Toronto rents hit three-year low but brace for a swift comeback: Urbanation. Toronto’s housing market offered a rare moment of relief for renters, as average rents dropped for the first time in three years. According to Urbanation Inc., a real estate consulting and market research firm, average condo rents were down 1.2 percent year-over-year in the second quarter — the first annual decline since 2021, following the onset of the pandemic. However, Urbanation warns the reprieve isn’t likely to last long…

This is the salary you currently need to earn to afford a home in Toronto. People’s enthusiasm and ability to purchase a home in Toronto has justifiably hit a record low point, with more supply on the market than there has been in more than a decade, but modest sales numbers compared to previous years. Prices have remained defiant, though, falling only slightly in response to buyers sitting on the sidelines and waiting for affordability to change…

The Average Canadian Rents Drop In June and Toronto rents hit new lows. Despite the typical trend of rent prices rising in the summer, those in Toronto and across Canada dipped in June compared to the month before, according to a report published Tuesday…

June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB). Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold. The market remained well supplied, resulting in a slight dip in the average selling price compared to June 2023…

Toronto just voted to make it way harder for landlords to kick out tenants. Toronto councillors have just voted in favour of a new motion intended to further protect tenants in the city, particularly from dreaded "renovictions."  The proposal, adopted on Wednesday, takes inspiration from nearby Hamilton, which is implementing a special bylaw applicable to landlords looking to renovate a rental unit — something Toronto will now be doing as well…

One third of Canadians live in rental accommodations, and that figure has been gradually increasing in recent years, as affordability challenges in the resale market persist. According to a recent survey, conducted by Hill & Knowlton, 27% of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40%. Meanwhile, 69% of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34)…

Decades after creating a 10-day cooling-off period for purchasers to reconsider a new-build condominium contract, the Ontario government has extended the same right to purchasers of detached and freehold newly constructed new homes…

May home sales continued at low levels, especially in comparison to last spring’s market activity. Home buyers are still waiting for relief on the mortgage rate front which they got this week when the Bank of Canada dropped interest rates 25 basis points to 4.75%. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices…