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%.
Should COVID-19’s impact be moderated and the Albertan economy restarts in the next few quarters, the Calgary and Edmonton housing markets might see recovery sooner than expected.
“All major metropolitan economies are forecast to contract in 2020,” The Conference Board of Canada said in its latest economic forecast.
Calgary’s real GDP will likely shrink by 5.5%, while Edmonton will likely see a 5.6% decline, CTV News reported.
“However, assuming the virus’ spread is contained, and firms can return to normal operations over the summer months, a recovery should begin in the second half of the year, leading to sharp rebounds coast-to-coast in 2021,” the board said.
The organization is predicting GDP increases of 6% (Calgary) and 6.2% (Edmonton) by next year, which should bode well for the province’s long-burdened housing market.
According to figures from the Alberta Real Estate Association (AREA), the region’s average home price stood at $371,022 as of March, falling by 2.64% year over year. Sales activity weakened by 8.5% during the same time frame.
The number of new listings shrank by 14.54%, while the stock of homes available in the province declined by 5.76%.
“This is an unprecedented time with a significant amount of uncertainty. It is not a surprise to see these concerns also weigh on the housing market,” said Ann-Marie Lurie, AREA chief economist.
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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