GTA's Housing Challenge: Rising prices and stagnant wages widen the affordability gap for potential buyers. Oakville: Median Income: $108K Max Affordability Threshold: $499,239 Avg House Price: $1,492,687 Toronto, Milton, and Halton Hills: Median Income: $107K Max Affordability Threshold: $494,580...
Market Update
Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day. In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints. Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known as All Hallows...
The housing market in Brampton, a neighbouring city of Toronto, is increasing faster than all other cities in Canada. According to Rentals.ca and Urbanation, the average rent for one- and two-bedroom units in Brampton reached $2,713 per month in August, which is a 21.6% increase from last year. This is significantly more than Toronto's 8.7% rent increase. The rent growth in smaller cities such as...
Ontario's BILD reports that August 2023 had the 2nd-lowest new home sales since 2000. There were 711 new home sales in August, ↑ 52% yearly, but 63% below the 10-yr avg. Condo apartment sales totaled 443 units, ↑ 15% yearly but 66% below the 10-yr avg....
TRREB backs stable property taxes over Municipal Land Transfer Tax for a fairer and more reliable revenue source. This shift stems from MLTT issues: Ineffectiveness for First-Time Buyers Impact on Housing Market Unpredictability Councillors propose a $750K rebate to address MLTT inefficiency, but due to its unpredictability, it cannot be a long-term...
Chamanpreet Kaur, an international student at York University, had difficulty finding an affordable apartment in Brampton, where rent prices have skyrocketed by up to 29% in the past year. Kaur and her two roommates now pay $2,000 plus $140 for utilities, leaving her to cut back on basic necessities like groceries. The rising rent prices are due to the influx of new immigrants to Brampton, making it an...
Canada's housing markets have seen a shift towards balance. More sellers have returned to the market, resulting in eased demand-supply conditions in: - Vancouver - Toronto - Calgary - Edmonton Ontario and BC are experiencing a slowing down of the price rally, with small MoM declines in Vancouver, Fraser Valley, and Toronto....
Brampton has applied for the federal government's Housing Accelerator Fund to unlock more than $114 million to jump-start the city's housing market. The Housing Minister has requested a few changes to Brampton's housing strategy, such as doubling the radius of four-storey buildings within support corridors and reducing restrictions on additional residential units. London was the first...
Vancouver Island experienced the fastest price growth in BC over 5-yr at 59.8%, while nationally, prices ↑ 39.5%. The highest benchmark price in August was in Oakville-Milton at $1.4M, ↑ 63.3% from 5-yr ago. The highest BC price was in Greater Vancouver at $1.2M, ↑ 21.7% over 5-yr....
GTA reported 5,294 sales in August, ↓ 5.2% yearly. Avg selling prices remained mostly unchanged. GTA’s new listings ↑ 16.2% yearly....