The latest headlines in Toronto and Canadian real estate from September 16th to September 22nd.
This week’s recap:
New listings for Toronto area real estate lead the country in growth YTD.
How is inventory across the Canadian real estate market? According to the latest numbers from the Canadian Real Estate Association (CREA), some regions are being flooded compared to last year. Toronto and its surrounding suburbs are leading in the growth of new listings, and Vancouver is leading in the decline. More important, here’s how that inventory is being picked up.
The ballyhooed ‘war on homebuyers’ isn’t real.
Canada’s real estate market has seen a lot of changes over the past year or so. Interest rates have gone up twice. Governments in B.C. and Ontario implemented foreign buyer taxes and other measures to cool housing markets, and the Greater Toronto Area is experiencing a dramatic slowdown in sales. More stringent mortgage stress-tests were introduced for borrowers last year, too, reducing demand. Now yet another change is on the horizon that the real estate industry warns will hit the housing market hard, with spill-over effects to the broader economy. Industry pushback and fear-mongering is predictable when regulations are proposed, but in this case, the housing industry isn’t exactly wrong.
Here’s how Canada’s biggest luxury real estate markets will unfold this fall.
Montreal is expected to be a “luxury real estate hot spot” this fall after an elevated summer, while both the Greater Toronto Area (GTA) and Vancouver should regain momentum following a pullback in high-end sales activity, says Sotheby’s International Realty Canada.
On Tuesday, the luxury real estate brokerage published its 2017 Fall Market Forecast, which predicts that top-tier real estate ($1 million-plus) will improve in the fall in Canada’s largest metros: Greater Toronto Area (GTA), Vancouver, Calgary and Montreal.
But Montreal is expected to steal the show in the coming months after seeing an “exceptionally heated” summer market.
The top 5 Toronto intersections for condo resales/
When it comes to resale condos, some of the city’s key downtown intersections appear to be cornering the market with prices up to 23 per cent higher than the citywide average, according to a Tuesday report from TheRedPin.
The real estate company looked at 25 key intersections in the core. It found two-bedroom condos at Bay and King Sts., and Bay and Bloor Sts. fetched some of the highest prices in Toronto between January and Aug. 31 — averaging above $1.5 million.
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Header image via Better Dwelling.