Toronto Market Continues To Build Momentum In May

Toronto area prices rose again in May, for the fourth month in a row, and were also higher than last May. Freehold prices in particular were significantly higher than the previous month, and have now pulled even with last year after being lower for the first four month of the year. Condominium apartment prices also… Read More

Toronto Market Gains Strength In April

After a slow start to the year, hampered by a lingering and unpleasant winter, the Toronto area market kicked into a higher gear in April. Sales for the first three months of the year were very similar to 2018, but April sales of 9,042 houses and condos were 16% higher than last year. The number… Read More

Steady Toronto Area Market Persists

Prices and sales increased modestly in March as compared with February, in line with the normal seasonal trend, and continued to track year-ago results very closely. For condominium properties, prices were 2% higher than last year, while prices for freehold properties were 2% lower, so the overall average for all property types was virtually unchanged…. Read More

Toronto Considering Land Transfer Tax Increase

In early 2007, the City of Toronto instituted a Toronto Land Transfer Tax (on top of the Ontario Land Transfer Tax) as a way to increase revenues while avoiding large (and politically unpopular) increases in property taxes or decreases in expenses. This tax applies only to properties in the “Old Toronto” 416 area code. For… Read More

Toronto Condo Market Continues to Soar

Toronto area condominium apartment prices continued to move upward last month, with average prices 6% higher than February, 2018. Almost certainly we will see another all-time high for condominium prices before the spring is over. Under-pricing and bidding wars are rampant and buyers are eager (even desperate) to buy condos now before prices go even… Read More

Torontonians Say The City Isn’t Doing Enough To Increase The Supply Of Housing

In a recent survey, Forum Research found that 69% of Toronto residents feel that the City should be doing more to increase the supply of rental housing across the city. As previously reported, there is a rental housing crisis in Toronto due to the influx of new residents, declining affordability (forcing would-be buyers to rent),… Read More

Reverse Mortgages Becoming More Popular

It’s a common story. A retired couple living in Toronto has a home that they purchased in 1985 and paid off years ago. Their home is worth about $1.5 million, but they have only a modest pension, they have been dipping into their meager savings to pay the monthly bills and maintain the house, and… Read More

Toronto Market Continues on Steady, Balanced Trend

Toronto area prices were slightly (1.6%) higher in January than last January, while the total number of homes sold was almost exactly the same. The inventory of homes for sale was the same as last year, as well as last month, and right on the 3 months’ supply level that is regarded as ‘balanced’, that… Read More

New Mortgage Qualification Rules – Unintended Consequences

When the federal government introduced ‘stress test’ rules in early 2018, the intention was to make sure that buyers would be able to afford their mortgage payments should interest rates increase by the time they need to renew. Basically, the new rules require that buyers prove that they could afford to buy their home if… Read More

CREA Forecasts Higher Prices & Sales for Ontario in 2019

The Canadian Real Estate Association (CREA) is Canada’s national association of real estate agents, similar to the National Association of Realtors (NAR) in the United States. Among other services, CREA publishes data on MLS sales across the country and has recently published their province-by-province forecasts for home prices and sales volumes in 2019 (see charts… Read More