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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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Secret to a Harmonious Rental Relationship: Expert Tips to Avoid Conflicts with Your Landlord or Tenant

Looking to maintain a positive relationship with your landlord or tenant? Check out our tips and tricks for tenants, including paying rent on time and keeping the rental unit clean, and for landlords, including keeping the property in good condition and communicating effectively. By following these guidelines, you can make your rental experience a pleasant one.

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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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Interest Rate Outlooks Divergence between Canada and the US: Implications for Canadians

The Bank of Canada’s decision not to raise interest rates diverges from the US Federal Reserve’s continuous hikes. This may impact the rental market and ease rent prices, but supply shortages will still prevail. Rising interest rates in the US, compared to shorter-term mortgages in Canada, may impact the Canadian economy and inflation, leading to a weaker Canadian dollar.

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Too Early To Celebrate? Bank of Canada Breaks Hiking Streak

Bank of Canada keeps key rate steady On March 8, 2023 after eight hikes, citing tight labor market and high inflation. Economists watching indicators for rate cut. Is it too early to be optimistic?

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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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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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