When the federal government rolled out a mortgage “stress test” last January, it was meant to keep Canadians from taking on more real estate debt than they could afford. A year in, some critics have said it’s pushed home ownership out of reach for younger Canadians and other first-time home buyers, and would like the test tweaked in Tuesday’s federal …
Excavation Nearing its Final Stages at The One
Excavation on what will be Canada’s tallest building has progressed consistently since our last update four weeks ago. As one of Toronto’s most high profile development projects, The One by Mizrahi Developments will bring a 306-metre-tall Foster + Partners and Core Architects-designed building to one’s of the city’s busiest intersections. In May of this year, Michael Bros Excavation began work …
U.S. real estate giant Zillow adds to its Canadian listings ahead of launch
Online U.S. real estate giant Zillow has struck a listings deal with a second Canadian company, but has not yet announced a launch date for posting those properties on Zillow.com. The company, which has indicated before that it would be launching Canadian listings later this year, would only say that they “will be featured on Zillow.com soon.” Right at Home …
High-end home sales hit by new rules:
New stress tests, higher rates and the foreign buyers’ tax have rippled into the top of the housing market. But condos are predicted to gain ground. A shortage of supply and hot demand from downsizers is expected to boost the Toronto area’s luxury condo prices by 10 per cent in the next year, although high-end house prices won’t see the …
Who are the condo investors in Toronto? A new study sheds some light
A study, called A Window Into the World of Condo Investors, found that only about 10 per cent of condo investors are international buyers. They are a ghostly presence in Toronto’s property market – the buyers who gobble up the most and best units at developer pre-sales in the towers sprouting across the region. Until now, not much has been …
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 …
Condo construction starts hit new record in Toronto
Most of the new condo sales that occurred over the last year and a half are in projects that haven’t even broken ground yet. The red-hot condominium market drove an increase in new home construction in Canada last month as starts of single detached houses continued to fall, new data shows. Housing starts rose to 229,737 in February, a 7 …
Tumbling Toronto home sales signal a return to normal market, say analysts
Convergence of higher rates, government policy and new mortgage rules hit home sales. But that doesn’t mean homes are more affordable. The numbers are coming and they won’t be pretty. That’s what data-tracking realtor John Pasalis expects when the Toronto Real Estate Board issues its official February home sales statistics next week. Although prices appear relatively flat, house sales were …
Toronto home prices climb for first time in six months: Teranet
OTTAWA – Canadian home prices rose in January, supported by continued gains in Vancouver and as prices in Toronto climbed for the first time in six months after being hurt by provincial government moves to cool the market, data showed on Wednesday. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices …
Strong demand underlies healthy Toronto luxury market: Report
Engel & Volkers says real estate values are benefiting from a booming population and tech sector. The drama is over but so is Toronto’s real estate correction, says Engel & Volkers realtor Anita Springate-Renaud. That means that last year’s dramatic price hikes likely won’t be repeated, but neither will the difficult second half of 2017, which she said was largely …