Category Archives: Market
GTA Q3-2023 Condo Market Report
New Condo Sales Rose but Remained Some of the Lowest on Record With pre-construction condo lots in the Greater Toronto Area (GTA) in the third quarter of 2023 and a still-volatile market, much will be revealed in the coming months. The market in the third quarter was difficult. Interest rates remained high in the last quarter, and sales rose from the previous quarter, but …
GTA Condo Market Changes from Early 2022 to Late 2023
As we approach the end of 2023, we have seen a steady decline in housing market activity since peaking in 2022. Home sales and median prices have declined month after month, leaving the buyer’s market conflicted and confused. This worries some investors. And it’s about knowing where things are going. Below, we’ll take a closer look at how the apartment market has fared in …
What Investors Should Know About the Vacant Home Tax I...
Investors and homeowners in Toronto will face significant changes due to the upcoming Vacant Home Tax (VHT) increase. From 2024, the new VHT will increase significantly from 1% to 3%, impacting homeowners. The Vacant Home Tax is a property tax that applies to residential property owners in the City of Toronto. Homeowners in any property tax category must report the occupancy status of their …
New Condo Pricing Has Decreased in the GTA
New condo prices have dropped by thousands of dollars. In the second quarter of this year, prices for new condos in Toronto fell for the first time in 10 years, showing a significant turnaround. Urbanation, the GTA’s authoritative data source for the region’s pre-construction condominium market, reports that the average price of newly launched apartments fell from $1,369 per square meter (psf) to $1,276 …
Tips for Renewing Your Mortgage in 2023
The real estate market can feel like a roller coaster full of exciting highs and lows. However, the interest rate hikes in 2022 and 2023 did not go smoothly. People renewing their mortgages this year will no doubt be under some financial pressure. Mortgage rates have risen over the past year as the Bank of Canada continues to raise borrowing costs to combat …
Real estate investors in Canada: Who Are They?
Statistics Canada first published investor data earlier this year. A comprehensive overview of residential real estate investors in Nova Scotia, New Brunswick, Ontario, Manitoba, and British Columbia was released in 2020 by the Canadian Housing Statistics Program (CHSP), a residential property database maintained by Statistics Canada. They have compiled a thorough list of the demographic details of investors, including their age, gender, and immigration …
GTA Condo Market Report Q2-2023
The most recent Q2-2023 GTA Condominium Market Report from Urbanation revealed a diverse market environment this quarter. While remaining stable in comparison to some historical averages, the Greater Toronto Area (GTA) condo market continued to face the challenges of rising interest rates. Sales were down compared to last year, but up compared to the first quarter of this year, as the market corrected itself …
Real estate investment: A wise choice for 2023?
In the past year, the Canadian real estate market has undergone a number of changes that have made investors unsure of what to do next. Due to rising interest rates, many people have pulled back from the real estate market. The time is now for investors to buy, though, due to low demand and stronger incentives. Brigitte Obregon, the founder and broker of GTA-Homes, …
Canada’s Immigration Plan for 2023-2025 Welcomes 1.5 M...
The population of Canada increased by 1.05 million over the past year, a significant increase from the average annual growth rate since 1995 of 360,000. This rapid growth was particularly noticeable in Ontario, where it increased by 445,000 people between Q2-2022 and Q1-2023, compared to an average annual growth of 360,000. The recently released Immigration Levels Plan for 2023–2025, which was recently unveiled …
A recent Report Reveals a Decline in Housing Starts Ac...
A recent report from the Canada Mortgage and Housing Corporation (CMHC) demonstrates how far behind the United States Canada is in terms of increasing housing supply. The standalone monthly seasonally adjusted annual rate (SAAR) for all housing starts in Canada fell by 11% in March, from 240,927 units to just 213,865. An attempt is made to eliminate all seasonal variation in the data using …
Why The Assignment Market Is Hot Right Now
In the Greater Toronto Area (GTA), finding a pre-construction condo at a reasonable price might seem like an impossible task. If you’re a first-time buyer or investor, you might feel as though you’ve looked everywhere but the kitchen sink. The fact is, there are affordable condos out there, but in the current market, finding them may require the help of an experienced real estate …
Canada home sales rise again in May
Canada’s housing data shows recovery accelerating before rate hike Following a year-long slump, the Canadian housing market continued to show signs of recovery in May, according to data released on Thursday. This development may support future interest rate increases by the Bank of Canada. According to the Canadian Real Estate Association, home sales in Canada increased by 51% from April to May and by …
Housing optimism is back in Canada, boosting consumer ...
As the real estate outlook steadily improves and the economy continues to grow with few signs of an impending recession, Canadians are becoming more optimistic. The Bloomberg Nanos Canadian Confidence Index, a gauge of sentiment based on weekly polling, increased to its highest point since June. Last week, the index reached 50 points, marking the fifth straight gain. Early in March, when the Bank …
How Homebuyers and Housing Developers React to Rising ...
Throughout 2022, the escalated interest rates have brought about a significant alteration in the actions of developers and homebuyers alike. However, the upsurge in interest rates has not been entirely captured by the CMHC Housing Starts and Completions Survey, which gauges the speed of fresh residential housing erection in Canada. According to CMHC’s Senior Specialist in housing market analysis, Francis Cortellino, there has been …
Discover Toronto’s Best Neighborhoods!
Investigating Toronto’s top neighbourhoods is essential to arriving at the best decision regarding where to buy a home. It’s critical to find a community that fits your preferences and lifestyle out of the many exceptional communities available. In this article, we will stress the importance of choosing the ideal neighborhood and give you specific examples of some of the top Toronto neighborhoods and areas …
Common Mistakes First-Time Home Buyers Should Avoid
Many first-time home buyers make mistakes that can cost them time, money, and stress, as I have witnessed in my role as a realtor. Here are a few common blunders to steer clear of when purchasing your first home. 1. Failure to Make Future Plans: When purchasing a home, it’s crucial to take your future needs and plans into account. When choosing a …
Reasons You and Your Family Should Consider Moving to ...
It’s no wonder that Vaughan has grown to be one of the most popular locations for people looking to move to the GTA given its rich history, vibrant economy, and excellent quality of life. You should think about moving to Vaughan for the reasons listed below, to name just a few. Dynamic Economy With a diverse range of businesses and industries spread out …
The Process Behind Why Condos In Toronto Cost So Much.
Amid the housing affordability crisis in the Greater Toronto Area, have you ever wondered why condos in Toronto are so expensive? However, new pre-construction condos in Toronto are a special case. Just kidding, but here is guide to the entire process in case you want to know everything there is to know about the steps in the process of building a condo in Toronto. …
Canada Introduces Amendments to Foreign Buyer Ban
The Canadian government decided to introduce four amendments to the foreign buyer ban today, less than three months after it was first introduced. One of the amendments raises the foreign control threshold from 3 to 10 percent. The government of Canada announced on Monday that it would be expanding the exceptions to the laws governing the Prohibition on the Purchase of Residential Property by …
5 Key Factors to Check whether your Investment in Cond...
Condominiums present a unique opportunity for property investment, whether fresh off the market or previously owned. For investors interested in purchasing condos, their purchasing criteria may differ from those investing in commercial or multi-unit residential properties. When determining whether a condo property investment is financially viable, there are five key factors that should be taken into account. These factors can aid in calculating the …
Going Condo: Uncovering the Advantages of Condominium ...
Unsure of where to settle down as you search for a new home? Perhaps you’re intrigued by the idea of living in a condo but crave unique insights beyond the typical selling points. If so, you’ve come to the right place – welcome to Parkhomenko comprehensive guide on the advantages of condo living. Whether you’re a first-time buyer or an experienced real estate investor, …
The Pickering Real Estate Market
Pickering is going to experience a significant growth spurt in the near future. The quantum of this growth and its spatial placement are the only queries. The positive aspect of this development is the availability of several budget-friendly real estate options. For prospective property buyers, Pickering will offer a plethora of choices. Keep a lookout for both pre-constructed independent homes as well as condos. …
GTA Condo Market Report Q4 2022
It’s always a good idea to research a purchase before making one, whether it’s a pair of shoes, a dishwasher, or a new house. The Q4-2022 Condo Market Report from Urbanation, the top real estate consulting company in Toronto and a source of in-depth local market analysis, is now available. In order to assist you in making the best possible investment choices, we’ll look …
Will Ontario Home Prices Decline in 2023?
The Canadian housing market experienced a significant boom in the summer of 2021, as you are likely aware if you have followed it at all over the past couple of years. A significant increase in home asking and selling prices as a result of strong buyer demand contributed to this boom. The average home sale price in Ontario was just under $600,000 in April …
Buying a Home in Alberta: Why Now is the Time to Act
People have long been drawn to Alberta in search of new careers, the mountains, or simply a change of lifestyle. Many residents of Ontario and Quebec have been looking for more affordable housing options and space in the Alberta real estate market for the better part of the past two years. Even though the housing market in Alberta is busier than usual, it is …
Unlock Your Pre-Construction Condo Potential: 5 Tips t...
A significant financial commitment and decision go into buying an investment property. However, pre-construction condominiums have grown to be a well-liked entry point for investors into the real estate market over time. This is so that they can invest with a down payment, and as the construction progresses, the value of their investment increases. As a result, by the time their building is ready …
Move Up Your Home-Buying Strategy: 3 Expert Secrets!
In a RE/MAX Canada survey of Canadians, 16% of respondents said they wanted to move up or enter the housing market. The high cost of real estate has made entering the market difficult for many first-time homebuyers, but move-up buyers are in a great position right now thanks to well-timed purchases and significant equity gains, making looking for a “forever home” feel less of …
Peeking Ahead: Real Estate Investing in 2023 and Beyon...
Undoubtedly, the real estate market experienced some turbulence in 2022. The Bank of Canada’s interest rate increases over the past year have caused a wave of changes. As we look forward to the coming year, let’s take a closer look at 2022. However, there is always light at the end of the tunnel. We recently went to the “A Year in Review” PMA CIBC …
The Big Apple Bitten by the Big Tech City: Toronto Ris...
Toronto is fast becoming the tech capital of the world, and it’s easy to see why. With an abundance of talent, a vibrant culture, and a great quality of life, it’s no wonder that the city is quickly becoming one of the most sought-after tech hubs in the world. From tech giants to startups, Toronto is quickly becoming the place to be for technology, …
Inflation, Interest Rates and the Housing Market of 20...
Comparison of 2023 inflation and the Canadian real estate market to the 1970s and 1980s. The Canadian economic climate of today may be of interest to those over 55. The housing market today may feel very similar to when you purchased your first home in the 1980s, when interest rates were surging. The primary overnight lending rate has increased eight times in the last …