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....
Market Update
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....
The construction of new homes is falling behind population growth, worsening housing affordability in the GTA.Development applications dropped significantly, threatening the housing supply....
The federal government's decision to extend 30-year mortgages to first-time homebuyers is not expected to significantly alleviate the challenges faced by London renters, who are contending with a low vacancy rate and rising rents. While the changes may help some buyers enter the market, experts believe the impact on rental supply will be minimal. London's turnover rate for rental units has...
London's downtown office vacancy rate has reached a record 31.4%, with nearly 1.3 million sq. ft. unoccupied, up from 27.3% last year. In contrast, suburban vacancies decreased to 9.3%. The overall vacancy rate in London stands at 25.7%. The increase in downtown vacancies is attributed to firms downsizing rather than leaving the area. Local officials are exploring ways to promote vacant spaces and...
Housing stock lags behind population growth, the widest gap in 50 years. New home approvals in GTA take 20 months, increasing costs by $43,000-$90,000 per unit....
New home sales in the GTA hit a historical low of 464 transactions in August 2024. August sales ↓ 46% compared to August 2023, and ↓ 73% below the 10-year avg....
Canada’s largest mortgage lender faces rising delinquencies in the Greater Toronto Area mortgage portfolio. Serious delinquency rates surged to 0.27% in Q3 2024, a 42% increase from the previous quarter....
In Toronto, the median condo price has surpassed $600K, making affordability a challenge. Despite this, three Toronto neighbourhoods offer condos under $550K as of early 2024....
Non-waterfront properties' median price fell 5.3% to $650,000; waterfront properties dropped 23% to $809,000.Lakefront cottage prices fell 23% from July 2023 to an average of $809,000....