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