With a busy summer behind us, it looks like the Greater Toronto Area’s luxury home market is poised for a strong fall, according to Sotheby’s International Realty Canada’s latest Top-Tier Real Estate report.
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.