This week’s top real estate news in Ontario and how your real estate business could be affected.
Canadians amass $200 billion in wealth from residential real estate in a single year
“Rising home prices have generated $200 billion in new household wealth over the past year alone,” writes Adrienne Warren, a Scotiabank senior economist, in the latest weekly Global Real Estate Trends report.
Toronto condo builders have taken conservative path to adding supply: CMHC
CMHC said that 94 per cent of the condo units under construction or completed had been sold at the end of last year, leaving about six per cent of units in the Greater Toronto Area unsold. Also read “Investor: ‘I believe the speculation hustle is over’“.
Downtown Toronto has lowest office vacancy rate in North America: CBRE
CBRE says vacancy rates in the office market in downtown Toronto have been going down since 2013, thanks to strong demand from tenants. That’s despite the fact that almost four million square feet of new space has come onto the market since then.
Toronto condo landlords find tenants in 17 days on average
Condos are getting rented out sooner as competition gets stiffer. On average, condo units listed on the Toronto Real Estate Board’s multiple listing service (MLS) system were rented out in 17 days, compared to 24 days a year ago — that’s a full week drop, Urbanation points out.
New condo construction in Toronto boosts housing starts rate nationwide
“Overall, June saw housing starts pick up pace in Canada, bolstered by apartment construction in Ontario – especially new condo construction in Toronto’s downtown core,” CMHC Chief Economist Bob Dugan.
Investor unperturbed by falling rental rates
“We’re still having incredible immigration in Toronto; 200-250 thousand people moving in every year and the builders just can’t keep up with demand.”
How public transit affects home values in Toronto
The Cosmos development is part of a residential building boom tied to Toronto’s new transit lines. These are the kinds of homes that planners and developers say will blur the line between urban and suburban living. Public transit access boosts property values, and is increasingly a must-have for GTA homebuyers.
New condo construction in Toronto boosts housing starts rate nationwide
High-rises have seen a renewed surge as buyers started looking for alternatives to the low-rise market, which has recently experienced bouts of record-low inventory.
Canadian homes are making more in a year on average than the people living in them
Comparing the eye-popping 12-month home price appreciation — this works out to $50,619 as of June — with the average amount Canadians earn a year, BMO Chief Economist Douglas Porter lays out just how quickly prices are rising.
Bank of Canada holds trend setting rate at 0.5%
Pressures from global volatility and slow growth in the wake of the Brexit haven’t deterred the Bank of Canada from its current monetary policy; the central bank has opted to maintain the overnight lending rate at 0.5%. The Bank Rate is correspondingly 0.75%, and the Deposit Rate is .25%.
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