August was a slow month for the Greater Toronto Area’s new home market, but that’s normal for this time of year. On a year-over-year basis, activity increased for the new single-family home segment, but sales were still low considering historical levels.
Thanks to the 2019 Canadian Rental Housing Index, we now have a better picture of the rental affordability crisis in Canada, and it hits hard in Ontario. Of the top 20 federal ridings with the worst rental affordability challenges, 11 are in Ontario.
In August 2019, national home sales increased for the sixth month in a row, coming in 17% higher than the six-year low hit in February 2019. On a year-over-year basis, national sales jumped 5%, with significant activity in the Greater Toronto Area.
There’s been a lot of focus recently on the lack of supply and strong demand driving up home prices in the Greater Toronto Area, but there are other factors to consider: government fees, taxes, and charges.
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.