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.
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.
If you’re in the market for buying a home in Ontario as a first-time home buyer, having a pre-approval mortgage can significantly increase your chances of winning in a multiple offers situation on your desirable home. It can also help you determine your budget and save time in the buying process
Angus Glen South Village Pre-construction Project is a new wellness-inspired master-planned community in Markham, offering a convenient, healthy, and fulfilling lifestyle. The community’s commitment to wellness is reflected in building features that support a wellness home, premium amenities.
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.
Introducing The Unionville Luxury Condominium, coming to Markham’s most coveted neighbourhood at 16th Avenue and Kennedy Road. Choose from 270 designer suites. With top-rated schools, a safe community, and award-winning design, The Unionville is the perfect place to call home. This is Home. The Unionville.
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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.
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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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?
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.