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Strong Demand and Supply Shortage Drive GTA Housing Market – TRREB May 2023 Market Update

The Greater Toronto Area (GTA) housing market experienced robust sales growth in May 2023, driven by high demand. However, the limited supply of homes for sale led to increased competition and soaring prices, highlighting the need for addressing the ongoing supply shortage. Let’s dive deeper into TRREB’s May 2023 Market Update in this post.

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Expanding Housing Options in Toronto: Multiplexes for a Growing City

Toronto, the dynamic and rapidly growing city, continues to attract newcomers seeking opportunities and a vibrant urban lifestyle. With an estimated 700,000 new residents expected by 2051, it is crucial to address the housing needs of both current and future Torontonians. To cater to the diverse household sizes and compositions across the city, Toronto must offer a range of housing options. Unfortunately, while the housing market has seen substantial growth in mid- and high-rise apartment buildings concentrated in densely populated areas, the supply of low-rise housing, particularly multiplexes, has lagged behind demand. However, a recent development suggests positive changes on the horizon.

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Impact of Housing Starts on Prices: April 2023 Highlights

April 2023 housing starts in Canada: 240,403 units, slight decline in overall trend, growth in Vancouver (36%), Toronto (54%), Montréal (43%), multi-unit starts offsetting declines in single-detached starts. Total SAAR at 261,559 units, urban starts up 26%, multi-unit starts up 33%, rural starts estimated at 19,974 units.

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Toronto’s Condo Rental Market Struggles to Keep Up with Population Growth – Q1 Rental Report by TRREB

Q1 2023 GTA saw a 4% increase in condo rentals, but tight market conditions resulted in a significant YoY rent increase – 15.1% for one-bedroom and 9.2% for two-bedroom units.

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Tighter Market, Higher Price – TRREB Market Update April 2023

The Greater Toronto Area’s housing market continued to tighten in April 2023, with fewer listings leading to more competition between buyers and supporting an improvement in selling prices.

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Tight Market Conditions – TRREB Market Update March 2023

TRREB reports tighter market conditions and increased competition among buyers in the Greater Toronto Area (GTA), leading to higher average sale prices in March 2023.

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Canada Amends Foreign Buyer Ban to Allow Certain Exemptions

Canada has amended its ban on foreign home buyers, allowing certain exemptions. The changes aim to boost housing supply, but raise concerns.

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Uncovering Toronto’s Turbulent Housing Market – February 2023 Sales Report by TRREB

Toronto’s February 2023 sales report shows a 47% decline in sales but stable prices. Increased buying intentions and a new housing initiative may support future growth.

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An overview of the Toronto Real Estate Market

Toronto’s real estate market has been on a wild ride in recent years, with the COVID-19 pandemic causing a slowdown in sales and fluctuation in prices. However, despite the challenges, the market has remained relatively resilient.

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Canada’s Immigration Fuels Housing Crisis: New Report Urges Building Boom

Canada needs to build more homes to keep up with immigration, incentivize municipalities to build within cities, and invest in affordable and social housing to avoid pricing Canadians out.

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The Pros and Cons of Renting vs. Buying

Are you trying to decide between buying or renting a home? This blog post dives into some key factors to consider, such as your financial situation, long-term plans, and the housing market in your area.

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What’s next for interest rates in 2023?

Lower interest rates in 2023 bring hope for homebuyers, while sellers may benefit from market insights to achieve the best outcome. Real estate is complex and subject to economic factors.

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