Toronto real estate listings start 2016 in a deep freeze

In 2015, industry pundits were predicting that the scarcity of real estate listings in Toronto would continue into 2016. So far, they appear to be right. Agents from central Toronto to the suburbs say listings are in the deep freeze – even for a January, when the market is normally cool. The paltry number of houses for sale means sellers hold more power and prices remain aloft. Jason Mercer, director of market analysis for the Toronto Real … [Read more...]

Home sales, prices in Toronto could hit record in 2016, real estate board says

The Toronto Real Estate Board expects home sales in Canada’s largest city will be strong in 2016 and may set a record. TREB estimates its member realtors will sell between 96,500 and 105,000 residential properties this year – either just above or just below last year’s record high of 101,229 transactions. The average selling price is also expected to rise to between $655,000 and $665,000 – one of the highest in Canada – up from $622,217, which … [Read more...]

Average house prices to edge higher in 2016 according to CREA

Canada’s national average house price is expected to edge higher by 1.4 per cent in 2016, to $448,700 — with Ontario leading the other regions with an increase of 2.9 per cent. The Canadian Real Estate Association expects average house prices in Alberta, Saskatchewan and Newfoundland and Labrador to fall next year because of the downturn in the oil industry. The association is estimating Alberta's average housing price will fall in 2016 … [Read more...]

New condo rules will help 1.3M Ontarians

Some 1.3 million Ontario condo dwellers will be better protected and have more rights under long-awaited new legislation. Some 1.3 million Ontario condo dwellers will be better protected and have more rights under long-awaited new provincial legislation that has passed unanimously at Queen’s Park. In a province with 700,000 condominium units — and 10,000 different condo corporations for their residents — Government and Consumer … [Read more...]

Canada tightens mortgage rules to help cool blistering Toronto, Vancouver housing markets

Canada is raising minimum down payments on some government-insured mortgages, a move aimed at curbing the risk of a housing crash in Toronto and Vancouver where high prices are leaving some families at risk from heavy debt loads. Finance Minister Bill Morneau announced the plans on Friday morning in Ottawa. The required down payment on homes worth at least $500,000 will rise to 10 per cent from 5 per cent starting Feb. 15, 2016 — however the … [Read more...]

Toronto Real Estate Board: November Market Watch

TORONTO, December 3, 2015 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 7,385 home sales through TREB’s MLS® System in November 2015 – up by 14 per cent compared to November 2014. This result also represented the best result on record for the month of November. Sales through the first eleven months of 2015 amounted to 96,401. “Not only did we see a record sales result for November, but … [Read more...]

Demand for home ownership remains strong in the GTA

Demand for home ownership remains strong in the GTA, and dynamics around housing supply are impacting prices and redefining the market, said the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) at their first ever joint briefing on the state of the GTA housing market. Through the first 10 months of 2015, there were 124,123 new and resale homes sold in the GTA. A record number of sales were … [Read more...]

Virtual realty: Can 3-D tours sell condos?

Strolling through a three-storey townhouse in the heart of Leslieville, prospective homebuyers take in the chic, toned-down decor. The high ceilings and lights embedded in the staircase wall stand out against the understated finishes, which catch subtler eyes. Of course, the development doesn’t exist — not yet — but to human senses, paired with 3-D technology, it may as well. Virtual reality is starting to crack the Toronto real … [Read more...]

Housing market adapts to some uneasy numbers: 4 and 13

In her three years hawking condos in downtown Toronto, Danielle Desjardins has fielded the gamut of buyers’ objections. It might be that the neighbourhood is too far from a subway. Maybe the balcony hangs over a roaring roadway, or that it’s too small to accommodate a canine’s meandering. But the strangest source of unease she hears stems from entirely immaterial concerns and runs counter to the straitlaced, secular zeitgeist of the era. … [Read more...]

Scorching Toronto, Vancouver housing markets push Canadian home sales higher in October 2015

Canadian home sales grew in October to the second-highest levels in almost six years as demand remained strong in the red-hot real estate markets in Vancouver and the Greater Toronto Area. The Canadian Real Estate Association said Monday the number of homes sold through its Multiple Listing Service was up 1.8 per cent in October from the previous month. However, the gains weren’t shared across the country, as the number of markets where … [Read more...]