Benchmark price slips to $1,078,900 in January
— Read on ca.finance.yahoo.com/news/toronto-home-prices-down-14-113644592.html
Tag: Toronto
Toronto picked as UBS’s bubbliest housing market as prices drop – BNN Bloomberg
Toronto picked as UBS’s bubbliest housing market as prices drop – BNN Bloomberg
— Read on www.bnnbloomberg.ca/toronto-picked-as-ubs-s-bubbliest-housing-market-as-prices-drop-1.1831547
Toronto home prices hit record $1.1M amid ‘widespread’ competition – BNN Bloomberg
Toronto home prices hit record $1.1M amid ‘widespread’ competition – BNN Bloomberg
— Read on www.bnnbloomberg.ca/toronto-home-prices-hit-record-1-1m-amid-widespread-competition-1.1611877
Toronto housing stalls in April as prices slip from record high – BNN Bloomberg
Toronto housing stalls in April as prices slip from record high – BNN Bloomberg
— Read on www.bnnbloomberg.ca/toronto-housing-stalls-in-april-as-prices-slip-from-record-high-1.1599198
Toronto home sales surge 97% in March, prices up as demand outstrips new listings
TORONTO — The competition for Toronto homes remained intense in March as prices continued their steady rise and sales almost doubled from last year, the Toronto Regional Real Estate Board reported Tuesday. The average home price in the market climbed by 16.5 per cent year-over-year to hit almost $1.1 million, while home sales soared by 97 per cent to reach 15,652, the board said. TRREB president Lisa Patel interpreted the numbers as a sign that consumer confidence has returned to the market and low mortgage rates are encouraging sales, but warned that they also spell trouble. “While the robust market activity is indicative of widespread consumer optimism, it is also shedding light on the sustained lack of inventory in the GTA housing market, with implications for affordability,” she said, in a release. While some of the dramatic sales and price growth can be attributed to favourable borrowing conditions, TRREB said COVID-19 was also affecting year-over-year comparisons. Almost 8,000 homes with an average price of $902,787 changed hands in March 2020, when the first economic effects of the pandemic materialized and both buyers and sellers were wary of the market. Those fears have long since dissipated. Realtors and housing agencies have reported a flurry of sales — surpassing many of their most optimistic predictions — since the start of the year. They say the number of people willing to purchase now will likely more than make up for last year’s low periods. In the first 14 days of March, there were 6,504 sales this year, up 41 per cent from how many were sold during that time period last year. There were 9,148 sales reported between March 15 and March 31, 2021, an increase of 174 per cent compared with the COVID period of March 2020. Splitting the month in two is significant: the first half of March 2020 looked relatively average, but restrictions enacted after the pandemic was declared by the World Health Organization on March 11 rapidly sent home sales plummeting. A year on, available inventory hasn’t caught up to the number of people seeking new homes, putting pressure on prices. The number of listings grew by about 57 per cent to reach 22,709 from 14,434. The influx in listings is normal for a spring market, but won’t take much, if any, of the heat off the market, said Dayle Carmody, a realtor in the region. “What we’re going to see now with another lockdown … is the market get even crazier again,” she said. She believes the frenzy is being fuelled by consumer confidence and a mindset shift that happens as people realized their early assumptions about COVID causing the market to crash are unlikely to come to fruition. As they realize the market is heated, she’s seeing people struggle to snag a home and even, reassess their buying goals. “It just pushes people back into the condo market and they move back down the affordability scale, because if they were hoping to get into a townhouse or semi, now they can’t afford it,” Carmody said. Condos saw the smallest growth in prices, according to TRREB. The average condo price climbed by 2.6 per cent to $676,052. The most dramatic price increases were seen in detached housing, where the average price was up by 26.6 per cent to hit $1,402,849.The average semi-detached home sold for $1,045,519, a 17.5 per cent hike, while townhouses spiked by 20.7 per cent at $870,553. This report by The Canadian Press was first published April 6, 2021. Tara Deschamps, The Canadian Press
— Read on ca.finance.yahoo.com/news/toronto-home-sales-97-march-090000763.html
Toronto Real Estate News: Home-Price Surge Tops 20% as Bubble Debate Heats Up – Bloomberg
Toronto home values continued to swell in March, bringing annual average price gains to more than 20% and adding fuel to a raging debate about whether policy makers should try to cool the market.
— Read on www.bloomberg.com/news/articles/2021-04-06/toronto-home-price-surge-tops-20-as-bubble-debate-heats-up
Toronto home sales double in March, average price hits $1.1M – BNN Bloomberg
Toronto home sales double in March, average price hits $1.1M – BNN Bloomberg
— Read on www.bnnbloomberg.ca/toronto-home-sales-double-in-march-average-price-hits-1-1m-1.1586410
Toronto apartment rents tumble as vacancy rates hit 50-year high
Toronto apartment hunters have a lot more options these days, as a flight into the suburbs led to an all-time high vacancy rate.
Urbanation looked at purpose-built rental apartments completed in the City of Toronto since 2005 and found the vacancy rate hit 5.7 per cent in the fourth quarter of 2020, compared to 1.1 per cent in Q4 2019. That’s the highest it’s been using historical data from CMCH going back to 1971.
— Read on ca.finance.yahoo.com/news/toronto-apartment-rents-tumble-as-vacancy-rates-hit-50-year-high-185928584.html
Toronto among cities most at risk of a housing bubble this year – BNN Bloomberg
Toronto among cities most at risk of a housing bubble this year – BNN Bloomberg
— Read on www.bnnbloomberg.ca/toronto-among-cities-most-at-risk-of-a-housing-bubble-this-year-1.1502138
COVID-19 slows Toronto home sales after 49% surge at start of March – BNN Bloomberg
COVID-19 slows Toronto home sales after 49% surge at start of March – BNN Bloomberg
— Read on www.bnnbloomberg.ca/covid-19-slows-toronto-home-sales-after-49-surge-at-start-of-march-1.1416679