The purchasing power of buyers with a $1 million budget searching for a home in Canada will widely vary depending on the city they are shopping in with those in Toronto getting less square footage and fewer bedrooms than everywhere aside from Vancouver, according to a new report.
Avison Young has released its Q1 Canadian cap rate and investment trends report, forecasting that although lenders will remain conservative in 2024, capital from lenders remains strong for qualified assets and strong borrowers.
Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.
A new report published today reveals that the burden on buyers from provincial governments’ billions of dollars in levies and development fees on new construction, and rising land transfer and property taxes, is sparking an exodus from the priciest markets.
Condominium apartment leasing activity continued to be strong in the fourth quarter of 2023 according to the latest data released by TRREB. The number of lease transactions reported through TRREB’s MLS® experienced a strong year-over-year increase. However, the number of units listed for rent was up by an even greater annual rate. This resulted in more choice for renters and a slower pace of rent growth compared to the first half of 2023.
Rent prices in Canada soared last year as supply struggled to keep up with demand, leading to the lowest national vacancy rate on record since the Canada Mortgage and Housing Corp. began tracking that data in 1988.
Stability is expected to return to the country’s housing market this year as interest rates ease, but homeowners shouldn’t expect a return to the “rollicking” price gains of previous years.
Homelife/Vision Realty Inc., Brokerage
- Independently Owned and Operated - 1945 Leslie Street - Toronto, Ontario, M3B2M3 Phone 416-383-1828 Fax 416-383-1821 Cell 416-903-9718
Not intended to solicit properties currently listed for sale
or individuals currently under contract with a brokerage.
The material provided in the pages of this website
is for informational purposes only. Although the site owner and creators assume the
information to be correct, and attempt to keep information in the
pages of this website as current as possible, they do not warrant the
accuracy or completeness of any information included in or linked to this page.