Revealed: The most and least expensive rental markets in Canada in July
Although there have been signs pointing to a cooling housing market, Canada’s rental markets have never been hotter as the majority of metro areas went up in monthly value in July, according to the Zumper Canadian Rent Report. Looking into 23 of the most populous metros, Zumper.com found that 18 metro areas experienced a monthly […]
Toronto new home construction jumped again in June — but economists see a slowdown coming soon
The breakneck pace of new home construction in the Toronto area continued in June, according to new data from the Canada Mortgage and Housing Corporation. But that could soon be coming to an end, according to some economists. “Long-term, I think the home construction market is going to remain strong, but the next six to […]
Using your RRSP as a first-time home buyer: advantages and disadvantages
For first-time home buyers, it can feel intimidating when you want to try and buy a home. Beyond the work of seeing houses and facing competition in the market, you also simply need to have enough money saved to cover your down payment. Many first-time buyers are younger and haven’t had as much time to […]
What is mortgage default insurance?
You can get insurance for almost anything you own and often it is considered a very good idea to do so. Home insurance protects thousands every year from the financial cost of damage to their property and car insurance helps to cover the costs of unexpected auto collisions. If it’s an expensive replacement or repair, […]
Canada home prices – why they’re falling
House prices are set to continue falling across Canada as a result of the current market cooldown, with the only question being by how much, according to a well-known economist. Benjamin Tal (pictured), deputy chief economist at CIBC World Markets, told Canadian Mortgage Professional that the decline in value was likely to be most evident […]
47% of Canadian Gen Z Say Returning to the Office Factors into Home Buying Plans
Survey Highlights Nearly half (47%) of urban Canadian Generation Z adults rank proximity to their workplace as a top priority for the location of their first home purchase; however, just 15% indicate that buying in or close to the downtown core is a priority. 40% plan to purchase their first home in a major city, […]
A Bubble, Eh? Scotiabank’s “Very Pessimistic” Outlook Is Real Estate Prices Rise 10%
Canadian real estate is so bubbly a large bank sees prices soaring in a downturn. Scotiabank (BNS) reported earnings today, filing the bank’s macroeconomic forecasts. These forecast scenarios help to determine outlook, and include a base case, optimistic case, and two pessimistic ones. Even in the bank’s worst case scenario, they forecast home prices will […]
National home sales, prices fall in April
The news marks the latest stage in Canada’s housing market cooldown National home sales and prices fell across Canada in April as the country’s housing market continued to cool following two years of record-breaking activity, according to the Canadian Real Estate Association (CREA). Home resales were down 12.6% across the country from March to April, […]
A record number of new condos in Toronto are selling out before they’re even built
Though the latest stats from April show the beginnings of what might be a downturn in the GTA real estate market at large, it seems that one housing type is still in huge demand, at least when looking at the first quarter of this year so far. While many stakeholders predict a cooling of prices […]
Canadian buyers returning to major cities, expecting to spend more: BMO survey
A new home finance survey from the Bank of Montreal has found that, among other things, more Canadians are looking to buy in major city centres as business picks up once again at urban offices. The survey notes that interest in buying a home in a major city centre has risen 5% since last year. […]
What is the average age of a first-time homebuyer in Canada?
Homeownership is one of the major values that many Canadians share. After all, it’s often seen as a major milestone in one’s life to be able to buy your first home. This is not surprising when you consider the many benefits of homeownership both financially and for quality of life. Among Canadians, it’s the older […]
The average price of a GTA condo has jumped $145K from Q1-2021
Condo buyers in the Greater Toronto Area might have noticed that the price of units have jumped considerably across the region this past year. New data released by the Toronto Regional Real Estate Board (TRREB) shows that there were double-digit annual price gains between Q1-2021 and Q1-2022. The average GTA condo apartment selling price increased […]
New construction GTA condos hit record price of $1.25 million in March
While the price of a new construction condo reached record highs in the Greater Toronto Area during March, sales in the region saw a change from the market’s “breakneck pace,” of the past few months. According to the latest information from the Building Industry and Land Development Association (BILD), there were 4,115 total new home […]
Ontarians on the Move, 2022 Edition. #4 -Housing completions did increase after the 2015 Ontario population boom, but mostly outside of Toronto.
Fourth in (what I hope) will be a series on population growth, migration, and what’s going on with Ontario’s housing market. TL;DR: Although housing completions did not keep up with population growth from 2015–19, they did increase. However, despite the GTA being the prime destination for international talent, the housing completion growth largely happened outside […]
Priced out of Ontario, which market are homebuyers turning their attentions to?
Homeownership is getting out of reach for many As Ontario’s sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams. Like newlyweds Vineet Mrug and Kushbu Mistry, who relocated to Calgary from their hometown of Toronto […]
Single-family recreational home prices to rise 13% in 2022 as cottage country markets stay hot
Anyone hoping to purchase in cottage country this year can expect to face growing prices as buyer demand continues to outstrip available home supply. New market projections released by Royal LePage forecast that the aggregate price of a single-family home in Canada’s recreational regions will rise 13 per cent in 2022 to $640,710 as demand […]
Ontario hits foreign homebuyers with 20% tax
Ontario is raising a tax on home purchases by some foreigners to 20% and making it harder to avoid as it tries to cool a scorching real estate market. The so-called speculation tax will apply to homes bought anywhere in the Canadian province by foreign nationals and foreign companies, provincial Finance Minister Peter Bethlenfalvy said […]
Ontario Unveils Massive New Transit Plans For the GTA, Including New Subway Lines
The Ontario Government laid out plans this week for two new transit lines that would further connect the GTA and the Greater Golden Horseshoe region. The province’s 30-year transportation plan, released on Thursday, details several in-the-works and planned future projects, including the construction of the controversial Highway 413. But amongst the list were two new […]
GTA home prices have increased more than 450% over 25 years
From the launch of the first iPhone, to the world’s population reaching seven billion people, a lot has changed in the past 25 years. In that same quarter-century timespan, the Greater Toronto Area’s housing market has also witnessed remarkable transformation. In its Quarter Century Market Report released today, RE/MAX Canada says that home sales have […]
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