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.
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.
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!
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).