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THE COST OF DOWN PAYMENTS IN CANADIAN CITIES SKYROCKETED IN 2021, NEW DATA SHOWS

Posted in Broker Listings, Broker Sales, Housing, Industry Trends, Newsworthy

THE COST OF DOWN PAYMENTS IN CANADIAN CITIES SKYROCKETED IN 2021, NEW DATA SHOWS

Skyrocketing housing prices in 2021 are driving up how long it would take for homebuyers to save for a down payment, new data shows. The National Bank of Canada (NBC)’s latest report found that during the second quarter of 2021, housing affordability has worsened by the widest margin in 27 years. The report examined housing and mortgage trends in 10 cities across the country. To save up enough for a down payment for an average home in Canada, it would take just short of six years – or 69...

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GTA NEW CONDO SALES REACH THIRD HIGHEST LEVEL ON RECORD IN Q2

Posted in Broker Sales, Industry Trends, Newsworthy

GTA NEW CONDO SALES REACH THIRD HIGHEST LEVEL ON RECORD IN Q2

New condominium apartment sales in the Greater Toronto Area totaled 9,001 units in the second quarter of 2021, which was 5.5 times higher than sales during Q2-2020 (1,637 units) and nearly matched the level in Q2-2019 (9,075), representing the third highest quarterly total on record. The 905 region of the GTA once again led new condominium market activity with a 58% share of sales in Q2-2021. A total of 8,490 new condominium units were launched for presale during the second quarter, which...

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EDMONTON A RENTER’S PARADISE

Posted in Broker Listings, Broker Sales, Industry Trends, Newsworthy, Rent Control, Rental Rates, Vacancy Rates

EDMONTON A RENTER’S PARADISE

Edmonton, Alberta’s capital where the average annual income is almost $10,000 higher than Vancouver, has become a paradise for renters, with some of the lowest rents in the country. A national survey, released June 16, found that while rents across Canada had increased 2 per cent in May from a month earlier to an average of $1,708 per month, tenants were still paying less than $1,000 for a one-bedroom in Edmonton. Edmonton finished 30th on the list of 35 cities for average monthly rent in May...

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WHAT THE LATEST SHUTDOWN MEANS FOR ONTARIO REAL ESTATE

Posted in Broker Listings, Broker Sales, Bylaws / Regulations, Coronavirus, Development, Health & Safety, Industry Trends, Newsworthy

WHAT THE LATEST SHUTDOWN MEANS FOR ONTARIO REAL ESTATE

With a province-wide “emergency brake” shutdown looming in Ontario, new rules will come into place on Saturday April 3, having effects on nearly every industry in the province, including real estate. The most substantial real estate restrictions will be placed on rental accommodations. All hotels, motels, lodges, cabins, resorts, student housing, and other shared rental accommodations will not be permitted to open their shared amenities such as pools, gyms, or other recreational facilities....

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TRREB PREDICTS SURGING GTA REAL ESTATE MARKET FOR 2021

Posted in Broker Listings, Broker Listings GTA, Broker Sales, Broker Sales GTA, Coronavirus, Industry Trends, Newsworthy

TRREB PREDICTS SURGING GTA REAL ESTATE MARKET FOR 2021

The Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark. 2020 market activity was negatively affected by the onset of the global COVID-19 pandemic, though booming late-year demand turned the...

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REITS TAKE LONG VIEW OF VANCOUVER’S RENTAL MARKET EVEN AS VACANCIES RISE, RENTS DROP

Posted in Broker Listings, Broker Listings West, Broker Sales, Broker Sales West, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

REITS TAKE LONG VIEW OF VANCOUVER’S RENTAL MARKET EVEN AS VACANCIES RISE, RENTS DROP

The COVID pandemic has lowered demand for rental properties and thus what landlords are charging, but investors looking to buy apartment buildings to earn a financial return believe this is temporary, says a B.C. real estate executive. Lance Coulson, an executive vice-president at commercial broker CBRE, sold 15 rental apartment buildings, nine of them of concrete construction and on the west side, for almost $300 million in late January. The deal covered a total of 614 housing units in the...

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905 OVERTAKES 416 FOR GTA NEW CONDO SALES IN 2020

Posted in Broker Listings, Broker Sales, Industry Trends, Media Releases, Newsworthy

905 OVERTAKES 416 FOR GTA NEW CONDO SALES IN 2020

New condominium apartment sales in the GTA declined 28% in 2020 to 18,247 units, the lowest annual total since 2013 and 15% below the 10-year average (21,421). Sales remained in line with new launches of 18,004 units last year, down from 25,296 launches in 2019. The 4,642 new condominium units sold in Q4-2020 was down 43% year-over-year and 22% below the 10-year Q4 average (5,960). However, a record third quarter brought total units sold during the second half of the year to 11,031 units,...

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ONE OF CANADA’S BIGGEST REAL ESTATE BULLS ISN’T SO BULLISH ON CONDOS

Posted in Broker Listings, Broker Sales, Industry Trends, Newsworthy

ONE OF CANADA’S BIGGEST REAL ESTATE BULLS ISN’T SO BULLISH ON CONDOS

One of Canada’s largest real estate brokerages is bullish on real estate this year, just not condos. Royal LePage released its annual price forecast showing slower, but still big, price growth in 2021. There was one notable exception – condo apartments. They expect prices to rise, but they also expect them to lag the market. Toronto condos aren’t even expected to beat inflation. Canadian Condo Prices Forecast To Grow At Half The Rate Canadian condo apartment prices are forecast to gain next...

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CANADA 2021 HOUSING FORECASTS CALL FOR A BOOM… OR THE WORST CRASH IN 40 YEARS

Posted in Broker Listings, Broker Sales, Housing, Industry Trends, Newsworthy

CANADA 2021 HOUSING FORECASTS CALL FOR A BOOM… OR THE WORST CRASH IN 40 YEARS

This could be the toughest year in living memory to make predictions about the economy ― especially the housing market. Amid the worst economic slowdown in decades, home sales and prices soared in many Canadian cities in 2020, along with housing markets in many other countries. The average house price in Canada has shot up by 13.8 per cent over the past year, and by 14.6 per cent in the U.S. No wonder this year’s batch of year-end forecasts for Canada’s housing market are all over the...

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COVID-19 HAS MADE READING NEXT YEAR’S REAL ESTATE MARKET HARDER THAN EVER

Posted in Broker Sales, Coronavirus, Industry Trends, Newsworthy, Rental Rates

COVID-19 HAS MADE READING NEXT YEAR’S REAL ESTATE MARKET HARDER THAN EVER

Canadians are about to get an update on the state of the housing market and the latest resurgence of COVID-19 has only added another layer of confusion to a year of uncertainty over where real estate prices will go in 2021. On Tuesday, the Canadian Real Estate Association is expected to roll out its latest sales figures and prices for resale homes, and while most property watchers see a continuing short-term trend of weakening high-rise condo prices and increasing low-rise prices, the longer...

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