Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rents were up very strongly on a year-over-year basis in the fourth quarter of 2017, based on transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System. The average rent for one-bedroom condominium apartments in the TREB market area was up by 10.9 per cent on an annual basis to $1,970 in Q4 2017. The average two-bedroom condominium apartment rent was up by 8.8 per cent over the same period to $2,627. “As the population in the GTA continues to grow, so too ...
Strong Average Rent Growth Continued in Q4 2017 Across The Greater Toronto Area
February 7, 2018
As predicted, a slow start to 2018 across the Greater Toronto Area
February 6, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System in January 2018. This result was down by 22 per cent compared to a record 5,155 sales reported in January 2017. The number of new listings entered into TREB’s MLS® System amounted to 8,585 – a 17.4 per cent increase compared to 7,314 new listings entered in January 2017. However, it is important to note that the level of new listings was the second lowest for the month of January in the past 10 years. “TREB released its outlook ...
Seller's Market Conditions Continue in the Condo Market in the 4th Quarter of 2017
January 24, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,773 condominium apartment sales through TREB’s MLS® System in the fourth quarter of 2017. This result was down by 15.4 per cent compared to the last three months of 2016. Over the same period, new condominium apartment listings were up by 9.8 per cent to 8,186. While sales were down relative to listings, market conditions still remained tight, with a sales-to-new listings ratio of 70 per cent. “Demand for condominium apartments remained strong relative to listings in the fourth quarter. Even with the uptick in listings ...
CEO of Royal LePage named to Swanepoel Power 200 for the fifth consecutive year
January 23, 2018
CEO of Brookfield Real Estate Services, which owns Royal LePage, Johnston & Daniel, Via Capitale and Proprio Direct brokerage brands, ranked 14th overall on Swanepoel’s list of the 200 most powerful people in residential real estate For the fifth year in a row, Swanepoel Power 200 (SP200) has named Phil Soper, President and CEO of Brookfield Real Estate Services, the most influential person in Canadian residential real estate. The SP200 is the definitive ranking of residential real estate leaders across North America. Soper was ranked 14th overall, rising two positions from last year. “I am fortunate to know many of ...
Growth of household spending is expected to slow according to the Bank of Canada
January 17, 2018
Consumption is expected to contribute meaningfully to growth in the near term, supported by ongoing strong job creation and elevated consumer confidence. However, in 2018–19, consumption growth is anticipated to moderate and the savings rate to increase in response to slower growth of household disposable income and higher interest rates. With higher interest rates, debt-service costs are expected to increase, thus dampening consumption growth, particularly of durable goods, which have been a significant driver of spending in recent quarters. Elevated levels of household debt are likely to amplify the impact of higher interest rates on consumption, since increased debt-service costs ...
Bank of Canada increases overnight rate target to 1.25%
January 17, 2018
The Bank of Canada building in Ottawa.Sean Kilpatrick/The Canadian Press files The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding the future of the North American Free Trade Agreement (NAFTA) is clouding the economic outlook. The global economy continues to strengthen, with growth expected to average 3 1/2 per cent over the projection ...
Greater Toronto Area’s Housing Market Sees Double-digit Year-over-year Price Gains in the Fourth Quarter of 2017
January 11, 2018
Affordability constraints and new Office of the Superintendent of Financial Institutions’ mortgage regulations push many potential purchasers to the sidelines The Royal LePage House Price Survey1 released today revealed double-digit growth across the Greater Toronto Area (GTA) in the fourth quarter of 2017 compared to the same quarter last year. Home values continue to be influenced by an exceptionally strong start to 2017. During the quarter, demand continued to slow in many suburban regions across the GTA. With the exception of condominiums, all housing segments studied depreciated on a quarter-over-quarter basis, as poor winter weather, growing affordability constraints and the ...
Average Price up 12.7% in 2017 across the Greater Toronto Area
January 4, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017. This total was down 18.3 per cent compared to the record set in 2016. Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018. “Much of the ...
Home prices in the Greater Toronto Area expected to increase 6.8% in 2018
December 28, 2017
Impact of new stress test expected to be contained to first half of 2018 for most major markets Still risk of high price appreciation in Greater Toronto Area and Greater Vancouver as chance of market correction fades Compounding policies could have unintended consequences for struggling housing markets According to the Royal LePage Market Survey Forecast released last week, the Royal LePage House Price Composite, which measures home prices in 53 key Canadian cities, is expected to increase 4.9 per cent by the end of 2018 to $661,919, in the face of a series of measures aimed at affordability challenges in ...
Demand for Housing on the Upswing in November
December 5, 2017
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016. New listings entered into TREB’s MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when the supply of listings was very low from a historic perspective. “We have seen an uptick in demand for ownership housing in the GTA this ...