Rental demand outweighing supply in the GTA

Urbanation, the Greater Toronto Area’s (GTA) leading source for condo market intelligence, recently released its 2017 fourth quarter rental market report, announcing that supply is not meeting the strong demand. There were 27,219 condo rentals leased through the MLS system in 2017, which is 1% higher than 2016. But as a share of total condo units in the GTA, the …

Here’s how much house you’ll be able to buy with the new mortgage stress test

Canada’s banking regulator introduced new rules on Tuesday that extend the requirement for a mortgage stress test to all homebuyers, including those with larger down payments. Currently, the stress test applies only to mortgages with lower down payments and those with a term of less than five years. Today, the Office of the Superintendent of Financial Institutions (OSFI) introduced a …

Buyer found for Meghan Markle’s Toronto home

TORONTO – A buyer has been found for the Toronto house where Prince Harry and “Suits” actress Meghan Markle spent time before announcing their engagement last month. Real estate agent Alex Beauregard says the two-storey, three-bedroom house — which the future princess rented for two years — had drawn a lot of interest since it was listed last week, at …

Toronto region home prices forecast to rise 6.8% next year

One of the country’s biggest residential real estate companies is forecasting a 6.8 per cent increase in Toronto area housing prices next year with starter homes — particularly condos — expected to be in high demand again. Royal LePage says the average aggregate price in the region — condos to single-family, detached houses — will be $901,392, compared to $844,000, …

Availability of rental housing in GTA falls to 16-year low, CMHC says

Rental housing is getting harder to find in the Greater Toronto Area, although for those that already live here, that’s not likely news. But a new report from the Canada Mortgage and Housing Corporation provides a statistical look at just how tight the rental market has become. The vacancy rate of rental properties in the GTA — the number of …

Even Real Estate Developers Can’t Afford Toronto’s Housing Market

The hottest housing market in the world is facing a reckoning. Toronto-area land prices have gotten so high that developers are struggling to build new homes that people can afford. Buyers are no longer lining up, despite discounts and incentives. The cost of land has nearly tripled in some areas the past five years, according to Altus Group Ltd. It …

Commuting time is the key for young professionals

Distance to the job is the top factor in where Toronto’s talented young workers choose to live When it comes to choosing where they live, it’s all about the journey to work for the Toronto region’s young professionals. They ranked commute times ahead of proximity to other amenities and even above the cost of living when it comes to deciding …

Toronto condo prices reach new heights

One thousand dollars. That’s the new cost, on average, per square foot for a new build condo in the heart of Canada’s largest city. It’s a shocking 30 per cent increase, per square foot, year-over-year in Toronto. A price point which is here to stay, according to Urbanation, the company that compiled the third quarter report. “I think we’ve evolved …

Buyers regain confidence as Toronto real estate market rebounds from summer sales slump

The uncertainty sparked by the introduction of Ontario’s fair housing plan is starting to wane as formerly hesitant would-be buyers regain confidence that Toronto’s real estate market is stabilizing again, analysts and realtors said Sunday. While some prospective buyers will be hit by new mortgage rules coming into effect on Jan. 1, the overall market will likely see little impact …