Tag Archive for Tag: affordability

Tag: affordability Toronto Real Estate TREB Published June, 2019 Resale Market Figures

  Toronto Real Estate TREB Published June, 2019 Resale Market Figures   Toronto Real Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June, 2019 and active listings at month-end of June, 2019 were down by 5.7 per cent.   Sales and new listings statistics for the first half of 2019 compared to first half of 2018 painted a similar story to that

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Tag: affordability In Toronto stepping up from Renting To Buying A Condo Is Getting Harder

    In Toronto stepping up from Renting To Buying A Condo Is Getting Harder     Runaway price growth for single-family homes is a thing of the past in Toronto and Vancouver today, thanks to rising interest rates and tougher mortgage rules. But with prices still high, buyers have turned to other options. Or really the one other option that exists in buying the condos.   “Trouble is, this stronger demand for condos resulted in sharper price gains and affordability erosion,” Royal Bank of Canada economists Craig Wright and Robert Hogue wrote in their latest affordability report, released on

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Tag: affordability Toronto Real Estate TREB Published May, 2019 Resale Market Figures

    Toronto Real Estate TREB Published May, 2019 Resale Market Figures     Toronto Real Estate Board President announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019. This result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, Please note that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.   The year-over-year uptick in sales experienced so far in the second quarter of 2019 suggests that the share of likely home buyers

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Tag: affordability Toronto is the fastest growing city in the U.S. and Canada, and that may not be good

    Toronto is the fastest growing city in the U.S. and Canada, and that may not be good     Torontonians could find themselves “doubling up” on housing with friends or relatives in the incoming years as the city’s breakneck population growth outstrips the supply of new housing, an urban planning expert is warning.   In an analysis published online this week, researchers Frank Clayton and Eva Shi of Ryerson University’s Centre for Urban Research and Land Development found that Toronto is the fastest-growing city in the U.S. or Canada, and by a long shot. Toronto added more than

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Tag: affordability Toronto Real Estate TREB Published April, 2019 Resale Market Figures

  Toronto Real Estate TREB Published April, 2019 Resale Market Figures   TREB announced that the Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019.   New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was much lower than that reported number for sales. This suggests that market conditions continued to

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Tag: affordability Toronto Real Estate TREB Published March, 2019 Resale Market Figures

    Toronto Real Estate TREB Published March, 2019 Resale Market Figures   Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019. This result was close to 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent (1%) compared to Q1 2018.   The ‘OSFI stress test’ has an impact as to home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for

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Tag: affordability Toronto Real Estate TREB Published February, 2019 Resale Market Figures

  Toronto Real Estate TREB Published February, 2019 Resale Market Figures   Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment.   “The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations

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Tag: affordability Canada housing market has become riskier, IMF has warned

  Canada’s housing market has become riskier over the past two years, with risk levels similar to those seen during the financial crisis a decade ago, the International Monetary Fund (IMF) said in a report released this week.   But there is good news: The measures Canadian policymakers have taken over the past several years — particularly foreign buyers’ taxes and tough new mortgage rules — are the right ones to prevent a debt crisis, the report suggested..   In its latest Global Financial Stability Report, the Washington-based agency dedicated to global financial co-operation said the U.S. and Canadian housing

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Tag: affordability New Rent control rules may spark return to sky-high rent increases for Toronto tenants

  New Rent control rules   With new Rent control rules and the province of Ontario scrapping rent control for new units across Ontario as of November 15, 2018, affordable housing advocates are warning that the changes could may spark return to sky-high rent increases for thousands of Toronto tenants.   The Progressive Conservative government revealed the details on November 15, 2018 through the fall economic statement, announcing legislation which ends rent control for all newly-built or newly-converted rental units going forward — while maintaining rent control for current tenants — as part of a new Housing Supply Action Plan.   “Everybody who’s

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