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Housing Market at a Glance: November 2017 Edition

Wednesday Nov 01st, 2017

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  Real Estate News — Housing Market Update Listing Prices The Toronto Real Estate Board reported the average selling price for all types of property sold in September was up 2.6% from a year ago, rising to $775,546.   Sales Update The Canadian Real Estate Association says sales through its Multiple Listing Service in September were up 2.1 per cent compared with the previous month.   New Lending Rules as of January 1, 2018 The new guidelines... [read more]

Housing Market at a Glance: Summary of September 2017

Monday Oct 02nd, 2017

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► Bank of Canada Rate The Bank of Canada has raised its rates to 1%. This comes on the heels of a report by Statistics Canada which finds that the economy has grown at a rate of 4.5% between April to June, which is well-ahead of the 3.7% that was widely predicted. With that being said, the Bank of Canada says they will no longer make predetermined future rate decisions. Instead, they will make future rate decisions based on how the financial market... [read more]

Housing Market at a Glance: Summary of August 2017

Friday Sep 08th, 2017

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Prices Based on last month's reports, the average sales prices for detached homes are up 2.4% and 8.5% in the 905 and 416 regions, respectively, compared to a year ago. Despite this, Toronto home prices are continuing to fall since numbers have peaked in April, decreasing by 19% when April prices averaged $920,791. Condominiums, however, continue to have steadier prices. This is most likely due to condos being more affordable to first time buyers, resulting in higher demand. Notably,... [read more]

Summary of the Fair Housing Plan to Help Stabilize Ontario's Real Estate Market

Friday Apr 28th, 2017

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With so many people worried about a possible housing market collapse, the Government of Ontario is taking action. Here are 16 measures they hope can bring some stability to runaway home prices and the problems it brings.   1. Foreign Buyer Tax (NRST - Non-resident Speculation Tax) The Ontario government will impose a 15% non-resident speculation tax (NRST), or foreign buyer tax, on the sale price of homes. The tax has taken effect as of April 21, 2017, pending legislative... [read more]

Buyer Beware: Numbers Show Canada’s Housing Market Is Out Of Control

Tuesday Apr 25th, 2017

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It is no secret that the housing prices in Toronto, as well as other parts of Canada, have been on the rise. In fact, a recent article from the Huffington Post highlights just how catastrophic the housing market in Canada has become, with many troubling graphics to support this. Below is a bar graph that compares the average prices for home buyers in Canadian cities to the rest of the world’s major cities. Tokyo and New York Housing is Cheaper than Toronto As you can see,... [read more]

Canadian Housing Market Looking More and More Like 2007 American Crisis

Saturday Feb 11th, 2017

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Unless you have been living on a deserted island (or far north of the Arctic Circle) for a few years, you know about the current housing market situation in Canada. Many financial experts are predicting this bubble to pop at some point in the future. This is not just a doomsday prediction, as a recent article at the Vice money website draws an eerie comparison between our housing market and the Unites States crash of 2007. Worse Than We Thought? In 2015, home prices were about sixteen... [read more]

Will 2017 Be a Good Year to Buy or Sell a Home in Canada?

Wednesday Jan 11th, 2017

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With so many people talking about a looming housing crash, will 2017 be the year it happens? Many real estate experts say "maybe". Although no one has a real estate market "crystal ball" capable of accurately predicting the future. Here are realistic possibilities based on what is happening and not happening in the coming year (according to a recent article in the Toronto Star). Hopefully, this can give you a good idea of what to expect. New US President Along with... [read more]

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