Toronto real estate industry going strong despite COVID crisis Brynn Lackie Publishing date: Aug 15, 2020 Full Article can be seen here: https://torontosun.com/opinion/columnists/lackie-toronto-real-estate-industry-going-strong-despite-covid-crisis If I were asked to compile a list, “Why is Toronto real estate so bananas?” has joined his buddies, “So, what are you thinking about school in September?” and “Who’s idea was it to open bars, anyway?” as my most prominently featured conversations of this pandemic summer. While I have no clue where to even begin to answer the second two questions, the subject of Toronto real estate in the time of COVID-19 continues to be endlessly fascinating. To quickly recap, when the…

Toronto real estate hits another all-time high in July A new report suggests potential Toronto home buyers have doubled during the COVID-19 pandemic BY RADHEYAN SIMONPILLAI AUG 8, 2020 Full Article can be seen here: https://nowtoronto.com/lifestyle/real-estate/toronto-real-estate-july-2020 Toronto real estate is still behaving like it’s immune to COVID-19, hitting yet another all-time high in July. The average home price rose to $943,710, according to the Toronto Regional Real Estate Board (TRREB). That is a 16.9 per cent year-over-year increase, and 5.5 per cent higher than the previous record from last month. The new numbers were released just as Mortgage Professionals Canada (MPC) released a report suggesting most homeowners are not worried about…

From real estate to businesses, signs the pandemic is boosting wealth concentration: Don Pittis Them that has, gets, as those with deep pockets pick off choice assets Don Pittis · CBC News · Posted: Aug 10, 2020 4:00 AM ET Full article can be seen here: https://www.cbc.ca/news/business/covid-19-business-interest-rates-real-estate-1.5678541   A strong surge in the price of Canada's most desirable houses seems to fly in the face of an economy facing a record wave of bankruptcies and a sharp loss in jobs. But as we try to disentangle the complexities of the COVID-19 pandemic's impact, we may be observing a powerful economic force exacerbated by the promise of a long stretch of low-interest loans.   Effectively what we…

Toronto's real estate market smashes July sales record Jessy Bains Yahoo Finance Canada August 6, 2020 Full Article can be seen here: https://ca.finance.yahoo.com/news/torontos-real-estate-market-smashes-july-sales-record-183232182.html The Greater Toronto Area’s housing market seems almost immune to the crippling economic effects of COVID-19 right now. new data from the Toronto Regional Real Estate Board (TRREB). That’s a 29.5 per cent increase compared to the same month last year." data-reactid="24" type="text">July was a record-breaking month, with 11,081 homes sold, according to new data from the Toronto Regional Real Estate Board (TRREB). That’s a 29.5 per cent increase compared to the same month last year. “Sales activity was extremely strong for the first full month of…

No summer slowdown in Toronto real estate as July shatters sales record Anita Balakrishnan , The Canadian Press Published Thursday, August 6, 2020 5:15AM EDT Last Updated Thursday, August 6, 2020 6:46PM EDT Full article can be seen here: https://www.cp24.com/news/no-summer-slowdown-in-toronto-real-estate-as-july-shatters-sales-record-1.5053194 TORONTO - July was a record-breaking month for Toronto real estate sales, as a nearly 17 per cent price spike did not stop homebuyers from making offers. “Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school,” said Lisa Patel, president of the…

Toronto real estate market is headed for a cliff Condo supplies in Toronto will help drive home prices down further Article by: Radheyan Simonpillai Full article can be seen here: https://nowtoronto.com/lifestyle/toronto-real-estate-market-is-headed-for-a-cliff Toronto real estate prices are headed for a cliff. The condo market will drag it further down according to the Canada Mortgage and Housing Corporation (CMHC). “Anticipated increases in the supply of condominium apartments will lead to softening prices next year,” says the CMHC in an email to NOW. Toronto home prices hit an all time high in June. But the CMHC has been warning that those prices will begin plunging in the fall. Unemployment and low immigration…

This Toronto house just hit the market for $1 million Sean Davidson Multi-Platform Writer, CTV News Toronto @SeanDavidson Published Monday, July 27, 2020 8:53AM EDT Full article can be seen here: https://toronto.ctvnews.ca/this-toronto-house-just-hit-the-market-for-1-million-1.5040276 TORONTO -- If there was any hope that a global pandemic would help slow down Toronto's booming housing market this new listing proves that’s not the case. A tiny two-bedroom, one bathroom home on Euclid Street in Little Italy has just hit the market for $999,999.  The "rare detached bungalow located in the heart of Toronto" is advertised as being a "great size" with "loads of potential." The bungalow, which has a detached garage, is just steps away…

Windsor housing market booms during pandemic The region has seen nearly a 20 per cent jump in house prices compared to last year Tahmina Aziz · CBC News · Posted: Jul 27, 2020 7:00 AM ET Full article can be seen here: https://www.cbc.ca/news/canada/windsor/windsor-housing-market-booms-pandemic-1.5662862   Windsor-Essex's real estate market is red hot, according to Windsor real estate agent Aditya Soma who says he has never seen housing prices so high in the region. According to the recent report by the Canadian Real Estate Association (CREA), the average home price in the area is $401,465, which is an increase of $65,422 — or 19 per cent — from last June's prices.   Soma attributes part of…

Niagara Region housing prices climb as buyers leave Toronto in search of space By Anita Balakrishnan The Canadian Press Posted July 21, 2020 2:40 pm Full article can be seen here: Prices of newly built homes climbed higher in June as Toronto-area home-buyers fled the city in favour of wine country. Retirees, as well as remote workers, have boosted demand for new houses, driving prices up one per cent, the Niagara Home Builders’ Association said in Statistics Canada’s monthly survey of home builders. Toronto’s new home prices were steady in June compared to May, but surrounding areas saw a lift, with prices rising 0.7 per cent in Ontario’s…

Toronto housing prices up nearly 12 per cent despite pandemic Tara Deschamps The Canadian Press  Published Tuesday, July 7, 2020 8:22AM EDT Full article can be seen here: https://toronto.ctvnews.ca/toronto-housing-prices-up-nearly-12-per-cent-despite-pandemic-1.5013684 TORONTO -- Greater Toronto Area home sales are rebounding from the COVID-19 pandemic and prices are on the rise, but completed transactions are still short of where they were last year, the area's real estate board reported Tuesday. The Toronto Regional Real Estate Board said Tuesday that the number of homes sold in the region in June was just shy of the mark set a year ago as the average selling price rose nearly 12 per cent compared with June…

RE-OPENING CANADA: Toronto's real estate industry wants to boom again Jenny Yuen Published: July 4, 2020 Full article can be seen here: https://torontosun.com/news/local-news/re-opening-canada-torontos-real-estate-industry-wants-to-boom-again For the Toronto-area real estate industry, the beginning of 2020 was shaping up to be a record-setting year. And then the pandemic happened. According to the Toronto Regional Real Estate Board’s new Real Estate Market Economic Recovery Initiatives document, which will be released next week, real estate sales in the Greater Toronto Area (GTA) dropped 67.1% in April this year compared to the same time last year and was down by 53.7% this May compared to May 2019, but prices have remained relatively stable because…

Houses are Selling for Over Asking in Toronto at an Above-Normal Pace by Eric Wainwright Full article can be seen here: https://torontostoreys.com/houses-sold-over-asking-toronto-june/ Traditionally, spring is the hottest season for Toronto real estate. But, in case you haven’t noticed, 2020 has been anything but traditional. So, as we settle into the official start of summer, perhaps it shouldn’t come as a complete surprise that some of June’s resale numbers are beginning to compete with previous April and May averages. In other words, we seem to be enjoying a “delayed spring” in Toronto right now, as noted by Scott Ingram, a chartered accountant and sales representative with Century 21…

'Bully offers' eclipse virus woes in Canada's housing market Natalie Obiko Pearson, Jacqueline Thorpe and Sandrine Rastello, Bloomberg News Full article can be seen here: https://www.bnnbloomberg.ca/bully-offers-eclipse-virus-woes-in-canada-s-home-market-1.1408549 A week into a pandemic that has forced a swath of Canada’s economy to shut down and wiped hundreds of billions of dollars off the nation’s stock market, a Vancouver mansion sold for $150,000 over the asking price. As the coronavirus upends the real estate business, along with everything else, the country’s indefatigable buyers are taking some pause -- but, so far, not much. John Pasalis’ firm was getting ready to list a $1.1 million home in Toronto’s trendy Leslieville district next…

Toronto home sales, prices surge as buyers stampede back into the market Benchmark price for home climbs to $846,100 and realtors see it hitting $900,000 this year Bloomberg News Doug Alexander March 4, 2020 7:11 AM EST Full Article can be seen here: https://business.financialpost.com/real-estate/toronto-home-prices-roar-back-from-lows-as-demand-surges   Toronto home prices surged in February, and sales jumped from a 10-year low, as buyers stampeded back into the market. The benchmark price climbed 10.2 per cent in February to $846,100, the Toronto Regional Real Estate Board said Wednesday. The index gained 2.2 per cent from January, the biggest increase since April 2017. Most segments posted almost double-digit price growth with condos rising about…

RBC widens mortgage lead just as Canada's housing market shows signs of a revival Domestic mortgage book grew 8.6 per cent in the fiscal first quarter, the biggest year-over-year jump in more than a decade Bloomberg News Doug Alexander February 28, 2020 6:40 AM EST Full Article can be seen here: https://business.financialpost.com/real-estate/mortgages/rbc-widens-mortgage-lead-amid-signs-of-canadian-housing-revival   Royal Bank of Canada has widened its lead in mortgages against rival lenders as the nation’s housing market shows signs of renewed vigour. The bank’s domestic mortgage book grew 8.6 per cent in the fiscal first quarter, the biggest year-over-year jump in more than a decade. None of Canada’s other big banks has achieved such a…

TD Bank cuts posted mortgage rate to reflect lower rate environment Ian Bickis The Canadian Press Published Tuesday, February 4, 2020 3:00PM EST Full Article can be seen here: https://www.ctvnews.ca/business/td-bank-cuts-posted-mortgage-rate-to-reflect-lower-rate-environment-1.4797047 TORONTO -- TD Bank lowered its posted five-year fixed mortgage rate on Tuesday to narrow the gap between the benchmark and the special rates it offers customers. Banks maintain an official posted rate, but also offer lower rates either directly or through brokers and other channels that better reflect market conditions. TD cut its five-year posted rate for fixed-rate mortgages from 5.34 per cent to 4.99 per cent, while the bank's customer, or "special" rate stands…

BoC Lays Groundwork for More Competitive 10-Year Fixed Rates Steve Huebl  Bank of Canada  January 31, 2020 Full Article can be seen here: https://www.canadianmortgagetrends.com/2020/01/boc-lays-groundwork-competitive-10-year-fixed-rates/   The Bank of Canada announced this week it will begin purchasing 10-year Canada Mortgage Bonds (CMBs), a move seen as paving the way for mortgage lenders to more easily offer lower-cost 10-year fixed mortgage rates to consumers. This is the first time the Bank has purchased 10-year fixed mortgage bonds on the open market. Previously it has only participated in 5-year fixed and 5-year floating rate note issues. “The Bank will continue to adhere to its principles of neutrality, prudence and transparency and…

Toronto detached housing veering towards crisis of availability by Ephraim Vecina 28 Jan 2020 Full Article can be seen here: https://www.mortgagebrokernews.ca/news/toronto-detached-housing-veering-towards-crisis-of-availability-325518.aspx Single detached housing is becoming an increasingly rare resource in high-demand Toronto, according to the market’s real estate association. Data from the Toronto Real Estate Board indicated that in December, the market saw 1,984 sales of detached homes, representing a 24.77% annual increase. The City of Toronto accounted for 465 transactions, which was 36.76% higher compared to last year. During the same month, the number of new detached properties was just 1,627 listings, significantly declining by 22.15% year-over-year. In the City of Toronto, 366 detached homes were…

Major employers can be part of solving Toronto’s housing crisis, report says By Tess Kalinowski Real Estate Reporter Fri., Jan. 24, 2020 Full Article can be seen here: https://www.thestar.com/news/gta/2020/01/24/board-of-trade-housing-provider-want-to-talk-about-employers-providing-housing-for-workers.html Can Toronto avoid the kind of housing crisis that afflicts Silicon Valley? The tech hub around San Francisco has a reputation for offering some of the highest wages in the world. But as its real estate prices have soared, so have homeless rates, which rose 17 per cent between 2017 and 2019. Even people in middle-class occupations, such as teachers, are leaving in droves as the price of housing outpaces income there. It’s a cautionary tale for Toronto, which…

Posthaste: It's about time we replaced Canada's five-year mortgage renewal market with longer term loans Stuff you need to know Yadullah Hussain January 21, 2020 8:52 AM EST Full Article can be seen here: https://business.financialpost.com/executive/posthaste-jan-21-its-about-time-we-replaced-canadas-five-year-mortgage-renewal-market-with-longer-term-loans   Good Morning! A new report by C.D. Howe recommends that the Canadian government should take measures to discourage the five-year mortgage market and create an environment where lenders are comfortable offering longer term mortgages. “For longer-term mortgages to comprise a significant portion of the entire Canadian mortgage market it will likely be necessary for the federal government to modify certain rules that are currently geared towards a five-year mortgage market,” wrote Michael Feldman, a partner…