This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
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.
The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.
Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.
This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.
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Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
If you're looking to invest overseas, Turks and Caicos Islands boast some of the best financial and vacation-like benefits.
In a recent systems review from BoC, there is an increasing number of people at risk of financial vulnerability which could further affect the Canadian economy.
In the past, the ability to make good money in vacation investments was not always available to the average investor. Now, things are changing.
Canadian Real Estate Wealth and Neil Sharma sincerely apologize to Rompsen Investment Corporation and Rompsen Mortgage Limited Partnership.
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