Toronto Real Estate Posts 6
Tags: TORONTO REAL ESTATE POSTS, TORONTO HOMES FOR SALE POSTS, CENTRAL TORONTO REAL ESTATE POSTS, CENTRAL TORONTO HOMES FOR SALE POSTS
Purchasing a home in Canada’s largest metropolitan area isn’t such an accessible option these days, and it’s only getting harder to buy into the Greater Toronto Area housing market as prices climb ever higher.
And 2021 saw the market reach new highs, with a record level of sales average prices cracking the previous all-time high record.
The Toronto Regional Real Estate Board (TRREB) reports that over 121,000 homes were sold across the region in 2021, a 7.7 per cent jump over the previous 2016 high of 113K, and a massive 28 per cent leap over 2020’s sales figures.
Though sales have increased, new listings failed to keep up the pace, only rising 6.2 per cent, and underscoring a supply issue that’s been fueling rising home prices for years…………
Pricey detached homes to push GTA buyers towards condos in 2022
The 2021 real estate market saw month after month of record high home prices as buyers fought over limited inventory. But with detached homes now well out of reach for many GTA buyers, an en masse shift towards condos is likely in store for the near future, according to a new report from Strata.ca.
“Throughout this pandemic, detached home values have sprinted like a hare, while condos have moved like a tortoise,” said Strata.ca Broker Cliff Liu. “But condos will likely become the dark horse in 2022, especially among those who missed out last year.”……..
| This is what experts say will happen with Toronto’s real estate market in 2022 |
Toronto saw record-breaking increases in home prices in 2021 but things are looking a bit different for 2022.
Toronto’s real estate market put home purchases way out of reach for millennials over the past 12 months and, unfortunately, most experts are predicting housing prices will continue to grow next year.
Canadian home values are expected to rise strongly again in 2022, however at a slower pace compared to 2021, according to the Royal LePage Market Survey Forecast.
The median price of a single-family detached property is expected to rise 10 per cent to $1,564,200, while the median price of a condominium is forecast to increase 12 per cent to $763,800 by the end of 2022…….
The Toronto Real Estate Bubble Now Has 1 in 59 Workers Selling Homes In December, 2021
The Canadian real estate boom has produced a gold rush, and now everyone is trying to sell you a home. It’s a country-wide phenomenon, as people see a low barrier of entry and large commissions. However, nowhere has taken to the trend like Toronto, which now has more Realtors than teachers. A lot more.
Not even global real estate hubs like NYC and LA come close to the concentration of Realtors in Toronto. It might seem harmless, but experts say this is typical of a bubble. The same experts also found the surge in Realtors also amplifies housing corrections.
Looking south of the border at global real estate hubs like New York City and Los Angeles is sobering. In New York City, 1 in 164 labor force members is registered to sell you a home. Los Angeles, a notorious real estate hub, has 1 in 257 labor force members working as agents or brokers. Global real estate Meccas have fewer agents per worker than Canada……..
The soaring cost of buying or renting a home in Ontario — and what to do about it — is likely to be a major theme in the 2022 provincial election campaign.
The premier has a housing summit with the mayors of Ontario’s 29 largest cities scheduled for January, he’s urging municipalities to speed up development approvals, and the PCs’ polling firm has been surveying voters on what the government should do to make housing more affordable.
The latest figures from the Canadian Real Estate Association show the average home in Ontario selling at a price 44 per cent higher than it did two years ago, and forecast to rise another 11.5 per cent in 2022.
While the Ford government is focused almost entirely on boosting the supply of new housing as the way to rein in those skyrocketing prices, the opposition New Democratic, Liberal and Green parties are floating a range of other ideas as well. …..
LACKIE: Speculation tax won’t rein in Toronto housing market in December, 2021
Councillor Mike Colle proposed a new speculation tax at Toronto City Council on Dec. 15.
With the goal of making housing in Toronto more affordable, the thinking appears to be that a new levy (in addition to the already existing capital gains tax) to the sale of homes that are not principal residences would deter speculation and eliminate “home flippers” from the tightest, most competitive housing market on record.
According to Colle, “These people are just essentially blowing up the market in Toronto … There are other factors, but this is one factor that I want the provincial government to wake up and look at.”
Speculation in Toronto real estate has probably been underestimated for too long as a significant force contributing to the current housing crisis. It is now estimated that a full quarter of the buyer pool is made up of investment buyers. Such investors compete with end users and drive-up prices……..
A proposal to turn one house into two is all it took to transform the quiet Toronto neighbourhood of St. Andrew-Windfields into a battlefield..
Neighbours flooded local authorities with letters pleading to be saved from the “lot division nightmare,” denouncing it in all caps and insinuating the dangers it could pose to local school children. They hired a lawyer, commissioned a planning study, and enlisted their city councillor to stop the project. The crux of the opposition was that homes in St. Andrew-Windfields are large, and the two that Farrokh Zahedi and his wife proposed to build in place of their current one were small. This, the neighbours charged, would negatively alter the neighbourhood’s character……
The Toronto Regional Real Estate Board (TRREB) is opposing councillor Mike Colle’s motion to implement a speculation tax on investment buyers who are driving up property prices and making the city impossible for first-time home buyers trying to gain a footing.
“A speculation tax could primarily impact small-scale ‘mom and pop’ investors who also happen to be a key source of supply for an already tight rental market,” said TRREB president Kevin Crigger, painting a quaint picture of the investors bidding up prices in the Toronto real estate market. The average price for a home was $1,163,323 in November, with detached 416 homes averaging $1,807,983. “Experts, including TRREB, agree that policies aimed at the demand side of the market will not have any sustainable long-term benefits.”
In an open letter directed to Colle, TRREB warns that a speculative tax could chase away independent investment property owners putting homes on the rental market……….
LACKIE: Ontario Housing Affordability Task Force must address supply in December, 2021
For those curious about how seriously our government is taking housing affordability, one need only look to the recently announced Ontario Housing Affordability Task Force.
According to the government, the members, formally announced earlier this month, represent a “diverse range of experts” in not-for-profit housing, indigenous housing, real estate, home builders, financial markets and economics.
To read their bios, it’s quite a group. If the goal is to turnaround quick, practical advice on concrete steps that can be considered ASAP to get the ball rolling on the decades of delayed housing construction in this province, I am all for hearing from the people who specialize in the doing.
The critics wasted no time in turning to Twitter to voice their indignation. Evidently experts from the real estate and development industry were overrepresented in the nine, while voices with expertise in co-op and social housing were wholly lacking………
Condo price gains seen outpacing detached homes as market rebounds in GTA in Decembr, 2021
The condo market in Toronto took the hardest hit of any city in Canada when residents fled in the early days of the pandemic. Listings soared, prices fell and a flood of vacant units sent rents downward. Now they are not only rebounding, they are also expected to outstrip the price gains of much-coveted detached homes in Canada’s biggest city.
Royal LePage’s 2022 forecast, out this morning, predicts that the median price of a condo in Toronto will rise 12% to $763,800 by the last quarter of next year, beating the 10% gain that will take a detached home to $1,564,200.
The Greater Toronto Area is the only region in the country where condo gains are seen outpacing detached homes, but the gap is narrowing in other centres…….
Skyrocketing real estate prices leaving some buyers struggling to find a home in December, 2021
Skyrocketing costs for real estate during the pandemic are hitting Canadians hard, turning finding a home into an ordeal.
The excitement of shopping for their first home this past year quickly turned into a daunting task for Kathryn Quirk and her partner Tom.
“[We] started booking appointments for viewings, going to two or three a day, and very quickly realized that half a million dollars does not get you what you imagined in your head,” Quirk told CTV News.
The couple, who live in Waterloo, Ont., kept encountering what’s become a common occurrence: finding homes listed within their price range that would then go on to sell for $100,000 or $200,000 over asking……….
Housing sales to moderate in 2022, but prices to remain high – CREA in December, 2021
The Canadian Real Estate Association says housing sales will moderate next year in 2022, but prices aren’t expected to ease any time soon.
The association said in its 2022 forecast released on Wednesday that it expects tightening supply conditions to push housing costs even higher in 2022.
“While price growth is not expected to be as extreme in 2022, many of the conditions that supported it right up until the end of 2021 will still be there on New Year’s Day,” the association said in a release.
CREA’s forecast indicates that the heated conditions that have plagued the country for years and been exacerbated by the COVID-19 pandemic won’t fully subside soon………
LACKIE: Insatiable demand, low housing supply means records continue to be set in December, 2021
Now that we’re into December and 2021 is almost behind us, it seems only fitting that this wild, record-setting year of Toronto real estate is winding down with more records being set.
The November, 2021 sales figures, released last week by Toronto Regional Real Estate Board, will come as no surprise to those who have been even casually following this market. Inventory remains low, prices continue to rise, and in the absence of any strong and decisive moves on the interest rate front, there is little indication that much will change any time soon. With 9,017 sales, the most, in fact, ever reported by TRREB for the month of November, the seasonal slow-down that once characterized our market appears to be a thing of the past.
Eager buyers, evidently keen to lock in limited-time-only rock-bottom interest rates, don’t appear to have the option to take a break.
Thus, demand remains insatiable while the supply of new listings, an essential component of any healthy and balanced marketplace, is far below adequate……..
Housing affordability should be a municipal concern, not just a national one in December, 2021
Discontented would-be homebuyers often take out their frustrations with housing markets on federal or provincial governments instead of municipal governments, but the dynamics of real property markets are inherently local, in that prices might rise in one part of the country, but remain steady or decline in other regions.
Nevertheless, the rapid escalation of housing prices emerged as a hot national issue during the federal elections held in September. Critics of the incumbent Liberals were quick to point out the average housing price had risen by almost 70 per cent since 2015 when Justin Trudeau first assumed power in Ottawa.
Housing affordability is also likely to surface as a critical concern in provincial elections, and incumbents will face similar criticism for not being able to cool off the market. Realizing this, the Ontario government recently announced an expert panel to identify ways and means to address the issue……..
Canada opens door to immigrants, adding fuel to hot housing market in December, 2021
OTTAWA, Dec 9, 2021 (Reuters) – Canada hopes more immigration can boost economic growth and allay a worsening post-pandemic labor shortage, but new migrants could pour gasoline on that red-hot housing market that the central bank has warned was stoked by “a sudden influx of investors.”
Prime Minister Justin Trudeau’s administration is on track to meet this year’s goal of 401,000 new permanent residents and is set to revise up next year’s target of 411,000, a government source said.
Canada’s successive governments have relied on immigration to drive economic growth in the face of a declining fertility rate, which hit a record low last year. With the pandemic triggering early retirements among aging Canadians, attracting immigrants has grown more important. Also, the country targets high-skilled immigrants who tend bring in money and earn enough to compete for desirable housing……..
As Toronto’s real estate market remains hot with prices rising and home sales hitting new highs, a new report is claiming that more than half of the city’s ‘Generation Z’ residents have given up on the dream of ever owning a single-family home.
The report, released Wednesday by Sotheby’s International Realty Canada and Mustel Group, surveyed 1,502 Canadians between the ages of 18 and 28 living in Vancouver, Calgary, Toronto and Montreal.
According to the report, 52 per cent of the Toronto residents surveyed do not believe they will ever buy a single-family home.
This is higher than in Montreal and Calgary, where 48 and 39 per cent, respectively, of young residents share the same sentiment, but lower than in Vancouver where 56 per cent of respondents reported having given up on the idea of single-family home ownership………
Greater Toronto real estate prices are moving at one of the fastest rates in history. Toronto Regional Real Estate Board (TRREB) data shows home prices hit a new record in November. The result was home prices soared by tens of thousands, printing a fifth of annual gains in just 30 days. Excess demand, driven by easy monetary policy to entice investors, has put a big strain on supply.
Greater Toronto real estate prices are soaring again and doing it at a record pace. The TRREB benchmark (i.e. typical) home reached $1,172,900 in November, up 3.92% ($44,300) from just a month before. Composite home prices across the region are now 28.31% ($258,785) higher than last year. This is a record high for prices in the region and nearly a record for the rate of price growth…….
GTA home prices climb 22 per cent in record November, posted in December, 2021
Home prices hit another record average last month, soaring 22 per cent annually as the 9,017 transactions also marked a new November sales high, says the Toronto Regional Real Estate Board (TRREB).
The average selling price for a resale house or condo rose to $1.16 million as this year’s shortage of listings persisted into the late fall, pushing up prices, the real estate board said on Thursday.
That compares to last November’s average of $955,889 and a month-over-month gain of about $8,000……..
Toronto-area home sales top November record, prices reach all time high in December. 2021
TORONTO — The Greater Toronto Area’s heated real estate market further intensified last month as home sales topped a November record and average selling prices reached a new all-time high.
The Toronto Regional Real Estate Board reported Friday that 9,017 homes changed hands last month, up three per cent from 8,728 during the prior November.
The average home price in the region stretched to $1,163,323, an almost 22 per cent jump from $955,889 in November 2020……..
Investors Remain Active in the Hot Canadian Housing Market in November, 2021
Perhaps you have been wondering how a young family living in a detached home in Toronto or Vancouver can afford it. It could be that they already own another home. In fact, they may possess multiple homes as part of their investment strategy, new research has discovered. It’s no secret that the red-hot Canadian housing market has been driven by a number of factors including enormous demand, tight inventory and historically low borrowing costs. And in some markets, investors are a bigger factor than in others, with federal proposals to rein in accelerating prices.
Are investors making it more difficult for first-time homebuyers to get their foot in the door, amid sky-high valuations and bidding wars? For now, the industry is processing the data to determine how the situation is unfolding across Canada……..
Investment properties are driving up Toronto real estate prices: report in November, 2021
Homeowners purchasing investment properties are driving up prices in Toronto real estate and making the housing market even more vulnerable to a correction, according to the Bank of Canada.
In a November 23 speech summing up a trend across Canada but especially felt in Toronto and Montreal, Bank of Canada’s deputy governor Paul Beaudry says investors are flocking to buying secondary or multiple homes with expectations for future price increases, which he says can become “self-fulfilling” in the short term but catastrophic later.
The damage from a drastic fall in house prices can “spread far beyond the investors” because so for many households have their wealth tied to low-mortgage rates and the value of their home……..
LACKIE: Housing affordability in Toronto reaches crisis proportions in November, 2021
It is neither dramatic nor alarmist to say that housing affordability in Toronto has reached crisis proportions.
The steady rise in property values since the aftermath of the financial collapse of 2008 really exploded once the pandemic began. The surge in prices we’ve witnessed over the last two years almost blows the mind.
The conditions that pointed us here were in plain sight.
Money has been essentially free. So much so that not taking full advantage of the low interest rates has been viewed as foolish………
Up, up, up: Canada house prices poised to surge again despite central bank warning in November, 2021
OTTAWA, Nov 24 (Reuters) – Canadian housing prices are set to surge again in the coming months as investors and first-time buyers scramble to buy before interest rates go up, ignoring a warning from the Bank of Canada that there is a high risk of a sudden price drop.
Central bank Deputy Governor Paul Beaudry told would-be home buyers on Tuesday to consider if it is a “good time to buy or not,” pointing to market frothiness in certain cities and renewed investor activity.
Those conditions could “expose the market to a higher chance of a correction,” he said……..
Experts say Toronto’s scorching housing market is hotter than ever – blogTO in November, 2021
Toronto’s sizzling real estate market may be entering its annual winter chill, but that doesn’t mean we can expect a broader market cooldown to persist, the market still simmering through an expected seasonal dip.
Extreme highs in housing prices, sales activity, and demand have Remax agents suggesting that despite the expected seasonal cooldown, Toronto is experiencing “hotter-than-ever conditions” in autumn 2021.
As usual, real estate experts are pointing to a critically low supply of homes, which fuels competition and drives up housing prices.
Even with the eternal procession of new residential developments reshaping skylines around the region, the GTA just isn’t building the among of housing necessary to snap us out of the insanity that residential real estate has devolved into in the 416 and 905……..
Toronto’s housing market is finally cooling but some units are still in hot demand – blogTO in Novenber, 2021
his is usually about the time of year where Toronto’s scorching real estate market takes an annual dip, though the seasonal market “rules” that governed pre-lockdown housing demand seem to have gone out the window, the ebbs and flows no longer so easy for analysts to predict.
Home sales typically peak in September and stagnate as the holiday season approaches, and while overall sales are indeed in decline, certain home types and areas of the city are still expected to see high demand atypical of winter trends.
Strata.ca realtor Cyrus Ghazvini, who represents clients in areas like North York and downtown’s east end, acknowledges the overall slowdown, saying, “In general, yes there’s definitely a cooling of the market.”……
Toronto Real Estate Market Expected to Remain Extremely Tight – RE/MAX Canada – Remax in November, 2021
At the onset of the coronavirus pandemic, there was a widespread belief that one of the world’s hottest housing markets was going to witness a steep decline in sales and valuations. Yet, fast forward to autumn 2021: housing prices are at all-time highs, sales activity is strong, the condominium market is rebounding, and demand is high.
If you thought the Toronto housing market was sizzling before the COVID-19 public health crisis, then perhaps you haven’t seen the latest numbers, which suggest hotter-than-ever conditions.
While this market heavily favours sellers, it is increasingly frustrating for prospective and move-up homebuyers trying to purchase a residential property in the city or surrounding regional municipalities. Industry experts contend that the primary panacea to cooling down this environment and ensuring more young families and first-time homebuyers can attain a home is more housing supply…….
“Offer night” strategy starting to backfire for some Toronto realtors in November, 2021
Having an offer night has seemingly become standard practice in Toronto, but for some of the city’s realtors, the sales strategy is starting to backfire.
A new report from Strata.ca says that realtors are beginning to notice an increasing number of condo units being re-listed after the offer date — the specific time when the seller will accept offers on the property — has passed. And it’s not necessarily just because they’re hoping to get even higher offers by holding out longer.
“I’m seeing offer dates listed by overly optimistic listing agents, but then many of those same listings are being put back on the market at a higher price a week later,” said Strata.ca realtor Cyrus Ghazvini. “It’s likely because no offers came in on offer night, period.”…….
GTA condo sales experience huge rebound in November, 2021
As the price of detached homes rises considerably, condos have become the affordable alternative.
Condominium and townhome sales in the GTA have “roared back to life” in both the city and the suburbs this year, findings from RE/MAX Canada’s 2021 Condominium Report reveal.
The report, which was released last month and examines trends in five major centres across the country, notes that the rising cost of a “freehold” home was the key reason for a whopping 71 per cent increase in sales in both the 416 and 905 areas.
Christopher Alexander, senior vice president with the real estate firm, said that “affordability, coupled with availability, set the stage for the exceptional rebound of condo sales……..
Even with a $200k salary it’ll take 27 years to afford a Toronto house in November, 2021
Being able to afford a house in Toronto already feels like an impossible task for many, but according to a new report from the National Bank of Canada, it’s even more out of reach than many residents may think.
The bank recently released its Q3 Canadian Housing Affordability Monitor, and in its breakdown of Toronto affordability, it revealed that a household would need a very high annual income of $205,342 and a whopping 330 months’ worth of savings – or 27.5 years – in order to afford the representative non-condo home, priced at $1,195,744.
To get to these numbers, the National Bank of Canada assumed that a buyer would be saving 10% of their salary every year for their downpayment and would be paying the minimum downpayment required…….
LACKIE – Keep an eye on condo prices in coming months in November, 2021
For all the talk of Toronto’s bananas pandemic real estate market, one might simply assume this wild market has been uniformly on the rise since the early days of the post-lockdown reawakening.
With the average price of all property types in the GTA now nearly 20% higher than last year, that year-over-year increase is simply the average. Detached homes, for instance, are actually up 28% from this time last year, while townhouses have risen 45%.
The condo market, up 30%, has been a different ride entirely, comprised instead of peaks and valleys, valleys and peaks. And as once-unaffordable Toronto is now almost prohibitively so, condominiums are what we should be watching in the weeks and months to come……..
Mortgage pre-approvals, holds surge as economists foresee rate hikes in November, 2021
TORONTO — Canadians are scrambling to get mortgage pre-approvals and rate holds before the era of low interest rates comes to an end, as some economists predict.
Real estate and mortgage brokers say their clients are increasingly seeking ways to hold on to current rates because many housing markets like Toronto are facing heated conditions making it hard to keep purchase prices down.
“It’s a seller’s market and you barely have the opportunity to put conditions (on a purchase) because there are 400,000 people waiting for their permanent residency, 200,000 of them are already here and there’s buyers lined up around the corners,” said Estée Zacks, the Toronto-based owner of Strategic Mortgage Solutions Inc……..
Toronto passes controversial rule forcing developers to build affordable homes in November, 2021
Well, it happened: Toronto will finally be moving forward with a long-discussed Inclusionary Zoning (IZ) policy designed to make living in the city more affordable.
This afternoon, city councillors voted overwhelmingly to approve the implementation of guidelines that will force developers to build affordable rental and ownership units within certain residential developments in portions of the city starting in 2022.
This long-discussed planning tool aimed at improving housing affordability in one of the most expensive cities on the continent took a leap forward in late October when the city’s Planning and Housing Committee voted to approve a staff report that advanced the policy………
Council members on Tuesday approved a motion that would force developers to build more affordable units. City staff say the move could result in more than 17,000 new affordable units on the market by 2026.
The Inclusionary Zoning Policy would require developers to make between five and 10 per cent of new units affordable in 2022. By the year 2030, the bylaw requires as much as 22 per cent of new units to be affordable. The city estimates roughly 42,000 units are under construction right now.
The new rules would focus on three zoning areas in the city. It applies differently to buildings with a minimum development size of 100 units.
Under the plan, rental and ownership prices will be based on an individual’s household income rather than average market costs………
Experts say archaic and exclusionary rules are fuelling Toronto’s housing crisis in November, 2021
Everyone seems to think they have an answer to the housing crisis and runaway prices plaguing Toronto, and one group in the building industry is proposing a much easier way to fast-track new housing that doesn’t even require new construction.
Politicians imposing taxes to dissuade foreign real estate investment investment, rules forcing developers to build affordable housing, and most recently, promises of task forces to study a much-studied problem have all been touted as solutions to a mounting issue.
But what if the fastest path to cheap, quick housing has been hiding under our noses on Toronto’s plentiful quiet, tree-lined side streets all along?……..
RBC Economist doesn’t see Canadian homes becoming cheaper anytime soon.
To the contrary, a report by bank economist Robert Hogue anticipates that residential properties are going to get more expensive, at least in the near term.
It’s all got to do with the lack of homes for sale.
Hogue’s report is partially titled “Wanted: homes for sale”, which basically says everything.
Sifting through October 2021 market reports by real-estate boards across the country, Hogue noted that inventory dropped eight percent…….
It’s been established that Toronto’s real estate market is, by and large, buoyed by seemingly indomitable fundamentals rather than being propelled by irrational exuberance — although those signs do exist — but with such enormous valuation increases, there’s a persistent feeling that everything inevitably has to come crashing down.
“If prices doubled in seven years, that’s about 10% a year,” Scott Ingram, a realtor and chartered accountant in Toronto, said. “The Toronto and Vancouver markets have become more detached from the traditional fundamentals. We’ve been in a historically low interest rate period for the last seven years. Money is cheaper and people are throwing it into housing.”
Toronto and Dallas-Fort Worth keep jockeying for the mantle of North America’s fastest growing city, and with arguably the most imperative fundamental, population growth, showing nary a sign of abating, the city’s well-documented supply and demand imbalance will persist. That resultantly means housing prices will keep escalating, but doesn’t logic dictate that there has to be a cap?………
Toronto Home Prices Soar to New Record as Buyer Competition Heats up in November, 2021
Home prices across the Greater Toronto Area were sent skyrocketing once again, as lack of supply created competition among potential homebuyers.
According to data published by the Toronto Regional Real Estate Board (TRREB) on Wednesday, a total of 9,783 properties traded hands in October, marking an 8% increase from the month before, but a 6.9% drop from October 2020, as a tighter inventory was unable to keep up with demand.
The number of new listings slumped 13% month-over-month, and compared to October of last year, inventory was down 34%. Market conditions remained tight across all home types last month, with prices sustaining significant double-digit growth, once again. “The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply.” said TRREB president Kevin Crigger…….
Housing market shows little indication of cooling anytime soon in November, 2021
Another month down, more of the same.
Or rather, more of the same elements continuing to drive an already challenging marketplace into the tightest market in decades, and one that shows little indication of cooling anytime soon.
October 2021 market data, released last week by Toronto Regional Real Estate Board, revealed last month to be the second-strongest October on record.
With an average sale price of $1,155,345, up nearly 20% from October of last year, only 11,740 new listings came to market, down 34.1% year-over-year.
So, to break that down to the simplest possible terms, we have just over two-thirds of the inventory as last year driving prices 20% higher over that same period……..
October home sales down 7%, new listings fell by 34% from last year: Toronto board in November, 2021
TORONTO — Prospective homebuyers in the Greater Toronto Area found dramatically fewer homes on the market last month than they did a year ago, pushing sales down and prices up.
The Toronto Regional Real Estate Board said Wednesday that 9,783 homes in the region changed hands last month, down nearly seven per cent from a record 10,503 in October 2020.
Despite the fall, the result was still the second highest level for the month of October even as the number of new listings fell by about a third compared with a year ago.
.TRREB interpreted the numbers as a sign of tightening conditions in a market that is already among Canada’s most expensive and prone to some of the country’s most fierce bidding wars……..
Toronto Condo Market Experiencing Resurgence as Demand Picks Up Steam in November, 2021
After taking a breather during the height of the pandemic, it’s been full steam ahead for the Greater Toronto Area’s condo market ever since.
Demand for condominium apartments — both resale and new — is up, with sales for both condo segments up notably year-over-year during the third quarter, according to industry leaders.
During Q3-2021, GTA realtors recorded 7,819 condominium apartment sales, a 10.6% year-over-year increase, according to the Toronto Regional Real Estate Board (TRREB). At the same time, Urbanation says new condominium apartment sales in the GTA totalled 7,773 units, increasing 22% year-over-year from the previous Q3 high in 2020 of 6,386……
New condo sales, prices in Greater Toronto hit Q3 record high in November, 2021
Sales of new condominiums in the Greater Toronto Area (GTA) hit a record for the third-quarter as buyers continue to flock back to the high-rise segment of the housing market.
The latest data from market research firm Urbanation show 7,773 new condo units were purchased in the GTA in the three-month period, up 22 per cent compared to the same time last year, marking a new all-time high for the third quarter.
According to Urbanation, the suburbs accounted for more than half of the total sales, but the City of Toronto saw stronger overall sales growth at 40 per cent……
Active market forecast for fall, 2021 for luxury properties in the GTA in October, 2021
Pandemic-related influences continue to fuel growth in luxury real estate market numbers in the Greater Toronto Area (GTA), according to Sotheby’s International Realty Canada fall market report released this month.
Consumer confidence is rising, the report says, and that translates into rising confidence in city living. However, constraints on top-tier supply have tightened the screws on sales across multiple market segments, leading to short sales cycles and price gains.
Toronto developer Brad Lamb says supply constraints are particularly keen in the detached home luxury market in such neighbourhoods as Forest Hill, South Hill and Rosedale……..
