Toronto Real Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June, 2019 and active listings at month-end of June, 2019 were down by 5.7 per cent. Sales and new listings statistics for the first half of 2019 compared to first half of 2018 painted a similar story to that of June, 2019. Sales were up by 8.5 per cent, while
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Tag: home affordability In Toronto From Renting To Owning A Condo Is Becoming Harder
In Toronto From Renting To Owning A Condo Is Becoming Harder In Toronto From Renting To Owning A Condo Is Becoming Harder Runaway price growth for single-family homes is a thing of the past in Toronto and Vancouver today, thanks to rising interest rates and tougher mortgage rules. But with prices still high, buyers have turned to other options. Or really the one other option that exists in buying the condos. “Trouble is, this stronger demand for condos resulted in sharper price gains and affordability erosion,” Royal Bank of Canada economists Craig Wright and Robert
View Article...Tag: home affordability TREB Released May, 2019 Resale Market Figures
TREB Released May, 2019 Resale Market Figuress Toronto Real Estate Board President announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019. This result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, Please note that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300. The year-over-year uptick in sales experienced so far in the second quarter of 2019 suggests that the share of likely home buyers in the Greater Toronto Area has
View Article...Tag: home affordability TREB Released April, 2019 Resale Market Figures
TREB Released April, 2019 Resale Market Figures TREB announced that the Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019. New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was much lower than that reported number for sales. This suggests that market conditions continued to tighten which points
View Article...Tag: home affordability Toronto housing slowdown reasons Bank of Canada showed
Toronto housing slowdown reasons Bank of Canada showed The Bank of Canada found the prices of the housing market went up way out of affordability range for buyers. The Bank estimated. that between 2015 and 2018, the rising cost of home ownership would have lowered annual home sales nationwide by a hefty 56,000 if the “housing bubble” effect was not present in the market. The Bank estimated that Only a fraction of that — 10,000 sales — would have been due to the mortgage stress test, All the rest would have been due to rising prices and
View Article...Tag: home affordability TREB Released March, 2019 Resale Market Figures
TREB Released March, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019. This result was close to 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent (1%) compared to Q1 2018. The ‘OSFI stress test’ has an impact as to home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be
View Article...Tag: home affordability TREB Released February, 2019 Resale Market Figures
TREB Released February, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment. “The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations
View Article...Tag: home affordability Canada housing market has grown riskier, IMF has reported
Canada’s housing market has grown riskier over the past two years, with risk levels similar to those seen during the financial crisis a decade ago, the International Monetary Fund (IMF) said in a report released this week. But there is good news: The measures Canadian policymakers have taken over the past several years — particularly foreign buyers’ taxes and tough new mortgage rules — are the right ones to prevent a debt crisis, the report suggested.. In its latest Global Financial Stability Report, the Washington-based agency dedicated to global financial co-operation said the U.S. and Canadian housing
View Article...Tag: home affordability New Rent control rules could mark return to sky-high rent increases for Toronto tenants
Toronto housing New Rent control rules could mark return to sky-high rent increases for Toronto tenants With new Rent control rules and the province of Ontario scrapping rent control for new units across Ontario as of November 15, 2018, affordable housing advocates are warning that the changes could mark a return to sky-high rent increases for thousands of Toronto tenants. The Progressive Conservative government revealed the details on November 15, 2018 through the fall economic statement, announcing legislation which ends rent control for all newly-built or newly-converted rental units going forward — while maintaining rent control for current tenants —
View Article...Tag: home affordability Toronto home sales decline, could sign to a return to normal market
Toronto real estate market has seen the effects of a confluence of policies: Ontario’s Fair Housing Policy, including a foreign buyers’ tax aimed at cooling the market; a new mortgage stress test targeted at protecting Canadians from dangerously high household debt levels; and the Bank of Canada’s moves to increase interest rates. The Ontario government needed to act to cool the over-heated market when it peaked at more than 30 per cent year-over-year price growth last April, 2017.. If the government’s policy target was to increase affordability of buyers, that has not happened yet. The short supply
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