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....
Market Update
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....
Brampton officials have imposed $83,500 in fines on landlords for 611 administrative penalties since January, as part of a residential rental program. Bylaw officers conducted 4,700 inspections and issued over 2,200 rental licenses, ensuring smaller landlords comply with property standards, fire, and building codes. Mayor Patrick Brown emphasized the importance of safety for renters. Landlords can...
Greater Toronto Area home sales decreased by 5.3% in August 2024, with 4,975 transactions, while new listings rose by 1.5% to 12,547. The average home price fell by 4.6%, with the average selling price at $1,074,425. Experts predict an increase in first-time buyers as mortgage rates decline, but inventory may dwindle, necessitating a focus on affordable housing construction. Municipalities are...
Land costs account for up to 25% of a new home’s cost, influenced by limited urban expansion. 72% of people support expanding municipal boundaries, while 69% favour higher-density development....
Toronto’s condo oversupply will continue affecting home prices, keeping growth below average. GTA home sales remain weak but are expected to improve gradually, including in the condo market....
Investors and upgraders/downgraders drive detached home-buying in 40% of GTA, 80% of Fraser Valley. Toronto's detached home market led sales growth, with 34% of neighbourhoods showing stability or growth....