A Housing Correction?
The Greater Toronto Area’s housing market is in the beginning stage of a price correction — one that, it could be argued, is long overdue — but the recent drop in home values could be more dramatic in some areas than others…

Toronto saw one of the biggest jumps in rent prices in the GTA, and experts warn a cooling housing market could mean high rental costs are here to stay…

A Bubble, Eh? Scotiabank’s “Very Pessimistic” Outlook Is Real Estate Prices Rise 10%
Here we go again with another prediction! Canadian real estate is so bubbly a large bank sees prices soaring in a downturn. Scotiabank (BNS) reported earnings today, filing the bank’s macroeconomic forecasts. These forecast scenarios help to determine outlook, and include a base case, optimistic case, and two pessimistic ones. Even in the bank’s worst-case scenario, they forecast home prices will still rise at a breakneck speed…

The pandemic housing boom is winding down. Economists forecast a 10-20% price correction?

Economists are predicting that Canadian home prices will fall as much as 20 percent this year as higher interest rates begin to hit the country’s booming real estate market. Mortgage rates are expected to climb again as the Bank of Canada aggressively hikes interest rates to deal with runaway inflation. Economists expect higher borrowing costs will lead to a significant price drop in some of the hottest markets…

Canadian Senior Homeowners Borrowed $5.4 Billion In Reserve Mortgage Debt

Canada’s house rich but cash strapped Boomers are back to tapping their home equity. Regulatory filings with the Office of the Superintendent of Financial Institutions (OSFI) show reverse mortgage debt hit a new record in February. Over the past couple of years, the segment had seen a slowdown. However, growth is now suddenly back, and the balance grew by nearly a fifth in just one year…

Greater Toronto real estate slowed last month and it’s not a total mystery. Demand is eroding due to higher rates and buyer exhaustion. This has led to healthier levels of relative inventory, allowing price growth moderation. Economists warn once prices slow (or fall), more investors will be motivated to sell. Considering investors represent over a quarter of buyers, that’s a lot of potential inventory that can drive prices lower….

Toronto condo rental prices soar, key vacancy rate drops as pandemic recovery picks up speed…

New CREA (Canadian Real Estate Association) Pilot Program Will Let Homebuyers See All Offers in Real Time

In a first for Canada, a new pilot program from the Canadian Real Estate Association, will allow homebuyers to tract in real time all registered offers placed on a property as they’re submitted. The real-time tracking will be shown on a property’s REALTOR.ca listing, using Australian property technology company Openn Negotiation. Details on when and where the pilot will launch are not yet clear, with CREA saying that it will kick off some time this summer in select markets across the country….

GTA home prices are up 18.5% compared to March 2021

The housing market remains tight in the Greater Toronto Area, but signs are pointing to some rebalancing compared to 2021’s record levels. In its monthly market report for March 2022, the Toronto Regional Real Estate Board (TRREB) stated that last month was the third-best March and second-best first quarter on record. Almost 11,000 sales were recorded over the region’s MLS while about 20,000 new listings became available, but average price growth slowed slightly on a monthly basis…

New Condominium Sales Reach Second Highest Level on Record in 2021

Greater Toronto Area (GTA) new condominium apartment sales totaled 30,844 units in 2021, increasing by 69% over 2020 (18,282 units) and narrowly missing the all-time high reached in 2017 (31,216 units). The market capped off the year with exceptional strength as fourth quarter sales of 8,361 units represented 77% year-over-year growth and the highest Q4 on record…