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....
In October 2023, Prime Minister Justin Trudeau announced a $114 million investment from the federal government to build 24,000 new homes in Brampton, Ontario over the next decade. This funding is part of the Housing Accelerator Fund Preferred Region and will help to fast-track the construction of 3,150 homes within the next three years. There are also eight initiatives outlined to ensure the housing is...
Greater Toronto witnessed ~4.6K home sales, ↓ 12.1% MoM, and ↓ 7.1% yearly in September. Sales of semi-detached houses and townhouses experienced even more significant declines from the previous year. New listings ↑ 44% yearly, reaching 16.2K in September 2023....
In October 2023, the Toronto Regional Real Estate Board (TRREB) reported that the average sale price for a detached home in Brampton dropped for the fourth consecutive month, falling over $100,000 over that time. The average price for detached units in Canada’s ninth-largest city was still up year-over-year compared to September 2022, however, it had fallen significantly since hitting a 2023 high in...
Canada's largest metropolitan areas’ housing starts ↑ 1% in H1, driven by apartment construction ↑ 15%. Toronto and Vancouver led the way with 32% and 68% total housing starts growth, respectively. High interest rates and construction costs have deterred starts for single-detached, semi-detached, and row houses....
Despite high prices in the GTA and Vancouver Real Estate markets, there are still opportunities for homebuyers. While there was a slight decrease in sales activity and home values in these markets, conditions have improved. Trade-up activity ↑ in both markets, with a higher share of detached home sales....
The Federal Government recently announced an investment of $114 million to build 3,150 new housing units in Brampton over the next 3 years, as part of a plan to construct 24,000 homes in the city over the next decade. Prime Minister Justin Trudeau visited the city to express the government's commitment to the project, which is part of the Housing Accelerator Fund. The fund is aiming to create more...