Debt service ratio is essentially the ratio between your income and your debt payments. This ratio is important because it’s a simple way to measure how effectively you can handle your payments.
Records continue to fall in the nation’s hottest housing market. Condo sales were up 79% year-over-year in February and far outstripped home sales for low-rise units. “In the GTA in February, there were more than twice as many new condo apartments sold (as) low-rise units,” the Building Industry and Land Development Association (BILD) said in its latest report. “Altus Group recorded 3,542 sales of condo apartments in stacked townhouses and mid and high-rise buildings, and 1,541 sales of new detached and semi houses and low-rise townhomes.” Condo sales more than doubled the ten year average. Toronto led the way in terms of sales (1,661 units), followed by York (1,299), Peel (370), Halton (107), and Durham (105). A lack of low-rise supply and, indeed, skyrocketing prices, are the market forces driving many buyers to the condo sector. “Today in the GTA we have a scarcity of single-family ground-related housing that is not just unprecedented – it is almost inconceivable,” BILD President and CEO Bryan Tuckey said. “As a result we are seeing record breaking condo sales and continued price growth.” That’s also leading to inventory issues in the condo market. Units hit a new low in February, dropping to 10,342. Still, that’s much better than the current availability of single-family homes. Across the GTA, a mere 1,001 new low-rise homes were available in February. And there were only 324 new detached homes available. 10 years ago there were 17,304 low-rise homes and 12,064 detached homes available.
Wondering what an overvalued housing market could mean for Canadians and investors? It isn't all doom and gloom, but it's important to understand what can happen.
For decades, we have counted on trades from other countries to bring their skills and expertise to help build our homes and infrastructure.
The US-Canadian land border is finally set to reopen on Nov 8th, spurring many snowbirds to once again make plans to head south.
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Toronto council approved an inclusionary zoning policy that will force developers to set aside a percentage of units for affordable housing if they’re putting up condos near transit stations.
Canada begins to emerge from the COVID-19 pandemic, the hopes are for positive economic growth, however, it seems pandemic effects may stick around longer than most anticipated.
The amount of the house you're acquiring will determine what your down payment should be. Here are the minimum and maximum requirements in Canada.
It seems that the rate of vacancies has begun to stabilize, though it’s still at a relatively elevated level compared to the pre-pandemic urban rental market.
More and more people are turning to rural properties for their lifestyle and investment opportunities. This Brantford realtor explains why you should too.
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