Key Takeaways:
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As borrowing costs remained high in Q2 2024, condominium apartment sales were down noticeably in comparison to Q2 2023. Over the same period, condo apartment listings were up substantially. The average condo apartment selling price was down slightly year-over-year.
Condo apartment sales amounted to 5,474 in Q2 2024 – down 19.8 per cent compared to 6,824 sales in Q2 2023. Conversely, new listings were up by 36.5 per cent year-over-year to 16,917. Growth in listings is outstripping sales, which means standing inventory, as measured by active listings at quarter-end, remains elevated.
“The...
The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday as the head of the central bank suggests the rate will need to move even lower to reignite the economy.
The Bank of Canada’s policy rate, which broadly informs the cost of borrowing across the country, now stands at 4.5 per cent.
The move was widely expected by economists as inflation continues to cool and the Canadian economy shows signs of weakness.
Bank of Canada governor Tiff Macklem said Wednesday that he expects inflation will continue to slow going forward even as the central bank...
From: Department of Finance Canada
July 29, 2024 - Toronto, Ontario - Department of Finance Canada
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments are a barrier on the path to homeownership, especially for Millennials and Gen Z. To break down these barriers and help more young Canadians buy a first home, Budget 2024 announced the federal government would allow up to 30 year amortizations for insured mortgages for...
I often get asked what the minimum down payment requirement is to purchase another home. And by another, I mean residing in your current home as you are and purchasing another home that you or any one of your family members will frequent at one point throughout the year…like a home away from home. For example, it may be a vacation property a couple of hours from where you currently live, or perhaps a downtown condo across the country where your child is attending university. Regardless of the location, as lon
The think-tank's report, looking at whether Ontario's house-building goal is not only accurate but also attainable, is entitled "Ontario's need for 1.5 million more homes." It was published Tuesday by the Smart Prosperity Institute at the University of Ottawa.
Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power.
TRREB Unveils Key Market Drivers for 2022 and January Numbers
The market outlook for 2022 is calling for strong home sales in the Greater Toronto Area (GTA) with the average selling price expected to hit a new record.
A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7 per cent from the previous 2016 high of 113,040 and up 28 per cent compared to 2020..png)
