The Canadian Real Estate Association released its housing figures for last month, reporting that sales on a national level increased 3.6% month-over-month, based on transactions reported through Canadian MLS systems.
It recently came to my attention that the province of Ontario had not published any new data on foreign buyers in the residential market since Doug Ford was elected. It wasn’t sitting well with people, and the government responded quickly.
One architectural design competition that we like to follow is eVolo Magazine’s annual Skyscraper Competition, which challenges designers, architects, and engineers around the world to approach vertical building design in an innovative way.
Did you buy a new pre-construction condo as your first home? As your occupancy approaches, you’re probably getting super excited to move in, but there are a few things that many first-time buyers forget about at this important milestone moment.
In April, there were 9,042 home sales in the Greater Toronto Area reported through the MLS system, which is 16.8% higher than the same period last year. This is also 11.3% higher than the amount of sales in March 2019.
In the Canada Mortgage and Housing Corporation’s quarterly Housing Market Assessment, the overall condition of Canada’s housing market moved from high risk to moderate risk, mostly due to an easing of price acceleration.
Urbanation, a leader in GTA condo market information, released its condo market results, reporting that pre-sale condo launch activity hit a 10-year low in the first quarter of 2019. Only eight new projects launched in the first three months of the year.
The province of Ontario announced the details of its More Homes, More Choice: Ontario’s Housing Supply Action Plan, and it immediately received praise and support from leaders in the new home industry.
Even as housing prices have cooled throughout the GTA since the 2016 market peak, the average house still fetched $873,100 as of March, while the typical condo unit costs over half a million dollars, at an average of $522,300.
Sixteen months after the implementation of the federal government’s B-20 mortgage stress test regulations, TD Bank released an examination of its effects. Basically, the stress test did what it was supposed to do, but had some unintended consequences.
The key to building more affordable housing lies in the availability of public surplus lands, which is government owned land that is “vacant or underutilized, that is no longer needed to deliver government goods and services (Infrastructure Ontario).
We tend to always have a slight focus on first-time buyers, but now that we’re fully in spring mode, we want to shift the focus into a higher gear. For all of May, we’ll have even more tips and news for and about first-time buyers!
As millennials continue to be priced out of many urban housing markets across the Greater Toronto Area, Montreal is becoming an affordable haven for younger buyers, but the wide selection and relatively low prices won’t last forever.
For the last few years, Kingston’s vacancy rate has been trending low - thankfully, there’s a multi-phase rental development in the works by Secure Capital Partners Inc., Blue Vista Capital Management LLC, and Podium Development Corp.
As home prices continue to rise in Ontario, first-time buyers are getting slightly less optimistic and are seeking out larger financial gifts from friends and family, according to recent survey results.
We recently had the opportunity to sit down with Christian Huggett, Vice President of Development, Podium Developments, and Saqib Qureshi of Building Capital to discuss the now open Ironwood in North Oshawa.