Risk of Toronto’s Housing Bubble Eases, Though Market Continues to Be Overpriced
The surge in interest rates and the rapid increase in inflation have contributed to mitigating the housing bubble risk in Toronto. Nevertheless, the real estate market in the city remains significantly overpriced. In the recently released UBS Global Real Estate Bubble Index for 2023, Toronto secured the seventh spot with a score of 1.21. This […]
Real Estate Optimism Remains High Among Urban Canadians, Survey Finds
A recent survey conducted by the Mustel Group for Sotheby’s International Realty Canada reveals that Canadians who live in large cities remain confident in real estate as an investment, despite high interest rates and an uncertain economy. The survey involved 2,000 Canadian adults between 18 and 77 years old living in Vancouver, Calgary, Toronto, and […]
Hamilton City Council Backs New Affordable Housing ‘Road Map’
The city of Hamilton has developed a new housing “road map” aimed at tackling the affordability crisis in the city. The strategy, which is intended to deliver immediate action while also playing the long game, is based on four pillars: building, buying, repairing, and supporting affordable housing. To implement this strategy, a new housing secretariat […]
CREA predicts 4.8% drop in average home price by end of year, followed by 4.7% rise in 2024
The Canadian Real Estate Association (CREA) recently released its latest predictions for the country’s housing market, and the outlook is mixed. While home prices are expected to decline this year, the association anticipates a rebound in 2024. However, home sales are projected to drop in 2023 before recovering in the following year. According to CREA, […]
Ontario Announces Tenant Protection Measures Aimed at Reducing Hearing Wait Times
The Ontario government has announced a $6.5 million investment to bolster support for tenants in the province. The funding aims to increase the number of adjudicators and staff at the Landlord and Tenant Board (LTB) to improve service and reduce case backlogs. An additional 40 adjudicators and five staff members will be appointed to help […]
Toronto’s Bridle Path Area Luxury Mansion listed for Sale at a whopping $24 Million Price Tag
Toronto’s luxury real estate market is showcasing another magnificent property, offering a glimpse into the extravagant lifestyle of the top one percent. The colossal mansion, boasting eight bedrooms and ten bathrooms, is situated at 38 Park Lane Circle and sprawls over two acres of ravine-surrounded land. Upon arrival, a grand circular driveway leads to the […]
Buying a Home in Canada Now Requires Higher Income, Report Shows
According to a report by Ratehub.ca, homebuyers in Canada now need a higher income to be able to purchase a house, despite the fact that home sales have risen nationwide in March. Although 41,636 homes were sold across the country, a 1.4% increase from February, this number is still 34.4% lower than what it was […]
Housing Starts in Canada Declined in March, Says CMHC
The Canada Mortgage and Housing Corp. (CMHC) reports that the construction of new homes in Canada increased in several major cities last year. The national housing agency’s annual housing supply report, released on Wednesday, showed mixed growth in residential construction across six key areas in 2022, but the majority saw an increase in housing starts. […]