Recent reports from Royal Bank of Canada and National Bank of Canada show housing is the least affordable it has been in 30 years, since the peak of the 1980s/1990s housing bubble.
The average selling price of a house in Canada jumped some 40% in the two years since the start of the COVID-19 pandemic, and now “the Bank of Canada’s ‘forceful’ interest rate hiking campaign will further inflate ownership costs in the near term,” RBC economists wrote in June.
“Higher rates will affect virtually every buyer across the country,” but the priciest markets will be hit hardest, they said, concluding that RBC’s measure of housing affordability is “on a path to worst-ever levels.”
With would-be buyers seeing their purchasing power shrinking, many are staying put in rental housing, and that’s putting upward pressure on rents.
Advertised rents jumped between 18 and 26% in Toronto and Vancouver over the past year, depending on the apartment type, Rentals.ca reports.
At first blush, the house price decline looks like good news for buyers (and bad news for owners). The average selling price of a house in Canada has fallen nearly 20% since its peak in February, to around $665,000 in June. That’s 1.8% lower than a year earlier.
But from the point of view of affordability, rising mortgage rates mean things are considerably worse than a year ago.
In a recent client note, Bank of Montreal economist Robert Kavcic estimated that, with the Bank of Canada’s July rate hike, the mortgage payment on an average-priced home in Ontario will have ballooned by more than 50% since early 2021, from around $3,000 to $4,700.
Nationwide, the jump in mortgage costs is nearly as bad.
Over the past year, as discount rates for five-year fixed-rate mortgages jumped from around 1.7% to 4.3%, the monthly payment on an average-priced house jumped from around $2,200 to $2,900, a 32% increase. That’s even with the slight drop in the average house price over that time.
At these rates, to get back to last year’s $2,200 monthly payment, the average selling price would have to fall all the way to $510,000, a drop of another 23%.
And that doesn’t get us to affordable homes — only to last year’s already high housing costs.
Sorry, homebuyers. A house price crash won’t help much, because what falling home prices giveth, rising mortgage rates taketh away.
Canada Needs More Housing
It’s becoming increasingly apparent — to renters, homebuyers, real estate insiders and policymakers alike — that the country needs more housing.
According to a 2021 report from Scotiabank, Canada has the lowest number of housing units per capita of any G7 country.
A report earlier this year from Canada Mortgage and Housing Corp. found the country needs to build 3.5M more homes than planned by 2030 to get back to the affordability levels of 2003 and 2004 — the last time CMHC says housing was affordable.
Of those new homes, 1.85M additional units need to be built in Ontario alone, the report said.
Most agree that there are no quick solutions to the problem, and building more housing faster will require political action.
“Step one has to be ending exclusionary zoning,” says Jacob Dawang, an advocate with More Neighbours Toronto (MNTO).
The group is among a growing number of “YIMBY” (“yes in my back yard”) organizations that are taking on “NIMBY” (“not in my back yard”) activists who oppose new development in existing neighbourhoods.
The situation for renters in Toronto has turned dire, Dawang says. Tenants have no leverage in today’s market.
“If you don’t take the price your landlord gives you, there are 10 people behind you willing to pay that price,” he says.
The space to build new housing is there, groups like MNTO argue, if only cities changed their approach to development and allowed more densification of low-rise areas.
.
The average selling price of a house in Canada jumped some 40% in the two years since the start of the COVID-19 pandemic, and now “the Bank of Canada’s ‘forceful’ interest rate hiking campaign will further inflate ownership costs in the near term,” RBC economists wrote in June.
“Higher rates will affect virtually every buyer across the country,” but the priciest markets will be hit hardest, they said, concluding that RBC’s measure of housing affordability is “on a path to worst-ever levels.”
With would-be buyers seeing their purchasing power shrinking, many are staying put in rental housing, and that’s putting upward pressure on rents.
Advertised rents jumped between 18 and 26% in Toronto and Vancouver over the past year, depending on the apartment type, Rentals.ca reports.
At first blush, the house price decline looks like good news for buyers (and bad news for owners). The average selling price of a house in Canada has fallen nearly 20% since its peak in February, to around $665,000 in June. That’s 1.8% lower than a year earlier.
But from the point of view of affordability, rising mortgage rates mean things are considerably worse than a year ago.
In a recent client note, Bank of Montreal economist Robert Kavcic estimated that, with the Bank of Canada’s July rate hike, the mortgage payment on an average-priced home in Ontario will have ballooned by more than 50% since early 2021, from around $3,000 to $4,700.
Nationwide, the jump in mortgage costs is nearly as bad.
Over the past year, as discount rates for five-year fixed-rate mortgages jumped from around 1.7% to 4.3%, the monthly payment on an average-priced house jumped from around $2,200 to $2,900, a 32% increase. That’s even with the slight drop in the average house price over that time.
At these rates, to get back to last year’s $2,200 monthly payment, the average selling price would have to fall all the way to $510,000, a drop of another 23%.
And that doesn’t get us to affordable homes — only to last year’s already high housing costs.
Sorry, homebuyers. A house price crash won’t help much, because what falling home prices giveth, rising mortgage rates taketh away.
Canada Needs More Housing
It’s becoming increasingly apparent — to renters, homebuyers, real estate insiders and policymakers alike — that the country needs more housing.
According to a 2021 report from Scotiabank, Canada has the lowest number of housing units per capita of any G7 country.
A report earlier this year from Canada Mortgage and Housing Corp. found the country needs to build 3.5M more homes than planned by 2030 to get back to the affordability levels of 2003 and 2004 — the last time CMHC says housing was affordable.
Of those new homes, 1.85M additional units need to be built in Ontario alone, the report said.
Most agree that there are no quick solutions to the problem, and building more housing faster will require political action.
“Step one has to be ending exclusionary zoning,” says Jacob Dawang, an advocate with More Neighbours Toronto (MNTO).
The group is among a growing number of “YIMBY” (“yes in my back yard”) organizations that are taking on “NIMBY” (“not in my back yard”) activists who oppose new development in existing neighbourhoods.
The situation for renters in Toronto has turned dire, Dawang says. Tenants have no leverage in today’s market.
“If you don’t take the price your landlord gives you, there are 10 people behind you willing to pay that price,” he says.
The space to build new housing is there, groups like MNTO argue, if only cities changed their approach to development and allowed more densification of low-rise areas.
.
Terminated Condo Listings Up by More Than 600% in the GTA
In June, condo listings in the GTA plunged to a record-setting low.
According to a report by Strata, the number of terminated listings rose by a staggering 643% from 380 in January to 2,822 in June. Realtors with Strata said this development in the condo market is in line with the overall housing market slowdown.
“Many sellers are still operating under the impression that this is a seller’s market, so they are listing too high and not seeing any action,” wrote Alex Hood, a realtor at Strata.ca, in the report. “At the same time, rising inflation and interest rates are making buyers feel uncertain about the trajectory of the market, which is causing them to be more conservative with their bids.”
.
In June, condo listings in the GTA plunged to a record-setting low.
According to a report by Strata, the number of terminated listings rose by a staggering 643% from 380 in January to 2,822 in June. Realtors with Strata said this development in the condo market is in line with the overall housing market slowdown.
“Many sellers are still operating under the impression that this is a seller’s market, so they are listing too high and not seeing any action,” wrote Alex Hood, a realtor at Strata.ca, in the report. “At the same time, rising inflation and interest rates are making buyers feel uncertain about the trajectory of the market, which is causing them to be more conservative with their bids.”
.
GTA Industrial Market Vacancy Remained at Record Low in Q2
Would-be commercial tenants in need of industrial space have had a tough time finding it in the Greater Toronto Area — and there’s no relief in the immediate term as the latest vacancy numbers reveal the region is among the tightest markets in North America.
The second-quarter Industrial Market Report from Avison Young reports an availability rate of just 0.9% in the industrial rental sector, remaining virtually unchanged from the previous quarter — the lowest on record — and reflecting a 135% increase over the past five years. In fact, there are only 16 available properties in the GTA measuring more than 250,000 sq ft. New supply is also slow to come online; currently, there is a total of 15M sq ft. under construction, a decline of 700,000 sq ft. from Q1.
.
Would-be commercial tenants in need of industrial space have had a tough time finding it in the Greater Toronto Area — and there’s no relief in the immediate term as the latest vacancy numbers reveal the region is among the tightest markets in North America.
The second-quarter Industrial Market Report from Avison Young reports an availability rate of just 0.9% in the industrial rental sector, remaining virtually unchanged from the previous quarter — the lowest on record — and reflecting a 135% increase over the past five years. In fact, there are only 16 available properties in the GTA measuring more than 250,000 sq ft. New supply is also slow to come online; currently, there is a total of 15M sq ft. under construction, a decline of 700,000 sq ft. from Q1.
.
Calm before the storm: Canadian banks expected to start shoring up reserves as consumer credit risks build
Pressure is building on consumers amid rising interest rates and the loss of pandemic loan supports
Canada’s big banks may need to start shoring up their loan-loss provisions as the economic cycle turns and they eye growing consumer credit risks, according to a new report from Toronto-based Veritas Investment Research.
“Given cycle highs in household leverage and the fastest pace of interest rate increases in over twenty years, we expect provisions for credit losses (PCLs) in the upcoming cycle to match or potentially exceed PCLs during the global financial crisis (GFC),” Veritas investment analyst Nigel D’Souza wrote in a July 26 note to clients.
.
Pressure is building on consumers amid rising interest rates and the loss of pandemic loan supports
Canada’s big banks may need to start shoring up their loan-loss provisions as the economic cycle turns and they eye growing consumer credit risks, according to a new report from Toronto-based Veritas Investment Research.
“Given cycle highs in household leverage and the fastest pace of interest rate increases in over twenty years, we expect provisions for credit losses (PCLs) in the upcoming cycle to match or potentially exceed PCLs during the global financial crisis (GFC),” Veritas investment analyst Nigel D’Souza wrote in a July 26 note to clients.
.
D’Souza added that the firm is estimating a PCL ratio of between 0.70 per cent and 0.80 per cent, slightly higher than during the financial crisis in 2008, as Canadian banks have grown more exposed to international assets over the years.
On top of burgeoning household debt and international exposure, another issue that could force the banks to build up these provisions is that the same supports that kept Canadians paying their loans at the height of the pandemic are no longer in play.
In 2020, banks had ramped up loan-loss reserves and set a significant amount of capital aside to prepare for the worst. However, the worst never came as Canadians for the most part remained current on their loans, largely supported by a higher savings rate in the work-from-home era and buoyed by government supports such as the Canada Emergency Response Benefit and Canada Recovery Benefit.
Doug Hoyes, a licensed insolvency trustee and co-founder of Ontario-based firm Hoyes, Michalos & Associates Inc., sees the current climate as the “calm before the storm” when pressures from rising rates, Canada Revenue Agency collections and an economic downturn, among other factors, begin to bite.
“The train has left the station, but it’s not off the rails yet,” Hoyes said. “People are depleting the rest of their savings, they’re using whatever deferrals they can get… But with each passing month, as interest rates go higher, as more mortgages roll over, car loans roll over, everything else rolls over, then the pressure builds and builds and builds.
“So, what I see is the pressure building over the next number of months and quarters, which inevitably leads to higher delinquencies, higher insolvencies, more loan defaults,” Hoyes continued. “I just don’t think it’s going to happen on Monday.”
.
On top of burgeoning household debt and international exposure, another issue that could force the banks to build up these provisions is that the same supports that kept Canadians paying their loans at the height of the pandemic are no longer in play.
In 2020, banks had ramped up loan-loss reserves and set a significant amount of capital aside to prepare for the worst. However, the worst never came as Canadians for the most part remained current on their loans, largely supported by a higher savings rate in the work-from-home era and buoyed by government supports such as the Canada Emergency Response Benefit and Canada Recovery Benefit.
Doug Hoyes, a licensed insolvency trustee and co-founder of Ontario-based firm Hoyes, Michalos & Associates Inc., sees the current climate as the “calm before the storm” when pressures from rising rates, Canada Revenue Agency collections and an economic downturn, among other factors, begin to bite.
“The train has left the station, but it’s not off the rails yet,” Hoyes said. “People are depleting the rest of their savings, they’re using whatever deferrals they can get… But with each passing month, as interest rates go higher, as more mortgages roll over, car loans roll over, everything else rolls over, then the pressure builds and builds and builds.
“So, what I see is the pressure building over the next number of months and quarters, which inevitably leads to higher delinquencies, higher insolvencies, more loan defaults,” Hoyes continued. “I just don’t think it’s going to happen on Monday.”
.
🔴 خريد و فروش انواع املاك مسكوني، تجاري و اداري
🔴 اخذ وام بانكي با بهترين تسهيلات و كمترين زمان و قیمت مناسب برای مشتریانی که با ما اقدام به خرید ملک خود نمایند💯💯
🔴 تعيين ارزش و قيمت ملك شما در اسرع وقت
✅ جهت هرگونه مشاوره و اطلاع از آخرين وضعيت بازار املاك با من تماس بگيريد.
تلفن تماس:
(647) 772-9502
💥حجت اله ایزدی
کارشناس املاک
🥇مشاور امين، آگاه و مورد اعتماد شما
🔴 اخذ وام بانكي با بهترين تسهيلات و كمترين زمان و قیمت مناسب برای مشتریانی که با ما اقدام به خرید ملک خود نمایند💯💯
🔴 تعيين ارزش و قيمت ملك شما در اسرع وقت
✅ جهت هرگونه مشاوره و اطلاع از آخرين وضعيت بازار املاك با من تماس بگيريد.
تلفن تماس:
(647) 772-9502
💥حجت اله ایزدی
کارشناس املاک
🥇مشاور امين، آگاه و مورد اعتماد شما
It’s inspection season
Mike Holmes
Regular maintenance keeps your house clean, and your systems and appliances work more efficiently when properly maintained. Even newly constructed homes require routine upkeep and will last longer, keeping your family safe and secure for years to come.
If you haven’t inspected your deck, do it now. Look for loose boards or railings, rot, cracks, insect damage, or deterioration of fasteners and connectors. If you have real concerns hire a professional to inspect your deck — it’s better to be safe than sorry.
Also, inspect your roof — spring and fall are ideal times to get any repairs done, but you may have let this slide. Before it’s too late, do a quick visual check on the condition of your roof for missing or curled shingles or any water damage, and book an appointment if you have concerns. You may have to wait for an appointment, but it is good to get it booked now.
.
Mike Holmes
Regular maintenance keeps your house clean, and your systems and appliances work more efficiently when properly maintained. Even newly constructed homes require routine upkeep and will last longer, keeping your family safe and secure for years to come.
If you haven’t inspected your deck, do it now. Look for loose boards or railings, rot, cracks, insect damage, or deterioration of fasteners and connectors. If you have real concerns hire a professional to inspect your deck — it’s better to be safe than sorry.
Also, inspect your roof — spring and fall are ideal times to get any repairs done, but you may have let this slide. Before it’s too late, do a quick visual check on the condition of your roof for missing or curled shingles or any water damage, and book an appointment if you have concerns. You may have to wait for an appointment, but it is good to get it booked now.
.
Summertime is a great time to inspect your driveway and walkways for cracks and any unevenness that could be a tripping hazard. A few summers ago, I resealed my asphalt driveway, and it looks fantastic. The process added several more years of life to my driveway. You can hire a professional to get this done, but there are also some great DIY crack repair kits that will help you restore your walkways in a few simple steps.
Many homeowners are spending more time at home, so making the most out of your outdoor space is great. Depending on your level of handiwork, you can create a welcoming backyard by doing a good cleanup, adding planters, or creating some new garden beds. Remember, don’t get too close to the exterior or foundation of your home as this can lead to moisture issues, especially if there are any cracks in the foundation.
If you are thinking about a total backyard transformation, adding trees, rock gardens, walkways, water features, or unique spaces are all great ideas. However, you may need to consult a landscape architect and a contractor in that case.
Another way little critters or insects can get into your home is through openings. Fill in any holes around venting as this allows air leakage and acts as an access point for critters. Also, check for cracks below windows and doorsteps and repair any tears in window and door screens too.
If you see any holes in your mortar or loose bricks (sometimes referred to as “tuck-pointing”), get them fixed and seek a pro since this requires a unique skill and must be done correctly.
Be sure to clean your gutters and downspouts and use a gutter scoop to eliminate stuck-on debris and stray leaves. I would also consider installing a gutter guard, which prevents material from entering the gutter and clogging it up. Gutter guards will cut down on maintenance and no more climbing up ladders.
You may be going away on vacation or spending more time outside your house for extended periods, so this may be a good time to evaluate your home’s security system. I am a big fan of smart security systems and lighting, and there are a lot of options that you can control directly from your phone even if you’re out of the country.
In the summertime, we try to spend as much time as we can outside but don’t forget some important home maintenance tips that should also be done inside your home.
Our summers can be pretty hot, requiring us to use our air conditioner a lot. Make sure to schedule routine maintenance for your HVAC system. As a bonus consider also adding an ERV to your system. An ERV will improve HVAC efficiency, enhance indoor air quality, aid with odour management, and regulate relative humidity levels in your house.
Ceiling fans are another great way to help keep rooms in your home cool. The air won’t be colder, but by reversing the motion, the cool air will be forced downward and help keep you cool. In addition to your air conditioner, a ceiling fan can allow the AC to be turned up a few degrees, which could help save on your energy bill.
I believe failing to inspect smoke and CO2 detectors to ensure they are operational is the most common home maintenance mistake. Every season, I advise doing a test and replacing the batteries.
Summer is my favourite time of year and I love spending time outdoors. Practicing good home maintenance is the best thing you can do for the longevity of your home.
.
Many homeowners are spending more time at home, so making the most out of your outdoor space is great. Depending on your level of handiwork, you can create a welcoming backyard by doing a good cleanup, adding planters, or creating some new garden beds. Remember, don’t get too close to the exterior or foundation of your home as this can lead to moisture issues, especially if there are any cracks in the foundation.
If you are thinking about a total backyard transformation, adding trees, rock gardens, walkways, water features, or unique spaces are all great ideas. However, you may need to consult a landscape architect and a contractor in that case.
Another way little critters or insects can get into your home is through openings. Fill in any holes around venting as this allows air leakage and acts as an access point for critters. Also, check for cracks below windows and doorsteps and repair any tears in window and door screens too.
If you see any holes in your mortar or loose bricks (sometimes referred to as “tuck-pointing”), get them fixed and seek a pro since this requires a unique skill and must be done correctly.
Be sure to clean your gutters and downspouts and use a gutter scoop to eliminate stuck-on debris and stray leaves. I would also consider installing a gutter guard, which prevents material from entering the gutter and clogging it up. Gutter guards will cut down on maintenance and no more climbing up ladders.
You may be going away on vacation or spending more time outside your house for extended periods, so this may be a good time to evaluate your home’s security system. I am a big fan of smart security systems and lighting, and there are a lot of options that you can control directly from your phone even if you’re out of the country.
In the summertime, we try to spend as much time as we can outside but don’t forget some important home maintenance tips that should also be done inside your home.
Our summers can be pretty hot, requiring us to use our air conditioner a lot. Make sure to schedule routine maintenance for your HVAC system. As a bonus consider also adding an ERV to your system. An ERV will improve HVAC efficiency, enhance indoor air quality, aid with odour management, and regulate relative humidity levels in your house.
Ceiling fans are another great way to help keep rooms in your home cool. The air won’t be colder, but by reversing the motion, the cool air will be forced downward and help keep you cool. In addition to your air conditioner, a ceiling fan can allow the AC to be turned up a few degrees, which could help save on your energy bill.
I believe failing to inspect smoke and CO2 detectors to ensure they are operational is the most common home maintenance mistake. Every season, I advise doing a test and replacing the batteries.
Summer is my favourite time of year and I love spending time outdoors. Practicing good home maintenance is the best thing you can do for the longevity of your home.
.
List of Townhouses and Houses in Richmond Hill - Westbrook
For more information and to receive rental houses photos, please call:
☎️ 647-772-9502
Hojjatollah Izady, Realtor
hoizady@yahoo.com
ليست تاون هاوس ها و خانه های فروشی در شهر ريچموندهيل - وست بروک
جهت كسب اطلاعات بیشتر و دريافت تصاوير خانه ها با شماره تلفن زير تماس بگيريد :
☎️ 647-772-9502
حجت اله ایزدی، کارشناس املاک
hoizady@yahoo.com
.
For more information and to receive rental houses photos, please call:
☎️ 647-772-9502
Hojjatollah Izady, Realtor
hoizady@yahoo.com
ليست تاون هاوس ها و خانه های فروشی در شهر ريچموندهيل - وست بروک
جهت كسب اطلاعات بیشتر و دريافت تصاوير خانه ها با شماره تلفن زير تماس بگيريد :
☎️ 647-772-9502
حجت اله ایزدی، کارشناس املاک
hoizady@yahoo.com
.
Market Watch Infographic for July 2022
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
Forwarded from خرید و فروش املاک در تورنتو
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New Condo development by Block Developments located at Dufferin St & Queen St W, Toronto.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
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Toronto, Vancouver housing markets face deepest decline in 50 years, says RBC
GTA home prices have shed $178,000 in four months
The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
“Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear,” wrote RBC assistant chief economist Robert Hogue in a recent note.
“In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”
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GTA home prices have shed $178,000 in four months
The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
“Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear,” wrote RBC assistant chief economist Robert Hogue in a recent note.
“In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”
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Apart from the dive housing took in the early COVID-19 lockdown, home sales in Toronto have fallen to the slowest pace in 13 years, Hogue said.
Meanwhile, inventories are climbing quickly, up 58% from a year ago, and buyers are now managing to get “meaningful price concessions” from sellers, he said.
Since March the composite MLS Home Price Index has shed $178,000, or 13%, falling to $1.16 million. In July alone prices declined 3.9% or $47,000.
Toronto is not a buyer’s market yet, according to the sales to new listings ratio, but RBC expects home hunters in the GTA to continue to find better deals, especially in the 905 areas outside of the core where prices soared during the pandemic.
Vancouver, where home sales are down 40% over the past four months, is also experiencing a big chill. July saw an estimated 9% decline.
Home prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.
It expects prices to fall more rapidly in coming months, especially in the detached home sector.
The heavy hit to Canada’s two most expensive cities was predictable, but signs of the correction are now cropping up in more affordable cities as well.
“The downturn may be more contained in other markets but unmistaken nonetheless,” wrote Hogue.
Home sales in Montreal this year have been slowing gradually and by July had declined to 17% below pre-pandemic levels. That and a rise in inventories have returned the market to balance, said Hogue.
Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining.
“This development took place across the region, suggesting a board-based price correction may be underway,” said Hogue.
Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
Higher interest rates are pushing buyers to more affordable options, like condos, and demand for more expensive detached homes is down.
Calgary’s composite MLS HPI peaked in May and has slipped lower since, he said.
A speedy rise to interest rates are the reason for the cross-country correction and with rates expected to go even higher (RBC forecasts another 75 basis by the fall) it will only get worse.
“We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates,” said Hogue.
.
Meanwhile, inventories are climbing quickly, up 58% from a year ago, and buyers are now managing to get “meaningful price concessions” from sellers, he said.
Since March the composite MLS Home Price Index has shed $178,000, or 13%, falling to $1.16 million. In July alone prices declined 3.9% or $47,000.
Toronto is not a buyer’s market yet, according to the sales to new listings ratio, but RBC expects home hunters in the GTA to continue to find better deals, especially in the 905 areas outside of the core where prices soared during the pandemic.
Vancouver, where home sales are down 40% over the past four months, is also experiencing a big chill. July saw an estimated 9% decline.
Home prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.
It expects prices to fall more rapidly in coming months, especially in the detached home sector.
The heavy hit to Canada’s two most expensive cities was predictable, but signs of the correction are now cropping up in more affordable cities as well.
“The downturn may be more contained in other markets but unmistaken nonetheless,” wrote Hogue.
Home sales in Montreal this year have been slowing gradually and by July had declined to 17% below pre-pandemic levels. That and a rise in inventories have returned the market to balance, said Hogue.
Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining.
“This development took place across the region, suggesting a board-based price correction may be underway,” said Hogue.
Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
Higher interest rates are pushing buyers to more affordable options, like condos, and demand for more expensive detached homes is down.
Calgary’s composite MLS HPI peaked in May and has slipped lower since, he said.
A speedy rise to interest rates are the reason for the cross-country correction and with rates expected to go even higher (RBC forecasts another 75 basis by the fall) it will only get worse.
“We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates,” said Hogue.
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