see a return to activity already taking shape. The Toronto Regional Real Estate Board calculated the home price index to be $1,078,900 for last month, a slight drop from $1,081,400 in D ...
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