Mortgage Blog

Category: Housing Market (65 posts)

Canadian home sales and prices just smashed through another record

October 15, 2020 | Posted by: Maurice Kwok

OTTAWA — Canadian home sales climbed 0.9 per cent in September from August, raising them to a new all-time monthly record for the third month in a row, the Canadian Real Estate Association (CREA ...

Ajax home sells quickly as inventory shrinks

October 13, 2020 | Posted by: Maurice Kwok

15 McNicol Cres., Ajax, OntarioAsking price: $779,000Selling price: $805,000Previous selling prices: $470,000 (2014); $254,089 (2005)Preapproval: Click HERE for Mortgage Pre-approval Application& ...

For Toronto condo investors, the gravy train takes a detour

October 1, 2020 | Posted by: Maurice Kwok

On the front lines of Toronto’s cooling condominium apartment market, agents are contending with selling and leasing conditions that are upside-down compared with just a few months ago. Investo ...

Done Deal ‘Pent-up demand’ gives Queensway bungalow sale a $153,500 bump

September 29, 2020 | Posted by: Maurice Kwok

21 Bentley Dr., Toronto Asking price: $1,249,000 Selling price: $1,402,500 Previous selling price: $551,000 (2011) Taxes: $4,144 (2020) Days on the market: One Listing agent: Jody Thompson, Re/M ...

Studies suggest Toronto’s rental shortage will skyrocket in coming years

September 23, 2020 | Posted by: Maurice Kwok

A new report suggesting the Greater Toronto Area could be facing a shortage of 200,000 rental apartments within a decade is highlighting the conundrum of a region that is building more high-rise apart ...

Listing delayed, but demand sparks three quick offers on Toronto house

September 22, 2020 | Posted by: Maurice Kwok

392 Rhodes Ave., Toronto Asking price: $879,900 Selling price: $1,051,940 Mortgage Pre-approval: https://velocity-app.newton.ca/public/#/clientJourney/slides/home?shortCode=10shot8315udc ...

CMHC saw 'moderate' risk of overvalued markets, stands by price forecast

September 21, 2020 | Posted by: Maurice Kwok

The Canadian Mortgage Housing Corporation (CMHC) saw ‘moderate’ evidence of an overvalued housing market in the Spring of 2020. The organization’s Housing Market Assessment ...

Luxury Vaughan house’s sale meets pandemic roadblock

September 21, 2020 | Posted by: Maurice Kwok

5 Honey Locust Court, Vaughan, Ontario Asking price: $6,880,000 Selling price: $6-million Taxes: $6,000 (2019) Days on the market: 139 Listing agent: Voula Argyropoulos and Jerry Hammond, Hammo ...

Canadian home sales climb again, set record for August: CREA

September 15, 2020 | Posted by: Maurice Kwok

Canada posted record home sales and prices in August, but the increase was uneven, as the housing market levelled off in some regions. Home sales in August climbed 6.2 per cent compared with July t ...

Toronto agents flock to Guelph ‘entry-level’ house

September 13, 2020 | Posted by: Maurice Kwok

15 Hasler Cres., Guelph, Ont. Asking price: $699,900 Selling price: $695,000 Previous selling price: $305,000 (2010); $256,290 (2006) Taxes: $4,619 (2020) Days on the market: two Listing agent ...

Mortgage delinquencies expected to jump in latter part of the year, CMHC says

September 10, 2020 | Posted by: Maurice Kwok

Canada’s housing agency said there could be a “significant increase' in mortgage delinquencies later this year as banks’ loan deferrals during the COVID-19 pandemic end and alternati ...

Toronto home prices soar to record highs in August

September 3, 2020 | Posted by: Maurice Kwok

Toronto’s housing market hit new record highs in August, with sales and prices spiking, as low mortgage rates fuelled competition for homes despite economic uncertainty brought on by the novel c ...

Canadian home sales, prices hit record high as low mortgage rates drive buyers into the market

August 10, 2020 | Posted by: Maurice Kwok

Canadian home sales and prices surged to a record high in July, as buyers flooded the market and took advantage of rock bottom mortgage rates after the new coronavirus pandemic briefly slowed activity ...

Vancouver home sales spike as record low mortgage rates, limited supply drive competition

August 5, 2020 | Posted by: Maurice Kwok

Vancouver’s housing market spiked in July, with sales and prices climbing, as record low mortgage rates and limited supply whipped up competition after a brief slowdown from the coronavirus pand ...

New Home Sales in GTA Heat up Again in June: BILD

July 30, 2020 | Posted by: Maurice Kwok

Following two months of “historically slow” sales as a direct result of the COVID-19 pandemic, new home sales are starting to surge again in the Greater Toronto Area (GTA). In fact, durin ...

House prices bounced up 6.5% in June compared to last year, CREA says

July 17, 2020 | Posted by: Maurice Kwok

Canada's housing market showed signs of recuperation from COVID-19 last month, with prices and sales numbers well up from where they were a year earlier. The Canadian Real Estate Association said Wed ...

Toronto real estate buyers turn to the suburbs as more people work from home

July 8, 2020 | Posted by: Maurice Kwok

Torontonians are increasingly heading to the suburbs and further afield, driving up sales in Niagara, St. Catharines, Burlington and Hamilton, as they search for more space after months of being coope ...

Toronto home sales rebound in June as market shrugs off coronavirus slowdown

July 7, 2020 | Posted by: Maurice Kwok

Toronto home sales rebounded in June, with the average selling price up 12 per cent over the past year, as competition heated up after a brief slowdown from the coronavirus pandemic. Once again, ...

Six offers for Toronto home despite stiff competition

July 6, 2020 | Posted by: Maurice Kwok

285 Brookdale Ave., Toronto Asking price: $1,095,000 Selling price: $1,425,000 Previous selling prices: $1,370,000 (2017); $960,250 (2014); $328,000 (2001); $269,200 (1995) Taxes:&n ...

Pandemic accelerates sale plans for Toronto condo

June 29, 2020 | Posted by: Maurice Kwok

85 Bloor St. E., No. 1503, Toronto Asking price: $469,000 Selling price: $580,000 Previous selling prices: $389,000 (2016); $332,500 (2011); $203,260 (2006) Taxes: $2,090 (2019) Days on the ...

Inside a 5-Bed Riverdale Home That Just Went for $500k Over Asking

June 22, 2020 | Posted by: Maurice Kwok

This 5-bed detached home at 63 Withrow Avenue in North Riverdale just went for $500,000 over asking after being on the market for just two days. Besides being just steps from one ...

Canadian home sales and new listings on the rise in May

June 8, 2020 | Posted by: Maurice Kwok

OTTAWA, ON, June 15, 2020 /CNW/ - Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings were up noticeably in May 2020 ...

Signs of life in Toronto housing as sales surge 53% from April

June 3, 2020 | Posted by: Maurice Kwok

Activity in Canada’s largest housing market warmed up in May after going into a deep freeze at the onset of the COVID-19 pandemic, and the local real estate board says the momentum should contin ...

‘Serious’ buyers make two bids for Bloor West house

June 1, 2020 | Posted by: Maurice Kwok

571 Windermere Ave., Toronto Asking price: $1,399,000 Selling price: $1,701,000 Previous selling price: $306,000 (1998) Taxes: $5,760 (2019) Days on the market: Two List ...

CMHC predicts house prices could drop up to 18 per cent

May 22, 2020 | Posted by: Maurice Kwok

Canada’s national housing agency is predicting home prices could plummet up to 18 per cent and mortgage arrears could soar to 20 per cent, a forecast some economists and real estate experts say ...

Canadian home sales sank 57% in April as COVID-19 pandemic hammered market

May 20, 2020 | Posted by: Maurice Kwok

Canadian home sales tanked and price dipped in April over the previous month, marking the weakest activity since 1984 as the coronavirus pandemic slammed the housing market. Last month, 16,612 homes ...

Pandemic puts downward pressure on residential rents

May 18, 2020 | Posted by: Maurice Kwok

As the COVID-19 pandemic dampens tenant demand, there are mounting signs that residential rent inflation is slowing, particularly in urban markets that have been racked by affordability concerns for y ...

Home sales hammered by stay-at-home measures in Toronto, Vancouver, Calgary

May 5, 2020 | Posted by: Maurice Kwok

Home sales in Vancouver, Calgary and Toronto plunged in April, according to local real estate boards, as the COVID-19 pandemic closed businesses and led to mass layoffs across the country. In the Van ...

Greater Toronto Area home sales down 69% midway through April due to COVID-19

April 23, 2020 | Posted by: Maurice Kwok

TORONTO – The Toronto Regional Real Estate Board says home sales were down 69 per cent in the first 17 days of April compared with a year ago as the COVID-19 outbreak put a chill on ma ...

Canadian home sales dropped 14 per cent in March as COVID-19 crisis shuts down economy

April 15, 2020 | Posted by: Maurice Kwok

Home sales across Canada dropped 14 per cent in March, over the previous month, as the coronavirus pandemic shutdown work and thousands of Canadians lost their jobs. Last month, 41,151 homes were sol ...

CMHC says housing vulnerability moderate, downgrades risk in Prairie cities to low

February 20, 2020 | Posted by: Maurice Kwok

Canada Mortgage and Housing Corp. (CMHC) says it has downgraded the vulnerability of several cities in the Prairies while Canada’s housing market remains moderately vulnerable. The federal hous ...

Housing shortage in Ontario drives up home prices

February 14, 2020 | Posted by: Maurice Kwok

A housing shortage in Southern and Eastern Ontario is driving up home prices, and there is no relief in sight. The benchmark price of a typical home sold in January rose 8 per cent to $840,900 in the ...

Pace of Canadian housing starts beats expectations in January

February 12, 2020 | Posted by: Maurice Kwok

The pace of housing starts climbed in January from a month earlier on gains in Ontario and Quebec while starts declined in Western Canada, according to Canada Mortgage and Housing Corp. The federal h ...

Offer for Etobicoke townhouse tops asking price by 20 per cent

February 8, 2020 | Posted by: Maurice Kwok

542D Scarlett Rd., Toronto Asking price: $799,000 Selling price: $973,000 (+21.8%) Previous selling prices: $433,000 (2003); $325,325 (2000) Taxes: $4,466 (2018) Days on the ...

Toronto home sales headed for strong year as population grows, rates stay low, forecast says

February 6, 2020 | Posted by: Maurice Kwok

Toronto's housing market is in for a robust year, the area's real estate board said in a new forecast, as the population grows and interest rates remain low. The Toronto Regional Real Estate Board pr ...

Buyer pays 30 per cent above asking price to nab King West loft

February 1, 2020 | Posted by: Maurice Kwok

954 King St. W., No. 326, Toronto Asking price: $498,000 Selling price: $646,100 Previous selling price: $124,330 (2000) Taxes: $2,161 (2018) Days on the market: 11 List ...

Is Real Estate Growing or Declining in Toronto?

January 27, 2020 | Posted by: Maurice Kwok

Toronto, Canada’s largest city, has been notorious over the years from being the country’s most expensive real estate market, in close competition with Vancouver. But with Canada’s s ...

Tight Toronto housing market pushes prices to record highs with biggest gains in three years

January 8, 2020 | Posted by: Maurice Kwok

Home sales dropped in Toronto in December, but prices continued to rise as demand outstripped a dwindling supply of units available for purchase. The number of homes sold in Canada’s largest ci ...

Toronto Home Prices Expected to Skyrocket in 2020

January 2, 2020 | Posted by: Maurice Kwok

After a rocky few years of declining home prices and sales amidst goverment cooling measures, Toronto's real estate market heated up with a vengeance over the latter half of 2019. The Toron ...

The mortgage stress test is making housing supply issues worse — and making homes even more unaffordable

December 11, 2019 | Posted by: Maurice Kwok

Canada is experiencing sustained economic and population growth. Millennials and new Canadians are forming households and their desire for home ownership is very strong. Interest rates are low. In thi ...

Toronto Home Prices To Rise By 6 Per Cent In 2020: Report

November 28, 2019 | Posted by: Maurice Kwok

A new report from Re/Max forecasts that home prices in the City of Toronto will rise by 6 per cent in the coming year. The increase will make the average cost of a resale approximately $812 ...

Record population growth has huge housing impact Market Trends Affordable Housing

November 26, 2019 | Posted by: Maurice Kwok

Canada’s population grew by 531,000 from August 2018 to July 2019 – the largest 12-month increase in our history according to Statistics Canada. That growth is having an enormous impa ...

Toronto’s rental housing problem: Too many people in too little space

November 25, 2019 | Posted by: Maurice Kwok

The Toronto region has the highest proportion of renter households in Canada that don’t have enough room for all their occupants, a sign the city’s continuing rental crisis is forcing some ...

Canada’s rental costs rising, adding to affordability woes

November 21, 2019 | Posted by: Maurice Kwok

Canada’s rental costs increased 0.8 per cent in October from a month ago, and by 2.5 per cent since January, according to figures released by Statistics Canada on Wednesday. In January, the sta ...

Canadian home sales rise 12.9 per cent in October from a year ago: CREA

November 15, 2019 | Posted by: Maurice Kwok

The Canadian Real Estate Association says the number of home sales was up 12.9 per cent nationally in October compared with the same month last year. It says sales activity last month was almost the ...

Homes in Canada are getting more affordable, but it isn’t likely to last

November 12, 2019 | Posted by: Maurice Kwok

Canadian home affordability has steadily improved this year thanks in large part to a decline in mortgage rates and rising incomes, but conditions remain “difficult” in Toronto and Vancouv ...

Toronto, Hamilton housing markets less risky, CMHC says

November 7, 2019 | Posted by: Maurice Kwok

The housing markets in Toronto and Hamilton have become less overvalued and no longer have a high degree of risk, Canada’s federal housing agency says. The Canada Mortgage and Housing Corp. dow ...

3 Canadian housing market trends to look out for in 2020

November 6, 2019 | Posted by: Maurice Kwok

The floodgates have officially opened for Canadian housing market forecasts for the next year. We’ve already heard that interest rates will likely sink lower in 2020 as the housi ...

Toronto, Vancouver home sales on the rise with double-digit increases in October 2019

November 5, 2019 | Posted by: Maurice Kwok

Home sales in Vancouver and Toronto had double-digit increases in October over the previous year, and prices in Toronto jumped as well, as the country’s most expensive markets continued their re ...

‘The housing sector is clearly on the rebound’: What Bank of Canada expects in next two years

November 2, 2019 | Posted by: Maurice Kwok

The Bank of Canada is keeping a wary eye on the housing and mortgage markets, though it has seen nothing bubbly of late. Still, the central bank said this week that, after all the government measures ...

Rental buildings making a comeback as housing crunch pushes demand, returns

October 28, 2019 | Posted by: Maurice Kwok

Matthew Boukall remembers a couple of years back at a conference in Calgary, where someone got confused over the difference between condo and rental apartment builds. “People had only seen cond ...

CMHC: Housing Activity Expected to Recover in 2020

October 25, 2019 | Posted by: Maurice Kwok

Explore the forecasts for 2020 – 2021 and learn more about the overall economic and demographic conditions, housing starts and home sales. Find out how housing activity is expected to recover i ...

CMHC forecasts a recovery in Canada’s housing market after two years of declines

October 24, 2019 | Posted by: Maurice Kwok

Canada’s federal housing agency expects the housing market to recover in the next two years after declines in home building, sales and prices. Canada Mortgage and Housing Corp. said in its annu ...

Rebound continues as home sales jump across Canada amid affordability concerns

October 17, 2019 | Posted by: Maurice Kwok

Canada’s home sales jumped 15.5 per cent in September compared with last year, with rising activity and record prices in Toronto and its surrounding suburbs adding to affordability concerns that ...

Home sales in September up 15.5 per cent from year ago: CREA

October 15, 2019 | Posted by: Maurice Kwok

Ottawa, ON, October 15, 2019 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up slightly in September 2019. Highlights: National ...

Toronto is now the world's second most overvalued property market: UBS

October 10, 2019 | Posted by: Maurice Kwok

Toronto has emerged as the world’s second most overvalued housing market on the back of low rates and supply shortages, according to UBS AG’s annual global real estate bubble index. Vanco ...

Canadian housing starts fell 2.5 per cent in September but less than expected

October 8, 2019 | Posted by: Maurice Kwok

The pace of Canadian housing starts slowed in September compared with August, but still came in better than expected. Canada Mortgage and Housing Corp. said Tuesday the seasonally adjusted annual rat ...

Toronto, Vancouver home sales surge as Canada’s most expensive cities move into recovery mode

October 3, 2019 | Posted by: Maurice Kwok

Home sales rose sharply in Toronto and Vancouver last month as Canada’s most expensive cities continued to move strongly into recovery mode after a long slump. Sales of all home types climbed b ...

Vancouver housing sales surge as prices continue to drop

October 2, 2019 | Posted by: Maurice Kwok

Greater Vancouver housing sales surged after prices dropped to their lowest level since the spring of 2017. The Real Estate Board of Greater Vancouver said on Wednesday that there were 2,333 sales in ...

Canadian Home Sales Have ‘Room To Run’ In 2020, CREA Predicts

September 30, 2019 | Posted by: Maurice Kwok

Home sales rose Canada-wide for the sixth straight month in August, leading one of the country’s largest real estate industry groups to increase its 2019 sales forecast on the back of ...

Where Could a Median-Income Household Afford Real Estate in Canada?

September 27, 2019 | Posted by: Maurice Kwok

Housing affordability has long been a hot-button issue across Canada and will take centre stage in the upcoming October Federal Election as a top priority for voters. However, given the vast geographi ...

Canadian home prices rise for fourth straight month in August

September 19, 2019 | Posted by: Maurice Kwok

Canadian home prices rose for the fourth consecutive month in August, while the annual increase in prices picked up for the first time in nine months, data on Thursday showed. The Teranet-National Ba ...

Detached-housing market is breaking out of two-year sales slump in Toronto-area suburbs

September 2, 2019 | Posted by: Maurice Kwok

Sales of detached houses in the suburban 905 region outside Toronto are leaping higher after a two-year slump, posting gains of 20 per cent or more in every month since April. When home sales began ...

Big bank releases housing trends for 2017

August 26, 2019 | Posted by: Maurice Kwok

Five takeaways from RBC’s national housing health report.(1) Sellers’ markets Nation-wide, sales-to-new listings ratios climbed to the point of favouring sellers in 2016 and sales tre ...

Canadian Housing Statistics

July 8, 2019 | Posted by: Maurice Kwok

CMHC annual reports and monthly updates contain current and historical data on housing in Canada — new construction, new home prices and sales, rental statistics and the demographics of housing ...

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Category: Housing Market (65 posts)

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