The five- and 10-year averages for price growth in newer downtown Toronto condos is 15% and 8%, respectively. GTA-wide, the 10-year average is also 8%.
Sales of new homes should be positive in 2019 despite the challenges of affordability and interest rates.
A report from the Altus Group points to elevated immigration levels as a key driver of sales, along with demand from first-time homebuyers and tight rental markets.
Among the downsides to the market, higher construction costs and economic growth issues may dampen sales in some markets.
The Greater Golden Horseshoe including the GTA is expected to show significant growth, given the slump in 2018 and signs of improvement for the market in the second half of last year.
The economy in Calgary and Edmonton is expected to weaken new home sales but the report does not expect a decline based on current activity levels.
However, Montreal and Vancouver are forecast to see a downturn in new home sales.
For Montreal, that is due to the exceptional performance in 2018 which is set to be fall back to more normal levels.
For Vancouver, Altus says the decline in sales due to higher costs for both developers and borrowers. The easing of sales is still predicted to remain at or close to the 10-year average for the market.
News of a fixed rate increase might inspire consumers driven by fear of being priced out of the market in Canada.
Even before COVID-19 moved us all to work from home, reevaluations of office space were already underway, but not nearly to the extent they are now.
This consultant and real estate investor said that a third of new construction properties built every year in Ontario have legitimate claims for reimbursement, but they aren't taken advantage of.
New condos going up on King St. E. and Berkeley St. by Lamb Development Corp will be 32-storeys and the new Ontario Line subway route station.
Condominium sales in the City of Toronto surged by 63.2% year-over-year in February to 2,167, according to the latest data from the Toronto Regional Real Estate Board.
According to GTA-based Seth Ferguson, CEO of Multifamily Real Estate Investments Inc., Texas has arguably the most propitious horizon in the Sun Belt.
In 2020 alone, this commercial real estate team did over $60 million in commercial sales in Toronto.
Craig Proctor, top Canadian real estate agent and coach, offers advice on how to dominate during these crazy real estate times. Join his Millionaire Agent-Maker SuperConference March 19-21.
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