2019 Top-Tier Fall Market Forcast | Emboldened consumer confidence and solid economic fundamentals in Canada’s largest housing market position the Greater Toronto Area (GTA) to lead Canadian top-tier real estate performance this fall. New data compiled by Sotheby’s International Realty Canada reveal that GTA residential real estate sales over $1 million saw bold gains over the summer months, increasing 29% year-over-year in July and August. Significant increases were experienced across every housing type as condominium, attached and single family home sales over $1 million rose 13%, 45% and 29% from 2018 levels respectively. Preliminary sales figures for the first fifteen days of September also suggest robust fall activity ahead, as overall $1 million-plus sales surged 53% year-over-year, while sales over $4 million rose 75%.Read More
Market Watch | August 2019 | Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB's MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over- month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.Read More
Bank of Canada Lowers Rate Used in Mortgage Stress Tests | A key Canadian interest rate used by lenders to determine who can qualify for a mortgage has dropped for the first time in almost three years, potentially giving the country’s housing market a near-term boost.
The Bank of Canada lowered its 5-year conventional mortgage rate on Wednesday to 5.19%, from 5.34%, where it had been since May 2018. It’s the first decrease since August 2016. The rate is an indicative measure based on average price quotes from financial institutions.Read More
Union Park | All You Need to Know - The vision is to build upon and complement Toronto’s icons with exceptional, but timeless design. Union Park will deliver the largest mixed-use development in Toronto’s history – contributing office space, community-serving retail, rental residential, public realm improvements, and a large park.Read More
4 Top Neighbourhoods in Mississauga | Those looking to cozy up to Toronto may be won over by the lakefront lifestyle Mississauga has to offer. The sixth most populous municipality in Canada, this thriving city offers options for those looking to be near the action while also holding onto a slice of suburban life. Boasting the historic Port Credit perched on the shores of Lake Ontario, long rambling walking trails that stretch all the way to Toronto, and neighbourhoods flooded with annual festivals, Mississauga isn’t one to miss. Review these neighbourhoods in Mississauga and plan your next adventure—or your next place to put down roots.Read More
The May Numbers are in! | Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB's MLS® System in May 2019.* While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300.Read More
Renewal-Shock Concerns are Fading for Canadian Mortgage Holders | Canadian homeowners set to renew their mortgages this year can rest a little easier about having to pay higher rates.
Rates to renew a five-year mortgage aren’t much higher than they were when the mortgages were taken out, according to National Bank research. That means “no payment shock” for the 17.4% of mortgages renewing in 2019, Matthieu Arseneau, deputy chief economist at the Montreal-based bank, said by phoneRead More
Market Watch | May 2019 - Toronto Real Estate Board President Garry Bhaura announced that 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.Read More
The Andaz Hotel Coming to The One Residences | Hyatt Hotels Corporation announced today that a Hyatt affiliate has entered into a management agreement with Mizrahi Developments to build a 160-room luxury Andaz hotel at the prestigious address of One Bloor Street West in Toronto, Ontario, Canada.Read More
Market Watch | April 2019 | Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB's MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent compared to Q1 2018.Read More
The Well Toronto | Three Million Square Feet and Over 7.8 Acres of Office, Retail, Condominium and Rental Residential Space in Toronto's King West Area. Live at the Well | Green spaces, an open-air public promenade and an atmosphere of discovery come together in inspirational, centrally-located residences that offer an extension of the King West lifestyle.Read More
2019 Top-Tier Spring Outlook | Population growth and revitalized consumer confidence in the country’s largest real estate market is expected to drive Canadian top-tier real estate performance in spring 2019. New data compiled by Sotheby’s International Realty Canada reveal that Greater Toronto Area top-tier sales have stabilized from previous years’ unpredictability, with sales over $1 million down a nominal 2% year-over-year in the first two months of 2019. A shortfall in inventory over $4 million, as well as a shift of luxury real estate transactions to off-market and private channels resulted in a 38% decrease in MLS® sales compared to the first two months of 2018; however, demand for luxury housing remains robust leading into spring. While buyers’ market conditions remain entrenched in Vancouver as the city started the year with 52% and 50% declines in sales over $1 million and $4 million respectively, pent-up demand and a positive shift in market confidence are palpable.Read More
Potential home buyers in cities with white-hot real estate markets got some relief in Tuesday’s federal budget with an incentive program that could lower mortgage payments for households making less than $120,000 per year.
The government unveiled a multi-pronged approach to housing affordability that centres on the incentive plan, but beefs up an existing initiative that allows buyers to withdraw money from their RRSPs, and a variety of measures to boost the supply of homes on the Canadian market.Read More
March 2019 | Market Watch - “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 for federally insured mortgages. There is a federal budget and election on the horizon. It will be interesting to see what policy measures are announced to help with home ownership affordability.” said Mr Bhaura.Read More
Sotheby’s International Realty Affiliates LLC today reported that in 2018 its affiliated brokers and sales professionals achieved more than $112 billion USD in global sales volume, the highest annual sales volume performance in the history of the brand. Additionally, 27 affiliated companies surpassed $1 billion USD in sales volume in 2018.Read More
Market Watch | January 2019 - TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB's MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December 2018.Read More
Canada's largest real estate board is calling on Ottawa to revisit whether a stricter mortgage stress test introduced last year is still needed, arguing that the policy has negatively impacted the economy and Toronto's once red-hot housing market.
"While we saw buyers return to the market in the second half of 2018, we have to have an honest discussion on whether or not today's homebuyers are being stress tested against rates that are realistic," said John DiMichele, chief executive of the Toronto Real Estate Board (TREB) in a statement Wednesday.Read More
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB's MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new listings entered into TREB's MLS® System were down by 12.7 per cent over the same period to 155,823.
The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.Read More
According to a report released today by Sotheby’s International Realty Canada, Eastern Canada’s major metropolitan areas led the nation in top-tier real estate performance in 2018, as Western Canadian markets buckled under pressure from local stressors ranging from taxation and regulatory interventions in Vancouver, to strained economic conditions in Calgary. Buoyed by population gains and steady economies, sales over $1 million in the Greater Toronto Area (GTA) strengthened over the course of 2018, while Montreal’s luxury real estate market posted new records. Vancouver and Calgary’s top-tier real estate markets retreated further into buyers’ market territory, as excess supply overtook consumer demand. Across the country, markets continued to face headwinds of rising interest rates and tightened mortgage guidelines.Read More
Bank of Canada announces interest rate decision | The Bank of Canada left its trend-setting interest rate unchanged at 1.75% on Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects the economy to expand with renewed vigour. More rate hikes, it stressed, will be necessary “over time”.Read More