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Hotter than the weather in August!!! Here’s a glimpse of Toronto’s record breaking market.
Five reasons Canadians have little reason to fear a housing crash
Whether they take place during a pandemic-fuelled recession or during a period of sustained economic expansion, record-shattering home sales in Canada always seem to be accompanied by the same phenomenon: talk of the country’s “inevitable” housing crash. Questioning the logic of homebuyers who engage in wild bidding wars in the midst of historic job losses […]
Home price increases: A temporary shock for Canadian buyers?
The Canadian real estate market is recovering much faster than anyone predicted. The average price of a Canadian resale home in June was $539,000, up from 6.5% the year before, according to the Canadian Real Estate Association. Home sales in June rebounded by a further 63% compared to May, which is also 150% above where […]
W-shaped condo tower proposed for Bayview and Finch
A series of commercial lots located east of Bayview and Finch avenues could be the future site of a 12-storey W-shaped condo development. Last week, a Zoning Bylaw Amendment application was submitted to Toronto city planners to construct the angular condominium building at 630-696 Finch Avenue East. The builders behind the project, Tridel and BAZIS, […]
10 Toronto suburbs saw home prices increase over 20% in August
Price growth in the Toronto region lost some steam last month compared to July, but there were still plenty of substantial price gains seen across the city’s suburban markets. According to the latest data from the Toronto Regional Real Estate Board, 10 of the region’s suburban cities and towns saw home price increases of over […]
Detached home prices reach all-time high in Mississauga
When the COVID-19 pandemic and associated lockdown hit Ontario, some suggested the GTA’s white-hot housing market was going to take a hit. Six months into the crisis, house prices in Mississauga and surrounding cities are up year-over-year, with the low-rise market experiencing significant price growth as residents flee from condos in search of larger yards […]
New home prices to stay strong this fall despite pandemic uncertainty
Since late March, Canada’s real estate industry has seen extreme lows and highs in the span of just a few months. Now, as the market prepares to enter another typically busy season, it’s difficult to pinpoint what new construction home developers, buyers and investors should be expecting from the fall. “I think there’s still a […]
Toronto home sales post best-ever total for August
The Toronto region recorded another month of over 10,000 home sales as buyers seeking low-rise properties made their move before the end of summer. A total of 10,775 properties changed hands last month, up over 40 percent compared to August 2019, according to data released today by the Toronto Regional Real Estate Board (TRREB). The […]
CREA: Five Canadian cities where condo prices peaked in July
Only five urban markets nationwide saw their condo values reach new heights in July, according to the Canadian Real Estate Association. The strongest performer was Ottawa, with its 22% annual increase to a new peak of $369,200. Oakville posted the highest benchmark of the record-breakers at $600,600, despite having the smallest annual growth (10.2%) of […]
Toronto’s new condo market breaks sales launch record for July
The summer months are typically a quieter time for Toronto’s new condo market, with project launches concentrated in the spring and fall months. But when there’s no spring launch season to speak of thanks to a global pandemic, it turns out that you get a very busy July for new projects and units being brought […]
Sales of New Single-Family Homes in GTA Up 187% From July 2019
If one thing’s for certain, July was a scorcher in the Greater Toronto Area (GTA), and no, we’re not just referring to the weather. The new home market also experienced the strongest July for new home sales since 2007, as a total of 3,544 new properties were sold, according to data released by the Building […]
Province moving forward on building a subway connection to Mississauga
While Mississauga commuters might be a little disappointed to hear that there are no plans to extend the TTC subway system to Square One, they might be happy to hear that plans to extend the Eglinton Crosstown Light Rail Transit project to Pearson Airport in Mississauga are still underway. On Aug. 19, Ontario Premier Doug […]
LACKIE: Toronto real estate industry going strong despite COVID crisis
If I were asked to compile a list, “Why is Toronto real estate so bananas?” has joined his buddies, “So, what are you thinking about school in September?” and “Who’s idea was it to open bars, anyway?” as my most prominently featured conversations of this pandemic summer. While I have no clue where to even […]
How house hunting will forever change due to the pandemic
Medical waivers. Masks. Virtual showings. Seven-figure purchases, sight unseen. Home buying and selling has seen a head-snapping shift during the COVID-19 era, as both parties deal with the demands of physical distancing, virtual showings and previously unheard-of safety considerations. One thing that hasn’t changed is the competition: Most major Canadian markets are as buoyant as […]
Canada Home Sales Continue Surge, Rising 26% to Record in July
Canadian home sales surged to a record in July as homebuyers emerged from lockdowns. Transactions for existing properties reached 62,355 in the month, up 26% from a month earlier, the Canadian Real Estate Association reported. Benchmark prices were 2.3% higher on the month, as pent-up demand for homes collided with extremely low inventory levels. “A […]
Prices out of control in Toronto’s hottest real estate markets
The Greater Toronto Area neighbourhoods that saw the greatest price growth so far this year had a detached housing average value of $2.9 million, according to RE/MAX. In its recent analysis, RE/MAX said that the localities of Annex, Yonge-St. Clair, Casa Loma, and Wychwood had a 25.7% annual increase in detached housing prices during the […]
37-storey tower duo pitched for The Queensway and Kipling Avenue
A large commercial lot near a major Etobicoke intersection could be the future site of a high-rise residential complex. Last week, a rezoning application was submitted to city planners to develop a set of mixed-use towers containing 1,210 residential units at 1325 The Queensway. Each rising 37 storeys, the two structures would be built on […]
Builders post best month for home construction in over 2 years
The Canadian home building rebound only gained momentum in July with housing starts rising to an annualized rate of 245,600 units, the highest level recorded in two-and-a-half years. This result, released today, exceeded expert predictions by a wide margin, as single-family home construction surged across the country while Toronto and Vancouver saw a strong uptick […]
Mortgage rates hit new lows
Canadian mortgage rates are in a virtual free fall, dropping to record-setting lows with discount brokers now offering one- to five-year variable rates in the 1.64 to 1.68% range. But the nearly free money arrives as Canadian mortgage debt is exploding and lenders are dealing with a rush of mortgage payment deferrals due to the […]
Toronto one-bedroom condo rent falls 5% to $2,083
Average rent prices for both one-bedroom and two-bedroom condos fell during the second quarter of 2020 as rental listings increased and demand fell. According to new data published last week by the Toronto Regional Real Estate Board (TRREB), the average price for a one-bedroom condo in the GTA was $2,083, down 5 percent from the […]
Maziar Moini, Broker of Record - Home Leader Realty Inc.
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