Sales Slowdown: GTA housing sales dipped 3% MoM, unlike the national markets. Price Segmentation: Entry-level and high-end luxury homes are still selling well, while the middle segment is experiencing a slowdown....
Market Update
Fewer condo sales lead to fewer high-density land sales in the GTA. Developers are reluctant to lower condo prices due to high land acquisition costs....
A study by the Canadian Centre for Economic Analysis found that the social cost of housing unaffordability in the GTA is $37B.This cost is comparable to the social cost of major health challenges like diabetes and heart disease....
Ontario government prioritizes modular homes to tackle housing crisis. The aim is to expedite homebuilding, enhance affordability, and boost job creation....
The Ontario government allocates $155.5M to expedite long-term care construction projects in 2024. The subsidy program, facilitated 67 projects across the province in its first year....
OREA's Commendation: - OREA commends the government for land, infrastructure, and zoning reforms to increase housing construction. 30-Yr Mortgages: - Re-introduction of 30-yr mortgage amortizations for first-timers on new builds, with a call to expand this to all homebuyers....
Mortgage renewal rates in the coming years are expected to increase, especially for those who borrowed when house prices were high and mortgage rates were low. Canadians renewing mortgages with variable rates will see the largest increase. Rising interest rates have led to financial stress, particularly among renters. Continue to full article...
Home prices in Greater Moncton ↑ from $169K in 2019 to ~$355K in 2024.This represents ↑ ~$186K, or ↑ 110% in 5-yr....
Homes in Durham Region, especially Ajax, sell rapidly. Ajax properties, including detached homes and condos, sell in 10 days....
Aggregate home price in GTA ↑ 5.2% yearly to ~$1.2M in Q1 2024. Median price of single-family detached home ↑ 3.9% yearly to ~$1.4M; condo price ↑ 3.7% to ~$734K....