Scenarios show that Canadians will be able to afford about 20% less house From: Macleans.ca – October 19, 2017 - Julie Cazzin The Office of the Superintendent of Financial Institutions (OSFI) has introduced new rules on mortgage lending to take effect next year. OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). The rules now require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada (presently 4.89%) or 200 ...
How the new mortgage rules will affect homebuyers in 2018
October 23, 2017
Recovery Underway in the Greater Toronto Area Real Estate Market
October 13, 2017
Slide in rate of home price appreciation appears to have found its bottom as strengthening consumer confidence rekindles demand within the region Mortgage regulations, affordability issues and the prospect of further interest rate hikes spur competition in entry-level market segment The Royal LePage House Price Survey released today showed double-digit growth in year-over-year home prices across the Greater Toronto Area (GTA) in the third quarter of 2017, due in part to the strong gains witnessed within the region at the beginning of the year. While appreciation slowed within the GTA on a quarter-over-quarter basis to 1.5 per cent, market characteristics favouring ...
Homeowners Anticipating Uptick in Sales Activity
October 4, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016. The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year. “The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next ...
Toronto Real Estate Board urges caution over vacant-home tax
October 2, 2017
The Toronto Real Estate Board is urging caution on the issue of a possible vacant home tax in the City of Toronto. A measured approach to the issue can help to avoid any unintended consequences on the housing market and property owners. The City says a vacancy tax can encourage property owners to free up empty units, thereby increasing rental supply. However, TREB is concerned there is not enough empirical data or evidence to support this approach. “At this time, it is not clear that the issues targeted by a vacancy tax are fully understood, nor is it clear how ...
Current Conditions Suggest a Balanced Market
September 6, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016. The number of new listings entered into TREB’s MLS® System, at 11,523, was down by 6.7 per cent year-over-year and was at the lowest level for August since 2010. “Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership ...
Peak Millennials’ (aged 25 to 30) to create strong wave of demand
August 24, 2017
National survey shows while the peak millennial dream to own property is very strong, challenges to homeownership vary across the country According to the Royal LePage Peak Millennial Survey released on August 17th, high home values in Canada’s largest urban markets and job uncertainty in other regions mean new strategies and different priorities for ‘peak millennials, a term coined to describe the largest cohort of the millennial demographic and the impact of their potential purchasing power. With every census metropolitan area but Fredericton and all provinces with the exception of Quebec, New Brunswick and Newfoundland adding to their population of ...
Market Continued to Adjust in July
August 3, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year’s level. “A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly ...
Average Condo Price Up Year-Over-Year in Q2 2017
July 31, 2017
Toronto Real Estate Board President Tim Syrianos announced the release of TREB’s Q2 2017 Condo Market Report. Greater Toronto Area REALTORS® reported 8,223 condominium apartment sales reported through TREB’s MLS® System between April and the end of June. This result was down by eight per cent compared to 8,942 sales reported in Q2 2016. New listings of condominium apartments were up slightly on a year-over-year basis by 0.7 per cent to 13,682. “Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for ...
Greater Toronto Area Home Price Appreciation Begins to Cool in Second Quarter of 2017
July 14, 2017
Prices across GTA begin slower ascent on the back of extreme highs witnessed in beginning of 2017 The Royal LePage House Price Survey and Market Survey Forecast released today showed that home prices across the Greater Toronto Area (GTA) continued to appreciate by a sizable margin in the second quarter of 2017, surpassing levels witnessed in the first three months of the year. In the second quarter, the aggregate price of a home in the region reached new heights, rising 24.0 per cent year-over-year to $837,232. When broken out by housing type, home prices across all housing segments saw notable ...
More Moderate Price Growth in June
July 7, 2017
Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016. The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year. “We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one ...