The Toronto Real Estate Board (TREB) recently released sales stats for the second quarter of this year. Here’s what’s happening in the 905 and Toronto condo markets.
Toronto Condo Market Flourishing Despite Listings Constraint
It’s not surprising that Toronto condos are performing well as prices skyrocket in the freehold market and active listings of houses dwindle against rising demand. What may be surprising to some is that the condo market is also experiencing a similar listings constraint even though sales are through the roof.
There’s been a lot happening in the world of Canadian and Toronto condo news these past few weeks.
In case you missed any of the recent headlines, here’s our round-up of the top news stories affecting condo buyers, sellers and investors.
Latest Condo News – What You Need to Know #1 TREB Appeals Competition Tribunal Ruling
If you follow Toronto real estate news and haven’t been living under a rock, you’ve heard of the multi-year battle between the Toronto Real Estate Board (TREB) and the Competition Bureau centered on TREB’s proprietary MLS system and the home data it contains.
Toronto is a city of dog lovers and condo dwelling doesn’t deter us from becoming fur moms and pops. Cats and condos have always meshed but raising a healthy, happy pup in a Toronto condo can be tough, particularly when you have a very active pooch.
We’ve written before about some of our favourite pet-friendly condos in the city as well as condos near dog parks. You can also find out about any pet restrictions on each, individual building page using our condo building guide, organized by neighbourhood.
Condo sales prices continued their ascent in June alongside staggering growth in the number of condos sold both in Toronto and the 905.
Would-be house buyers are turning (in large numbers) to condos for sale in Toronto, including second and third time buyers who are upgrading within the Toronto condo market versus facing the uphill battle that is Toronto’s freehold market.
Let’s take a look at what’s been happening in GTA real estate at the start of the summer season.
The Bank of Canada’s announcement last month that they’re holding the overnight rate at 0.5% (where we’ve been for nearly a year now) squashed any chatter about additional, potential rate hikes by Canada’s largest mortgage lenders.
Save for a few increases starting in early January 2016 (largely by the big banks; smaller lenders continue to be more competitive in many cases), mortgage rates have remained low and are likely to stay low through 2016. So, at least for the short term and possibly for the medium term, buyers will continue to enjoy more affordable payments and – with the right contract terms – perhaps even the opportunity to pay down their principal faster.
I was in Vancouver last week during Justin Trudeau’s visit; his car actually pulled up in front of my cab as I was hopping out.
While the hottest topic was the $460 million in federal funding for British Columbia transit (provincial and municipal contributions top that figure up to over $900 million), the housing affordability crisis and listings shortages in over-heated markets like Vancouver and Toronto was a key topic in Trudeau’s interview with CBC Radio Vancouver. Even the prices of Vancouver and Toronto condos are rising well above traditional inflation levels, although they’re still an affordable alternative for buyers priced out of the freehold market in Canada’s two hottest real estate zones.