Purpose-built rental apartment buildings in the City of Toronto reported a record-high 5.7 percent vacancy rate in the final months of 2020, up significantly from the 1.1 percent rate recorded in the same period the previous year. Housing market data firm Urbanation released the vacancy rate figure this week as part of its fourth quarter […]
Home prices will continue rising rapidly across broad swaths of Canada in 2021 as low housing supply forces buyers into fierce bidding wars. That’s the message RBC Senior Economist Robert Hogue is sharing in the bank’s 2021 housing market outlook, published today. Titled “Canada’s housing market headed for another record year in 2021,” the report […]
Voracious demand for detached houses returned to Canada’s housing market last year, and just as in years past, unlucky buyers settled for townhouses. “The reason the townhouse has become more popular than ever in the new construction world is, whether they’re traditional, stacked or back-to-back, they’re less expensive than detached homes, which average more than […]
The Toronto Regional Real Estate Board released its 2020 housing figures this week. And I suspect that the numbers are probably directionally similar for many city regions around the world. 2020 saw more home sales than 2019 with 95,151 homes changing hands. This represents an 8.4% increase compared to last year. December was also a […]
Condo sales soared across the Toronto region in December, and as one economist wrote, it looked like buyers were out “in full force looking for bargains.” While roaring detached home sales and skyrocketing prices have stolen the lion’s share of the headlines in recent months, it now appears that condos are mounting a comeback, at […]
With the COVID-19 pandemic forcing us to spend more time indoors, the desire for bigger homes among luxury buyers across the Greater Toronto Area has pushed sales in some expensive price categories to new highs. GTA luxury home sales priced between $3 million and $4 million broke a record in 2020, according to new data […]
If you think activity in Toronto’s condo market has decelerated, think again. “The information that’s not being reported, but that I see because I have to approve these and sign off on each one of them, is there are a lot of assignment sales right now,” said Sam Crignano, president of Cityzen Development Group. “This […]
Canadian landlords have endured a difficult 2020, but there is one metropolis that, according to a Rentals.ca report, is brimming with investment opportunity. “Montreal is expected to be the top major market in Canada next year with rent growth of 6%, rising from $1,665 per month forecast for December 2020 to $1,760 per month,” the […]
The term “foreign buyer” is often used pejoratively in Canada—it’s become synonymous with speculators who have nary a vested interest in the country apart from using empty homes as appreciation vehicles, to the detriment of the domestic population—and it couldn’t be more misguided. Turns out, many of these new Canadians bolster the national economy in […]
Yesterday, Altus Group released its seventeenth annual Canadian Property Tax Rate Benchmark Report, a study of the commercial and residential property tax rates in eleven of Canada’s major population centres. The report found that for the third year in a row, eight of the eleven cities studied have commercial tax rates that are at least […]
The right time to buy things is usually when other’s aren’t, which is why I’ve felt that this year was a great time to buy a centrally located condo. Cities aren’t going anywhere. This isn’t their first pandemic. Downtown demand will return as soon as urban life returns and the majority of people are back […]
It goes without saying that 2020 was an unprecedented year, and that the ripple effect on the housing market was swift and notable. Across the country, home buyers, sellers, and renters re-evaluated their housing priorities as they navigated the COVID-19 pandemic, and many local housing markets saw several months of record-breaking sales following a spring […]
Last week, the Canadian Real Estate Association (CREA) released its latest resale housing market forecast, which revealed that — despite turbulent spring months — homebuyers are on track to set a record for activity in 2020, with some 544,413 homes projected to change hands by December 31, an 11.1% increase from 2019 levels. Subsequently, the […]
December 15, 2020 – The national average price is forecast to rise by 9.1% in 2021 to $620,400. Average price trends across Canada in 2021 are generally expected to resemble those in 2020. Shortages of supply, particularly in Ontario and Quebec, are expected to result in strong price growth, while Alberta and Saskatchewan are anticipated […]
A Canadian home price tracker known to be one of the best measures of price appreciation just experienced a record-breaking November increase. The Teranet-National Bank House Price Index rose 0.9 percent last month over October’s reading, the strongest gain for the month of November in the 22 years that the index has been compiled. National […]
While home sales across the country declined slightly in November from the previous month, they were up a healthy 32 percent over the same time last year. In other words, it’s the type of stellar performance that’s become standard during 2020’s post-spring lockdown period. But the strong home sales figures published today by the Canadian […]
While downtown condos saw price declines last month, a few suburban condo markets in the Toronto region still recorded healthy price growth. Oakville, Oshawa and Burlington all posted resale condo price gains above 10 percent in November, while Brampton and Vaughan recorded increases just shy of the double digits. Condo sales activity was about on […]
New townhomes recorded robust sales numbers in several markets across Canada this year, as consumers looked for affordable lower density options amid the pandemic. Real estate data firm Altus Group published a report this month highlighting strong new townhome sales in Vancouver, where transactions doubled compared to last year’s levels, and the Toronto region, where […]
Average condo prices in the City of Toronto are up about 150%. But… Land costs are up 160%. Soft costs are up 118%. Construction and related costs are up 91%. Financing costs are up 93%. Government fees, charges, and taxes are up 413%. And development charges (a subset of the above) are up 3,244%! At […]
The Toronto housing market had a lot working against it this November. The City of Toronto and neighbouring Peel region moved into the “lockdown” zone of the province’s tiered restriction framework, with non-essential businesses closed from November 23rd onward. Prior to that, both regions already were in the highly restrictive “red” zone. On top of […]
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