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.
Despite the stress test, Canadian home sales are returning to healthy levels, according to the monthly report from the Canadian Real Estate Association. In July 2019, national home sales increased for the fifth consecutive month.