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Tight Supply Drives Up New House Prices and Condo Values in February: Report

Fewer than 20 per cent of new single-family homes priced under $750,000 There is little relief so far this year for first-time buyers in the Toronto region looking to purchase a new construction home. The overall limited supply of newly built and pre-construction homes is particularly severe in the single-family category — detached, semi-detached and townhouses — priced for first-time buyers, according to the home building industry. That shortage is continuing to send first-time buyers into the condo market where the benchmark price of a condo rose 39.5 per cent year over year in February, compared to a 12.8 per…

Apr 03, 2018 / by admin / No Comments

Renovating vs selling your home: What’s best for you?

What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria? “At some stage, many homeowners, particularly those still living in their starter homes, will be faced with the decision of either moving or renovating their existing home to accommodate their needs,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. Many homeowners, particularly those still living in their starter homes, will be faced with the decision of either moving or…

Mar 05, 2018 / by admin / No Comments

Price Growth Continues to Slow Across GTA and Beyond

The Canadian Real Estate Association (CREA) released its national housing market report for January 2018, announcing a three-year low in home sales through the MLS systems. From December 2017 to January 2018, national home sales dropped 14.5%. On a year-over-year basis, this is only a 2.4% decline. “The piling on of yet more mortgage rule changes that took effect starting New Year’s Day has created home-buyer uncertainty and confusion,” says CREA President Andrew Peck. “At the same time, the changes do nothing to address government concerns about home prices that stem from an ongoing supply shortage in major markets like Vancouver…

Feb 27, 2018 / by admin / No Comments

Toronto Housing Market Hits Deep-Freeze as New Rules Bite

The market has begun to buckle under a raft of measures to curb prices that were soaring at a 20 per cent clip a year ago. The only thing that might be colder than Toronto in January is the city’s housing market. While the bleak mid-winter is never the best time to sell a home in Canada, a string of open houses in the country’s largest city were chillingly empty on a recent Saturday afternoon. Tougher mortgage rules went into effect on Jan. 1 just as higher interest rates began to bite, and the market’s on edge, waiting to see…

Feb 05, 2018 / by admin / 2 Comments

Canadian Real Estate Market Outlook 2018

There’s never a dull day in real estate. Last year started off with a big nervous question: Will the Canadian housing market crash? In 2018, the new year started off with more of a sigh. Analysts across North America came out with various pronouncements of deceleration in activity and pricing, but the overwhelming consensus was that the nation’s real estate landscape would flatten out, even in the hot Toronto and Vancouver markets. It wasn’t too bold of a prediction. Activity was way down in the summer months of 2017, even as the number of listings was finally growing. This prompted…

Jan 18, 2018 / by admin / No Comments