Municipal governments are starting to put green standards in place for developers and builders to follow to help protect the planet. But will it really work?
In the latest edition of the Royal LePage House Price Survey released late last week, Toronto and Vancouver posted notable gains in sales activity amid continuous price growth. In Q3 2017, real estate in the Greater Toronto Area began to show signs of a recovery, “transitioning to a more balanced market as price movement and consumer confidence stabilized,” Royal LePage stated. “The market-cooling effects stemming from the introduction of the Ontario Fair Housing Plan have begun to wear off, leading to a burst of demand being witnessed as many prospective homebuyers re-entered the market with the expectation that home values will only increase from here on out,” the firm noted, adding that this development has put slight pressure on inventory levels as sellers take their homes out of the market upon realizing that they can no longer capitalize on overheated conditions. “Though it is true that appreciation may continue to stagnate at the higher-end of the market due to affordability issues, strengthening consumer confidence has once again rekindled demand across the Greater Toronto Area, leading to the end of a very short-lived and measured softening within the region,” Royal LePage Real Estate Services Limited chief operating officer Kevin Somers said. Meanwhile, sales activity and consumer confidence across the Greater Vancouver residential real estate market continued to recover in the third quarter of 2017. While home price appreciation softened in the detached segment, condominiums continued to prop up the region's real estate market, thanks in part to their relative affordability. However, with the continuous deterioration in Vancouver homes’ affordability, prospective homeowners previously on the sidelines are returning to the market in fear of being permanently priced out. “Despite having already taken 30 to 40 per cent of entry-level buyers out of the marketplace entirely, the new mortgage regulations, and requisite stress tests, have helped to significantly drive condominium prices up,” Royal LePage Sterling Realty general manager Randy Ryalls said. “The cost of a down payment for a detached property in Greater Vancouver has already surpassed the average home price in many markets in Canada. Prospective purchasers have redirected their attention to condominiums, vying to enter the market before prices rise to levels that are simply beyond their reach.” The aggregate price of a home in the GTA surged 21.7% year-over-year to $860,295, while Vancouver saw a 2.5% growth (up to $1,229,133) in the same time frame. Related stories:
The survey shows that buying a home in a major city centre has risen 5% since last year.
The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.
Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Many Torontonians and GTA investors perceive Windsor in a different light. But the reality is, it's a growing city that has much to offer investors, homebuyers, students, immigrants, and retirees alike.
While Calgary has continued to increase in popularity, prices have remained steady unlike in markets like Toronto and Vancouver. It holds many benefits for investors.
The Scott McGillivray Real Estate Fund helps people understand passive real estate investing. Scott McGillivray himself has been speaking to people about how to invest in real estate for over 15 years.
From February 2022 to April 2022, there have already been significant price decreases. However, that doesn't mean affordability is around the corner.
According to OSFI, the real estate market in Canada has seen a massive run-up resulting from low-interest rates and supply/demand imbalances.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”