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TORONTO REGIONAL REAL ESTATE BOARD RELEASES Q3 CONDOMINIUM REPORT

November 4, 2020 by thornhill201 Leave a Comment

TORONTO, ONTARIO, October 23, 2020 – Toronto Regional Real Estate Board President Lisa Patel
announced that third quarter 2020 condominium apartment sales reported by Greater Toronto Area
REALTORS® totalled 7,072 – up 10.5 per cent from Q3 2019.
The number of new listings in Q3 2020 amounted to 17,613 – an 84.6 per cent increase over Q3 2019.
Active listings at the end of Q3 were more than double that reported the same time last year.
“The condominium apartment segment experienced the second best third quarter on record in terms of
sales and the best third quarter on record in terms of the average selling price. However, while the
pace of year-over-year condo sales and price growth remained strong, it was lower than that reported
for low-rise home types. The condo market became much better supplied as many investors moved to
sell their units, due in part to softer rental market conditions and a short-term rental market that was
impacted by stricter regulations and the COVID-19-related drop in tourism,” said Ms. Patel.
The overall average condominium apartment selling price was up by 8.3 per cent year-over-year in the
third quarter to $633,484. The average selling price in the City of Toronto, at $680,963, was up by a
similar rate over the same period.
“While condo buyers certainly benefitted from more choice in the third quarter compared to the past few
years, there was still enough competition between buyers to support average selling prices
substantially above last year’s levels. It is important to note that one quarter does not make a trend,
either on the demand or supply sides of the market. How the relationship unfolds between condo sales
and listings over the next three to six months will dictate the longer-term direction for selling prices,”
said Jason Mercer, TRREB’s Chief Market Analyst.

Filed Under: Uncategorized

Condo Market Report 2020

November 3, 2020 by thornhill201 Leave a Comment

You can download PDF file by click on the download button.

this file according to Condo market report on third quarter 2020

files_pdf_market-stats_condo-reports_condo_report_Q3-2020Download

Filed Under: Uncategorized

Who is Canada’s mortgage stress test stressing?

February 21, 2019 by thornhill201 Leave a Comment

A suburban street outside Toronto, Canada

Last year was an interesting one for the Canadian new and resale housing markets. The introduction of the mandated mortgage stress test set out by the Office of the Superintendent of Financial Institutions (OSFI) had a significant effect, in that both new and resale home sales were down. First-time buyers were especially affected, as most either avoided entering the market or rescinded their offers because they could not pass the test. The stress test requires all people (new and renewal) borrowing from federally regulated lenders such as banks to prove that they can afford future mortgage payments even if interest rates rise substantially. This applies even for mortgages requiring more than a 20 per cent down payment.[Read Me…]

Filed Under: Uncategorized

Mortgage Rates In Canada Expected To Drop After RBC Cuts 5-Year Fixed Rate

January 18, 2019 by thornhill201 Leave a Comment

A

It’s getting (a little) cheaper for banks to finance mortgages.

TORONTO — Royal Bank of Canada has lowered its posted five-year fixed rate by 15 basis points from 3.89 per cent to 3.74 per cent.

Mortgage rate comparison website founder Robert McLister says RBC is the first of the Big Six banks to cut its advertised five-year fixed rate after a fall in five-year bond yields.[Read Me…]

Filed Under: Uncategorized

Housing Shortage, Immigrants’ Struggles Are Signs Canada Is Fumbling Its Population Boom

November 28, 2018 by thornhill201 Leave a Comment

Canada’s population growth ‘exceeds expectations,’ but newcomers are struggling and some rental markets are ‘in crisis.’

Population growth in Canada has accelerated in the past few years, thanks to higher federal immigration targets meant to help Canada cope with an aging population and a labour shortage.

And while experts generally agree that this will be a boost to Canada’s economy in the long run, in the short run the population boom is causing a rental crisis in Greater Toronto, and it appears the country continues to waste the talents of many of its skilled immigrants.

Population growth is “exceeding even the most optimistic demographic projections,” Benoit P. Durocher, the senior economist at Quebec’s Caisse Desjardins, wrote in a report issued Monday.

Some 413,000 people arrived in Canada in the 12 months to July, a growth rate of 1.4 per cent, the fastest among G7 countries. The population passed the 37-million mark earlier this year, according to Statistics Canada.

“Canada has close to double the growth of the second-ranked country, the United States,” Durocher wrote.[Read Me…]

Filed Under: Uncategorized

Only 2 Canadian Real Estate Markets Are Seeing Improved Demand

November 21, 2018 by thornhill201 Leave a Comment

Canadian real estate markets are still cooling around the country. Canadian Real Estate Association(CREA) numbers show only two markets saw SNLR improvements in October. The indicator, used as a gauge of demand, fell fastest in some of Canada’s largest real estate markets.

Sales To New Listings Ratio

The sales to new listings ratio (SNLR) is a quick way to gauge real estate market demand, and is used by CREA. It sounds fancy, but it’s just the ratio of sales to the number of new listings. The concept is, by measuring same month absorption, you can tell how hot or not a market is.

Reading it is straightforward. If the ratio rises above 60%, it’s a “seller’s market” – when a seller can ask for more. When the ratio falls below 40%, it’s a “buyer’s market” – when a buyer can ask for more. Anything between, and it’s considered “balanced.” One should exercise caution when the ratio is moving fast. Sometimes a fast moving ratio only makes a “pit stop” in balanced, before flipping higher or lower.[Read Me…]

Filed Under: Uncategorized

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Mahdi Mahdizadeh
Real Estate on HomeLife/Bayview
505 Hwy.#7E.,#201Thornhill, Ontario
L3T 7T1

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