GTA suburban home prices surged during the pandemic but have recently sharply declined. Falling prices affect buyers as appraisals fall short, and mortgage qualifications become stricter. Buyers struggle to secure financing as closing dates near....
Market Update
Detached Houses: Avg Price: $5.52M Sales: 9 Avg DOM: 16-day Attached Houses: Avg Price: $2.16M Sales: 2 Avg DOM: 21-day Semi-Detached Houses: Avg Price: $3.32M Sales: 5 Avg DOM: 4-day...
A high-rise residential development at 391 South St. has received a massive low-interest loan from the federal government in exchange for making about a fifth of the units affordable housing. The terms of the deal include at least 129 of the building’s 588 units (21.9 per cent) will rent at or below 30 per cent of London’s median household income. “That’s why we’ve decided to focus the...
In Late-Q3, new-build home sales in the GTA saw a ↑ 303% yearly. Despite this surge, these sales remain 32% below the 10-yr avg, raising questions about long-term trends. Market stability and the decision to maintain a 5% key interest rate may have fueled this demand....
The GTA housing market has been facing affordability challenges, especially with avg condo prices exceeding $700K. Developers are now focusing on smaller units with lower prices per sq ft to drive demand and absorption....
Greater Toronto Area home sales in October ↓ 5.8% yearly, and remained relatively flat MoM with 4.6K sales. New listings in October ↑ 38% yearly, reaching 14.3K listings. Despite the increase in listings and softer sales, the avg home price ↑ 3.5% yearly to $1.12M in October....
The Canada Home Price Benchmark Index for single-family houses has fallen for 3 consecutive months. The Home Price Benchmark Index for single-family houses in GTA ↓ 1.5% MoM, but ↑ 3.7% yearly in September. Prior to September, the index ↓ 1.7% and ↓ 0.8% in the 2 preceding months....
London Mayor Josh Morgan is challenging the provincial government's evaluation that the city has only achieved 37% of its 2023 housing target, arguing that it is not in their power to compel developers to put shovels in the ground. The mayor has expressed concerns that without meeting or exceeding the annual housing targets, they won't be able to access the $1.2 billion incentive fund. Mike...
Canada's population exceeds 40M, ↑ 2.9% in the last year driven by immigration, making it the fastest-growing country in the G7. Canada has the lowest number of housing units per 1K residents in the G7, leading to housing shortages in major markets like the GTA. Welcoming 1.5M newcomers by 2025 presents a significant housing challenge....
Home prices in Canada are predicted to rise by the end of 2023, in part due to the BoC's high interest rates and low market supply.The Royal LePage national year-end price forecast suggests ↑ 7% in the aggregate price of a home in Canada for Q4. Metro Vancouver's avg detached home price is $2.62M, with a predicted 7% increase before 2024....