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 […]
The Toronto housing market is closing 2020 in a way that feels well-suited to the year: some highs, some lows, and not a whole lot of clarity on what’s to come. According to the newest report from RBC, the entire country saw strength in its housing market throughout November, except for in one area — […]
TORONTO — HSBC says it will offer rates below one per cent for some mortgages, which rate comparison website RateSpy.com says is a record low for Canada. The bank is advertising a 0.99 per cent rate on its website for new five-year variable closed term mortgages, with the annual percentage rate, or APR, based on […]
Canada’s pandemic-weary economy is poised to “take off like a rocket” in the latter part of 2021, according to CIBC World Markets deputy chief economist Benjamin Tal. Delivering his much-anticipated annual economic update during the opening session of the virtual Real Estate Forum in Toronto, Tal had a message of hope for the more than […]
The new condo market’s performance in October was slightly more reminiscent of spring 2020 than a typical busy fall season, as sales sank 32 percent from the previous year. The new Toronto region data, published today by the Building Industry and Land Development Association (BILD), arrived as several GTA regions, including the city itself, entered […]
Against a tumultuous backdrop, the Canadian housing market put on a remarkable display of resilience in 2020. Now, as we enter the final stretch of this bizarre and challenging year, one of the country’s largest brokerages is forecasting more healthy home price growth and strong buyer demand for 2021. RE/MAX Canada published its Housing Market […]
Back in March and April, there was a belief that big and dense cities were going to pose a serious problem in the fight against COVID-19. The narrative was that the benefits of urban density suddenly flip to glaring negatives during a pandemic. Elevators are a problem. Public transit is a problem. Busy streets and […]
A surge in Canadians’ disposable incomes and a decline in their spending habits has resulted in approximately $170 billion of surplus of cash, $90 billion of which is tied up in households, according to a CIBC report. The COVID-19 pandemic was the impetus for reduced consumer spending, but with the addition of the government’s pandemic […]
Strangely the Greater Toronto Real Estate Market has been spotty but active and there are options and opportunities as there are in any market. The number of listings has increased and we have had a flip-flop as the 905 activity surges over that in 416. “The trend here is that the pandemic has made the […]
Though we’re no longer set to be the home of one of the most technologically advanced neighbourhoods in the world, Toronto is still proving itself to be a huge force in the tech sector, and a hot spot for those in the industry. The city’s scene has now surpassed that of even San Francisco as […]
The biggest risk to Canada’s housing market in the near-term is new lockdowns in big cities that have seen COVID-19 infections surge in recent weeks. According to an economist with Capital Economics, restrictions that may be rolled out in the coming days would put a dent in the robust sales activity recorded since summer, but […]
A widely watched Canadian home price index just posted its highest gain seen for the month of October in 22 years. The Teranet-National Bank Home Price Index rose 1.3 percent last month over September and 8.1 percent from the previous year. Ottawa-Gatineau, Hamilton and Montreal were the local markets that saw both the strongest monthly […]
Toronto is a city of soon-to-be skyscrapers. According to the 2020 North American Crane Index, we have the highest number of active tower cranes out of every other city in the continent, with 120 in the downtown core alone. And in a matter of years, those cranes will be replaced by some of the tallest […]
A 25-acre expanse of properties located between St. Clair Avenue East, Kennedy Road and the Scarborough GO Train station could make way for a master-planned community. In late October, an Official Plan Amendment (OPA), draft plan of subdivision and rezoning application was submitted to city planners to construct a mixed-use community with 6,619 residential units […]
The federal government intends to settle 1.2 million new immigrants over the next three years in a bid to catalyze economic recovery, and if there’s one sector of the economy that will benefit, it’s real estate. The COVID-19 pandemic has stifled Immigration, Refugees and Citizenship Canada’s (IRCC) ability to accept and process applications, resulting in […]
Real estate investors are increasingly trying to get out of closing on their newly built condos in the Toronto region, as rents plummet and banks toughen borrowing qualifications for rental properties. Selling the right to buy the new condo, also known as assignment sales, has soared during the past few months of the coronavirus pandemic, […]
The Liberal government plans to bring in more than 1.2 million immigrants over the next three years, despite hurdles created by the global pandemic. Immigration Minister Marco Mendicino unveiled what he called an “ambitious” three-year immigration plan today that set targets for bringing skilled workers, family members and refugees into Canada. Canada aims to bring […]
From Oakville and Milton in Halton Region to Oshawa and Clarington in Durham Region, there were 14 Toronto suburban cities and towns that saw detached home prices rise over 20 percent in October. For the fourth consecutive month, the Toronto region’s housing market broke a sales record, again surging past 10,000 transactions for a 25 […]
Construction crews were busy completing work on 6,816 condo units across the Toronto region this summer. The third quarter total represented a huge leap over last year, rising 124 percent above the 3,038 units completed in 2019’s third quarter, according to new data from research firm Urbanation. The surge in condo completions over the summer […]
Among the seismic shifts the pandemic has spurred across the Canadian economy, few are as profound as those that have rocked Canadian real estate. The battle to control the spread of COVID-19 has not only altered how and where Canadians work, but also led many to question where and how they want to live. Rural […]
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