Toronto Rental Market Hot as Average Rents Up 19% in Past 7 Months in October, 2021

The Greater Toronto Area (GTA) rental market shows signs that the pandemic’s volatile days are well in the past, as average rents throughout the region have increased for the sixth straight month in a row in September.

While the month-over-month increase is minor, up just 0.9% to $2,116 from $2,097, it shows that the GTA rental market is making a comeback after hitting a two-year low of $1,971 in March, according to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report.  

Despite the monthly increase, average rents are still down 0.7% year-over-year, but this is a significant improvement from just eight months ago when GTA rents were down a staggering 17% annually……..

Condo market booming back after slump during COVID-19 pandemic in October, 2021

After condo sales cooled off at the start of the pandemic, sales are once again through the roof.

It’s another obstacle for first-time buyers who may have turned to condos as a relatively affordable option, while semi-detached and freestanding home prices across the GTA show no sings of slowing.

There has been a 71 per cent increase in sales between January and August 2021 over last year. During 2020, the COVID-19 pandemic led many homebuyers to look for detached homes with more space………

These are the cheapest downtown Toronto condos to sell in October, 2021

When it comes to buying condos in downtown Toronto — something that’s no small (or cheap) feat — it’s nice to know what’s available on the lowest possible end of the price spectrum.

With prices climbing higher and higher, it can start to feel like an impossible market to break into, especially when there are fierce bidding wars for units listed on the lower side.

“My clients looking downtown are still finding the competition tough for well-presented units,” said Nathaniel Hartree-Hallifax, a realtor at Strata.ca. “There’s still strong demand driven mainly by lack of inventory. So even if demand has fallen off due to higher prices, it hasn’t dropped as much as supply. So there’s still strong competition for prime, well-presented units.”……

Toronto rents keep on rising while the supply of available apartments tightens – blogTO in October, 2021

After lockdowns prompted a mass exodus of people from Toronto to nearby towns or cheaper Canadian cities — which in turn spurred a drop in average rents and a rise in vacancy rates in the city — the city’s rental market has been on the upswing for some weeks now, even though many residents are still considering leaving.

The latest data from the industry experts at Urbanation proves that the time to rent an apartment for a bargain price in Canada’s biggest metropolis has indeed come and gone, with prices continuing to climb quarter-over-quarter this year amid declining supply.

The overall vacancy rate among GTA purpose-built rental apartment buildings has, as of Q3 of 2021, dropped to three per cent (from 5.1 per cent in Q2 and 6.4 per cent in Q1), according to the firm’s latest market survey………

 

The making of a community called CityPlace – Toronto Sun, October, 2021

It’s the combination of community infrastructure and public space that are making it work.

Located on 55-acres of land, the odds of a residential complex called CityPlace turning into a massive example of urban blight seemed quite possible when Vancouver-based developer Concord Adex first submitted its ambitious plans to the city in the late 1990s.

With a proposal that would include 31 residential towers once all were built – 29 exist now – an estimated 12,000 units, critics of it at the time ranged from architects and urban planners to municipal politicians.

During a recent webinar organized by the Toronto chapter of the Urban Land Institute (ULI), Lynda Macdonald, director of community planning with the city, said that at the time, there was a “negative response from the community at large……

Toronto real estate is biggest bubble risk in North America – UBS in October, 2021

Swiss investment bank UBS might think twice about lending out $4 million for that Toronto bungalow, since the multinational deems the city’s real estate market the second biggest risk in the world.

The UBS Global Real Estate Bubble Index ranks Toronto just behind Frankfurt, Germany among major urban markets with overpriced housing that is not supported by incomes and demands outsized mortgages.

As a result Canada, alongside Hong Kong and Australia, has seen the most significant increase in debt-to-income ratios.

The index gives markets with a fair value a score between -0.5 and 0.5, and overvalued homes a score between 0.5 and 1.5, which is where New York (0.54) and Los Angeles (1.2) land. Higher than 1.5 is deemed a bubble risk. Vancouver is at 1.6 and Toronto is 2.02, not far behind Frankfurt at 2.16…….

Ontario Homes Are Selling Way Over Asking & Here Are Cities To Avoid To Save Your Wallet in October, 2021

Ontario homes are currently selling for way over the asking price in some cities and it might hurt your wallet if you’re looking to buy.

The top five cities in Ontario where homes are currently selling for way over asking are Ottawa, Whitby, Windsor, Oshawa and Ajax.

Ottawa is the worst, with an average price spike of 27.88% and average listings of $523,842 selling for $669,874.

Meanwhile, Whitby has seen an average list-to-sold increase of 16.42%, with listings of $938,831 selling for over $1 million, on average.

“Notably, three of the top-five markets are located in the Durham Region, long considered a hot alternative to the City of Toronto, at a commutable distance,” an excerpt from the report reads……

Interested in buying a ‘haunted’ house? There’s lots to consider — including some potential benefits in October, 2021

Historical homes associated with paranormal tales may not be for everyone. But there can be benefits for those who are brave enough to take on the eerie and the unknown.

If a property is believed to be visited by otherworldly forces, it may be considered “stigmatized” by some potential buyers. In the context of real estate, a stigma can be defined as a non-physical, intangible attribute of a property that may elicit a psychological or emotional response on the part of a potential buyer. Something may have occurred in or near the property that does not affect the property’s appearance or function but might be considered by some as emotionally unnerving……..

WILD – Toronto real estate market still ‘highly vulnerable’ in October, 2021

When the economy begins to fire on all cylinders, buyers tend to show more interest in the housing market.

And over the past several months, the gradual reopening of the economy, high vaccination rates, historically low interest rates and government support programs have all fueled job recovery, savings and propelled many more buyers into the market.

Toronto mansion from Schitt’s Creek for sale at $21.8 million in October, 2021

Before falling on hard times and moving to Schitt’s Creek, the Roses lived in the lap of luxury.

The mega-mansion featured on the hit show is for sale in real life for $21,888,000. It was listed for sale for less in April at $19,880,000 before the owner took the listing off the market. Property taxes will set the buyer back $62,000 a year.

It’s located in Toronto’s swanky St Andrew-Windfields neighbourhood.

The cheaper list price on this piece of Canadian TV history from April might be considered a ‘steal’, as long as one is among the ultra-rich, of course.

La Belle Maison is a massive 24,000 square foot building with three storeys, and sits on half an acre. No wonder the rundown Rosebud motel just wasn’t cutting it……….

This $4 million mid-century modern house in Toronto is an architectural gem in October, 2021

Anyone who’s a sucker for mid-century design is going to fall in love with this home.

Originally built in 1958 this home was possibly one of the early Don Mills homes, or at least that’s what Colin Graham, the current owner and architect, thinks.

Graham bought the house 16 years ago and renovated it to his taste.

“I like to work with what’s there and expand on it. You can pull quite a bit of inspiration with what remains,” he told blogTO……..

Over A Quarter Of Toronto Real Estate Is Bought By Investors With Multiple Properties in October, 2021

Investors are taking over Canadian real estate markets, especially in Ontario. Teranet, the private operator of the province’s land registry, looked at buyers from January 2011 to August 2021. Their analysis shows the largest segment of buyers is now multiple property owners. Armed with cheap money, these investors now represent one in four Ontario home buyers. The share is even higher in Toronto, where first-time buyers dominated the market just 10 years ago.

Ontario Real Estate’s Biggest Buyer Is Owners With Multiple Properties

The largest group of home buyers in Ontario already have at least one other home. Multiple property owners represented nearly 25% of Ontario home purchases in 2021. This was a new record, with their share of the market advancing 8 points over the past decade, about a 50% increase. That’s right, one in four Ontario property buyers already owns at least one other home………

Detached homes in Toronto reach record-high selling prices in October, 2021

The average price for a detached home in the Toronto real estate market is higher than ever.

That shouldn’t come as a surprise to anyone browsing local listings, where a Scarborough bungalow sitting on a large lot is pegged at $3.2 million (this is not hyperbole).

According to the Toronto Regional Real Estate Board (TRREB), the average selling price for a detached home in the 416 area reached a record high $1,778,928 in September, which is a 19.5 per cent year-over-year increase and a six per cent jump from the month prior.

The average selling price for a semi-detached home in the 416 rose seven per cent since August to $1,304,504, which is a 13.9 per cent per cent year-over-year increase but below the record high of $1,326,153 in May………

Toronto’s housing market saw a hot September, 2021

Toronto’s housing market is heating up, with resales climbing for the first time in five months as “fierce” competition for houses in the suburbs pushes prices higher.

There were 9,046 home resales in the Toronto region in September, down 18 per cent from the same period last year. But it was the first month-over-month increase in activity since March, according to the Toronto Regional Real Estate Board, or TRREB.

Across the Toronto area, the average selling price of a home was $1,136,280, an 18-per-cent jump over September of last year. On a seasonally adjusted basis, the average price was 1.8 per cent higher than in August………

What an end to blind bidding for real estate could look like in October, 2021

Critics of the blind bidding process for real estate are pushing for what they say are viable alternatives that could create a better system for both sellers and buyers.

In provinces across Canada, blind-bidding is the default practice when a home attracts multiple offers. In this scenario, buyers compete to offer the highest purchase price on a home without knowing the dollar amount of the other bids.

“I think there are serious issues with the way we are conducting things right now,” said Murtaza Haider, a professor of data science and real estate management at Ryerson University.

Haider says an end to blind bidding could have some impact on volatility in housing prices, but more importantly, “greater efficiency and transparency would bring more trust to the industry, and that should be a priority for the real estate sector.”……..

Toronto home sales and prices up, but new listings down in September – TRREB in October, 2021

Toronto Regional Real Estate Board says the market kicked off the fall selling season with an 18 per cent increase in homes sold in September and a 34 per cent drop in new listings.

The Ontario board revealed Tuesday that 11,033 homes changed hands in the region last month, up from 9,046 last September.

The uptick in sales is typical when autumn arrives, but the board said this year’s spike was the third-highest on record for September and signals that the market is still facing tightened conditions.

Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property……..

TABLE – Toronto home prices rise in September from August, listings drop in October, 2021

Oct 5 (Reuters) – The average selling price of a home in the Greater Toronto Area jumped in September from August, as the fall market picked up steam and a lack of supply led to more competition from buyers for all types of housing, the Toronto Regional Real Estate Board (TRREB) said on Tuesday.

The average price of a resale home jumped 6.1% in September from August, and was up 18.3% on the year. Sales rose slightly on a month-over-month basis, but fell 18% on the year as new listings plunged 34% from a year ago.

With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture

LACKIE – Creative solutions needed to solve housing affordability dilemna in October, 2021

It feels as though when it comes to Toronto real estate lately there are few subjects gathering as much attention as our worsening affordability crisis.

he eye-popping average sale prices. The dearth of inventory. Bidding wars on everything, even crummy rentals. And not just downtown but throughout the GTA and well into the surrounding markets.

We now read stunning projections of how long it would take today’s average family to save the bare minimum down payment to qualify for a mortgage. How much of their income goes to rent and childcare rather than savings……..

Toronto real estate is facing a significant downturn says CMHC in October, 2021

The Greater Toronto Area real estate market, where a two-bedroom bungalow in need of TLC is listed for $2 million, remains at a high degree of market vulnerability, according to the Canada Mortgage and Housing Corporation (CMHC).

According to the CMHC’s latest Housing Market Assessment, price acceleration and overvaluation as home prices keep rising above income levels is leaving the entire real estate market in Canada at a high degree of vulnerability. That means Canadian real estate is primed for a significant downturn with big consequences. And it’s primarily the hot real estate markets in Ontario like Toronto and Eastern Canada that are pushing the entire country to the current high degree of vulnerability.

Toronto, Hamilton, Ottawa, Halifax and Moncton have all been at high degree of market vulnerability for a while. They are now being joined by Montreal, which recently moved from moderate to high, with sharply rising prices. Vancouver, on the other hand, went from a moderate to low degree of market vulnerability…….

Toronto housing market highly vulnerable as more evidence of overheating found in September, 2021

The Toronto housing market is highly vulnerable as more evidence of overheating was found during the second quarter of the year, according to the Canada Mortgage and Housing Corporation’s (CMHC) latest report.

Market conditions all across the GTA have tightened, CMHC says, with demand remaining highest in suburban areas as buyers continue to favour larger homes to accommodate teleworking. Although low inventory levels have been an issue in Toronto over the past year, the sales-to-new-listings ration for all house types dropped even further during the second quarter of 2021……

‘High Degree of Vulnerability’ in Toronto’s Housing Market – CMHC in September, 2021

Canada Mortgage Housing Corporation (CMHC) has finally acknowledged a high level of vulnerability in the national housing market.

According to CMHC, the degree of vulnerability in the Canadian housing market moved from moderate to high during the second quarter — a direct result of national price acceleration and persistent overvaluation imbalances.

he federal housing agency says the high level of vulnerability felt across the country reflects the problematic conditions in several local housing markets throughout Ontario and Eastern Canada, including Toronto, Ottawa, and Montreal, while Vancouver’s level is low…….

Toronto’s Housing Market is Tighter Than it’s Been in Years… Don’t Expect That to Change in September, 2021

The Toronto real estate market has dialled back the record-breaking drama we saw earlier in the year.

And, while that has some breathing a sigh of relief (well, almost, at least), it may be wishful thinking to confuse a cooling market with a lack of interest — or significantly falling prices.

It’s Toronto, after all. And it’s returning to life in all of its pricy glory as the pandemic recovery continues.

The reality is that the Toronto market remains tighter than it has for years on the supply front and many would-be homebuyers have simply given up on it, as evidenced by the drop in frenzy and headline-making bidding wars. But the minimal supply of inventory in Toronto is currently keeping prices high — although not drastically increasing — in the notoriously pricey city. This lack of supply is relentless and, likely, lasting. …….

Will the iceberg house trend continue in Toronto in September, 2021?

Hogg’s Hollow residents Shannon Rancourt and Laura Lamarche knew something strange was happening in their neighbourhood after a heritage home was demolished without a city permit during the May 24 long weekend.

“It really rattled us that things like that could easily happen,” Rancourt said.

Then one day in July, while they were both walking their dogs, they noticed some activity happening at 7 Knightswood Rd. — a home Rancourt said has been abandoned for about five years.

A massive 200-year-old sugar maple tree, which she said is likely the oldest tree in the heavily green neighbourhood, had been cordoned off on its way to being cut down.

Soon, Rancourt and Lamarche embarked on their own investigation that Rancourt describes as “peeling an onion.”…….

14-ft-wide Toronto home hits the market for $1.7 million in September, 2021

Toronto real estate is known for making the most out of tight spaces, and a 14-ft-wide home that just hit the market really shows that off.

The property, located at 716 Adelaide Street West, spans a total of just 14.4 ft, putting it on the narrower side of things. On it sits a five-bedroom, three-bathroom townhome that came on the market last week with an asking price of $1,699,900.

Although 14 ft may sound restrictive, the listing photos show that the home makes the most out of the space. It has three storeys above ground with two full kitchens, living space, and three bedrooms. There’s also a finished basement with two additional bedrooms……

All in the family – Toronto Sun in September, 2021

Housing costs, COVID fears drive demand for multi-generational housing.

It’s described as a “house within a house” – a multi-generational design that strikes the balance between “privacy and proximity.” As the idea of several generations living under one roof returns, “it’s an idea whose time has come.”

Builder Craig Marshall predicts demand for the house-within-a-house concept will grow as families choose options other than retirement or nursing homes. Marshall Homes’ multi-generational design, the Flexhouz™, resonated with buyers when it was recently included among potential designs in a Pickering enclave……

How the housing landscape could change under a newly re-elected Liberal government in September, 2021

The dust has settled on an election that did little to change the parliamentary makeup in Ottawa, as the federal Liberals again take their seats as a minority government.

One of the cornerstone campaign issues was the housing crisis. But it is not a new issue. Many have argued there was little improvement under the previous government, and are skeptical it will be any different under the new one.

According to the Canadian Real Estate Association, the average price of a home in this country has gone up more than 50 per cent over the last five years. And it’s not slowing. Nationally, the average home price in August was up 13.3 per cent from the same month last year…….

Toronto broker laughs at Liberals’ plan to improve housing affordability in September, 2021

A Toronto-area real estate broker laughed when asked about what a third-term win for the federal Liberal government means for affordability in Canada’s housing sector.

John Pasalis, president of Realosophy Realty, said he thinks the Liberal policies proposed during the election campaign about housing will likely stimulate more demand than is already present.

And it could lead to higher prices in the future, at a time when inventories and listings are the tightest they’ve ever been in major cities across the country, he said.

“I don’t think anything’s making sense in terms of bringing affordability,” Pasalis said in an interview Tuesday. “Our population is growing a lot faster than our ability to build homes and that’s really what’s causing this sort of rapid acceleration we’re seeing in prices.”…….

Suburban Toronto homeowners can’t wish illegal rooming houses out of their neighbourhoods in September, 2021

Costs of rental housing in Toronto have increased, waiting for subsidized housing can take close to a decade, and all but a handful of private rentals are unaffordable for social assistance recipients.

Yet practical and viable private sector solutions exist that could use but don’t require government subsidies.

One such solution is the legalization of multi-tenant dwellings, also known as rooming houses, coming up for a city council vote in early October.

Rooming houses exist throughout Toronto, but are only legal largely in the city’s core.

Toronto besieged by tightest real estate market in recent memory – Lackie, in September, 2021

Following a relatively slow summer, the real estate market has reawakened, with buyers and their agents zooming from showing to showing, sellers and their agents prepping houses to bring to market, all while everyone else is doing their best to keep the calm.

Managing expectations while leaving room for the market to work its alchemy is pretty much the name of the game these days.

Even with the welcome surge of new activity, Toronto is still besieged by the tightest real estate market in recent memory. Active listings are at a 25-year low while demand, bolstered by record-low interest rates, remains fierce. These market conditions don’t bode well for those clinging to the hope that prices will come down any time soon……..

TECH TALK WITH MIKE – How to optimize your Google My Business listing in September, 2021

Initially known as Google Places for Business, Google My Business is an important tool for businesses looking to leverage location-based marketing. It is a free marketing tool from Google that enables business owners to manage the visibility of their business on search engines. GMB is best suited for businesses looking to improve their brand awareness and visibility to local clients.

However, like other digital marketing strategies, making the most from Google My Business goes beyond setting up your account and waiting for results. You should optimize your business listing to enable search engines to display your business as part of the search results. Below is a guide on how to optimize your GMB and its benefits.

Google My Business is part of Google’s Knowledge Graph. This is a service that businesses and individuals can optimize to position their services on the first page of Google search results. Knowledge graph displays various information, including phone numbers, operational hours, address, customer reviews, offers/promotions, and photos…….

Google Confirms 11th Chrome Zero-Day Attack, Releases Urgent Fix in September, 2021

Chrome users beware, just days after I warned attacks on Google’s browser are increasing, another critical hack has been confirmed.

Google published the news in a new blog post, where it revealed Chrome’s 11th ‘zero day’ exploit of the year has been found (CVE-2021-37973) and it affects Linux, macOS and Windows users. A zero-day classification means hackers have been able to exploit the flaw before Google could release a fix, which makes it significantly more dangerous than most security flaws. Google confirmed this saying it “is aware that an exploit for CVE-2021-37973 exists in the wild”.

In response, Google has released a critical fix. The company warns all Chrome users will get it at the same time, but to check if you are protected navigate to Settings > Help > About Google Chrome. If your Chrome version is 94.0.4606.61 or higher, you are safe. If the update is not yet available for your browser, keep checking regularly for the new version. …….

Canadian home sales expected to drop 20% in 2022 in September, 2021

After a prolonged home-buying frenzy lead to month after month of record-high sales all over the country, the Canadian real estate market is expected to slow down significantly next year.

RBC released its Macroeconomic Outlook for September and in it, predicted that the number of Canadian home sales will decline by 20% in 2022. Even with this sizeable drop, though, the number of sales would still be above the 10-year-average……..

Home prices in Toronto rise to record levels and here’s what experts say will happen next in September, 2021

The frenzied pace of home buying Toronto experienced in 2020 has waned but prices continue to increase.

As anyone searching for a home knows, it is difficult to find a decent home under $1 million unless you want to live in a shack or run-down bungalow.

And it is not just in Toronto. Across Canada, home sales dipped -0.5 per cent from July and -14 percent compared to 2020’s scorching summer market but it’s still the second-best August in history for real estate transactions, according to a new report from Zoocasa.

“Canadian housing markets appear to be stabilizing somewhere in between pre- and peak-pandemic levels – which is to say, still extremely unbalanced,” said Canadian Real Estate Association senior economist Shaun Cathcart ………

Why home prices keep climbing even though sales are falling in September, 2021

Home sales in Canada fell a significant 14 per cent year over year in August, the Canadian Real Estate Association (CREA) reported Sept. 15. Great news, right? If sales are down, doesn’t that mean demand is weakening?

Not when it comes to Canadian real estate at this strange juncture in history. While some buyers may indeed be stepping away from the market with a mixture of frustration, sadness and disgust, the sales dip can largely be attributed to the lack of homes for sale.

New listings in August were 22.2 per cent lower than they were a year ago. That works out to about 18,000 fewer homes on the market — for just one month. So long as the number of houses for sale keeps shrinking, prices have only one way to go…….

Home sales cool in August, but average prices still well up from last year in September, 2021

Canada’s housing market continued to show signs of a slow cool-down in August, as the number of sales ticked lower even as selling prices still headed higher compared to where they were a year ago.

The Canadian Real Estate Association said Wednesday that 48,379 homes changed hands in August, down 0.5 per cent from July — and down by about 14 per cent compared to the number of sales clocked this time last year.

About half of all markets are seeing more houses change hands, while the other half are seeing fewer. Shaun Cathcart, chief economist for the group that represents more than 100,000 realtors across the country, said the market seems to be moving into a new phase.

“Canadian housing markets appear to be stabilizing somewhere in between pre- and peak-pandemic levels — which is to say, still extremely unbalanced,” he said in a release……..

Fall real estate market in Toronto area off to slow start as homeowners seem hesitant to sell in September, 2021

The rush of new listings that typically signals the start of the fall real estate market in the Toronto area is behind schedule this year.

Homeowners seem hesitant to list their properties for sale, agents say, and prospective buyers looking for fresh supply aren’t seeing the influx they were hoping for.

One week after Labour Day, broker Christopher Bibby sold a downtown condo unit that had been listed for 45 days. The unit, with an asking price in the $1.5-million range, is located in a luxury building in the King Street West neighbourhood…….

Toronto Market Update – Only 4,001 Houses for Sale in Aug As Listings Drop in September, 2021

The summer came to a close showing strong signs that in the fall we will continue to see a competitive market for homes in the Toronto area.

While house sales were down 30% on a year over year basis, sales were well above the pre-COVID levels in 2018 and 2019 for the month of August.

The big factor that is keeping Toronto’s housing market very competitive is the declining number of homes coming on the market for sale. New listings were down 46% over last year and well below levels in 2018/19.

At the end of August, the Toronto area had only 4,001 houses available for sale, a 56% decline from inventory levels last year and well below the 11 to 12,000 active house listings that are more typical for the month of August. ……

Latest threats of rising interest rates and high inflation may shift real estate outlook in September, 2021

Popular outrage at the soaring price of Canadian housing has a fix that almost no one is talking about — certainly not those aspiring to be Canada’s prime minister.

While they have not framed it specifically as a method of curbing Canada’s property sector, central bankers are the exception to that rule. Bank of Canada governor Tiff Macklem insists he is preparing to push a lever expected to have a real effect on the escalating price of houses: hiking interest rates.

People with a stake in Canada’s diverse housing sector, including homeowners, investors and those aspiring to buy, will be paying close attention to Wednesday’s latest data from the Canadian Real Estate Association.

They will also be watching Canada’s inflation numbers coming out on the same day, expected by economists to hit 3.9 per cent. If so, that will be the highest Canadian inflation figure since 2003………

RESCON – Blame slow approval process for lack of housing supply in September, 2021

There’s an abundance of zoning bylaws in this country that restrict the supply of homes and too many agencies involved in the approval process.

Famed theoretical physicist Albert Einstein is credited with saying that the definition of insanity is doing the same thing over and over again and expecting different results.
 He was right. If we are to get a handle on the current housing crisis in Ontario, we need to think out of the box and find new ways to boost supply.

The current way of doing things is not working. We have the lowest number of housing units per capita of any G7 nation. To match the average ratio of the G7, we would need to build 1.8 million homes. That will not happen, as we have averaged 188,000 home completions a year for the last decade……..

Election 2021 – Where the parties stand on housing, rent and mortgages in September, 2021

Real estate has become a key issue in the upcoming federal election, with all three parties tossing out ideas and committing to boosting housing supply and finding ways to make accommodations in overpriced cities like Toronto more affordable.

The Liberal Party promised to introduce a home buyer bill of rights that would banish blind-bidding (which caused some commotion in Toronto real estate circles) and ensure access to home inspections. They also want to implement a two-year ban on foreign investors, to prevent people from parking their money in Canadian real estate and driving up prices.

The Conservatives want to follow a similar tack, but also encourage foreign buyers to invest in rental housing instead. Meanwhile, the NDP wants to implement a foreign buyer tax, much like the one that is already applicable when purchasing homes in the Golden Horseshoe area. NDP leader Jagmeet Singh has also promised to crack down on “renovictions.”……..

LACKIE – Housing affordability crisis unlikely to improve any time soon in September, 2021

This election cycle, housing affordability has emerged as one of the most unifying yet paradoxically most polarizing issues among Canadians.

We have all watched housing prices skyrocket over the past decade, many of us shaking our heads in amazement as real estate markets inexplicably powered on through the uncertainty and instability of a global pandemic.

With Vancouver and Toronto now among the world’s most unaffordable cities, it’s not alarmist to call this a crisis……..

WILD – Incentives will help, but won’t cure housing supply or affordability problems in Sptember, 2021

The long, hot days of summer brought yet another month of cooling as August sales in the GTA were down about 800 units from the month before — a trend that has continued since May.

While the market definitely took a summer break, it’s clear that demand for home ownership remained strong and average sale prices continued to hold steady.

At the same time, the supply of listings showed a downward trend which resulted in tighter market conditions and sustained competition between buyers…………

Average Toronto real estate selling price hits lowest point since February in September, 2021

A two-bedroom bungalow at North York’s northern edge is listed for $1.685 million, which is roughly the average price for a detached home in the city according to the Toronto Regional Real Estate Board (TRREB).

The listing for the cozy and renovated home at 70 Abitibi, near Willowdale and Steeles, boasts its “premium” location in North York, a separate entrance to an unfinished basement and a detached garage. For that, sellers are asking for slightly more than the average.

Detached homes averaged a $1,674,641 selling price in August, which is up three per cent from July and 11.2 per cent from last year but down from some of the peak levels we saw earlier this year (the average was $1.75 million in March, 2021)………

Toronto area housing prices continue to climb as supply hits decade low, real estate board finds in September, 2021

TORONTO — The Toronto Regional Real Estate board says August home sales slowed from the frenzied pace seen earlier in the year, but market conditions have tightened as supply plummeted by 43 per cent and prices rose yet again.

The Ontario board said Friday that 8,596 homes were sold in August, a 19.9 per cent drop from 10,738 at the same time last year and an eight per cent fall from 9,368 in July.

New listings in the region fell to 10,609. That was down 43 per cent from 18,599 last August and 15 per cent from 12,551 in July, 2021………