With the federal election right around the corner, REALTOR® associations across Canada came together to make recommendations for all levels of government in an effort to make home ownership more attainable for Canadians.
The Canada Mortgage and Housing Corporation released its monthly housing starts data for August 2019, reporting the trend reaching 218,998 units, up from the 208,931 in July. The trend is a six month moving average of seasonally adjusted annual rates.
The report looks at the first seven months of 2019 compared to the same period in 2018. Considering transactions in January to the end of July, the median price per square foot of a condo unit in the GTA increased 9.1% year-over-year to $743.
The Toronto housing market has long had a reputation for being the hottest in the nation – even in the aftermath of provincial and federal policies introduced to cool prices, the city continues to see home values appreciate at a blistering pace.
The Building Industry and Land Development Association's monthly new home report announced there were 566 new single-family home sales in July 2019, which is a 136% year-over-year increase, according to Altus Group.
Condo rental rates were flat during this time period, averaging between $2,600 and $2,650 a month. Purpose-built rental listings were around $2,000 a month in January 2019 and have since increased more than 7% to $2,133.
I have a confession to make - I’m slightly conflicted about the state of the Greater Toronto Area’s housing market. Is there actually an affordability crisis? Does the mortgage stress test actually need to be adjusted?
The Ontario Real Estate Association commissioned a study, conducted by Navigator, to better understand the Public Perception Regarding Municipal Government Programs. The online survey included people aged 18+ in Ontario.