Toronto real estate market news & info
After the tumultuous up-and-down price action that we saw in 2017, the return to a normal seasonal pattern in 2018 has been very welcome. Prices and sales spiked upward in extreme fashion in early 2017 and then, after the Ontario government issued its 16-point ‘Fair Housing Plan’ in April, the bubble deflated rapidly through the… Read More
For the third month in a row, average selling prices have increased in the Greater Toronto area. While prices are still significantly lower than this time last year, they are very much in line with the historical trend that existed before the aberrational late 2016/early 2017 bubble came and went. For example, year-to-date average… Read More
Since last week, four of Canada’s ‘Big Six’ banks have raised their posted mortgage rates: TD Canada Trust by 45 bps (from 5.14% to 5.59%) and the other three by 10-30 bps. These rates aren’t ‘real’ in the sense that they are typically about 2% higher than the actual 5 year fixed rate that you… Read More
Media reports continue to focus on how this year’s market conditions compare to the same time last year, and therefore continue to misconstrue what is really going on. Last month total sales (number of homes sold) were 40% lower than the same month last year, and the average selling price was 14% lower. Year-to-date results… Read More
Following multiple disturbances overt the past year, including the ‘Fair Housing Plan’; tighter mortgage lending rules; and recent mortgage rate increases, the Toronto market has remained remarkably steady since last summer. Following the inflation and deflation of a price bubble through late 2016 and early 2017, prices have evened out and appear to be returning… Read More
You know how tough it is to qualify for a mortgage. Prove you’ve got a long-term job with ample income. A credit score to the moon. Your life’s savings as a down payment. More cash stashed away. A debt-to-income ratio to die for. For some, tax returns for the last two years. You’ve been there,… Read More
Well, that was quite a roller-coaster ride we’ve been on for the past 24 months! For many years, going back to the early 2000’s, Toronto area prices increased at a steady pace, averaging around 6% per year and always under 10% per year. Then, beginning in early 2016, prices began moving up much more quickly…. Read More
The fall market continued to be very healthy in October, with sales of all property types up by 12% over September while prices remained steady. The relative strength of the condominium apartment sector relative to freehold properties continued last month: condo prices were slightly higher than in September and about 20% higher than last year,… Read More
After three months of constantly accelerating price increases, the Toronto market has finally slowed down a bit. Prices fell in May as compared with April for the first time in many years, though May prices were still 15% higher than the same month last year. The supply of homes for sale has also increased significantly,… Read More
The Toronto market is typically very quiet, almost sleepy, in the month of January. Not so this year. 2016 was exceptionally strong, with sales over the full year up 12% over 2015 and prices up more than 17%. This January, however, prices were up by a jaw-dropping 22% over the same month last year, and… Read More
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