London has the highest downtown office vacancy rate in Canada, reaching 31.4% in the third quarter, up from 30.6% previously. Calgary follows with a 29.6% rate. Experts suggest that the increase is due to companies adjusting their office needs rather than a specific event. While the national downtown vacancy rate remains steady at 19.7%, there is hope for London as larger cities see increased activity....
Market Update
Double-digit condominium inventory growth in Toronto reflects increased seller participation as buyers anticipate future rate cuts.Average condominium prices in Greater Toronto fell by 2% compared to the previous year, reaching ~$733K...
The City of London has implemented new regulations to expand residential unit availability, allowing homeowners to create up to four units on properties zoned for various types of dwellings. The five-bedroom limit has been removed in most areas, with exceptions near campuses. Additional Residential Units (ARUs) can now be built without needing zoning amendments, provided they meet existing regulations....
GTA home sales in September reached 4,996, slightly up from August but 8.5% higher than September last year. The increase in sales is driven by lower interest rates and affordable conditions, boosting homeownership demand....
Ottawa's new mortgage rules aim to assist homebuyers in the Greater Toronto Area (GTA). Eliminating the 20% downpayment requirement for $1M to $1.5M homes increases accessibility....
A growing gap exists between home demand and housing starts in the Greater Toronto Area. Housing start applications decreased from 2,428 in 2021 to 1,225 in 2024, worsening affordability....
London's housing market showed signs of recovery in September, with home sales increasing by six percent year-over-year, totaling 562 sales. The average resale price rose to $641,583, a nearly two percent increase from last year. The Bank of Canada's recent interest rate cuts may have contributed to this positive trend. The region saw 1,569 new listings, resulting in 3,049 active listings, a...
London's housing market showed signs of recovery in September, with home sales increasing by six percent year-over-year, totaling 562 sales. The average resale price rose to $641,583, a slight increase from last year. The Bank of Canada's recent interest rate cuts may have contributed to this positive trend, as the market adjusts after a sluggish summer. New listings reached 1,569, resulting...
The GTA population reached 5.9M, significantly higher than in 1972 when data collection began. Average municipal fees rose by $42,000 for low-rises and $32,000 for high-rises since 2022....
First-half 2024 saw low sales due to high interest rates and construction costs, with no expected rebound. Record-low sales will lead to fewer housing starts, worsening future housing supply in the region....