Canada’s largest bank doubled down on their real estate forecast this week. Royal Bank of Canada (RBC) held its quarterly earnings call, and the bank shared how they are prepared for the next few quarters. On the call, the bank’s chief risk officer (CRO) reiterated their forecast on real estate prices. Some may think we’re […]
Greater Toronto’s suburban real estate market is in high demand, as people flee for more space and work from home. Toronto Regional Real Estate Board (TRREB) data shows prices were soaring across the board in November. However, a breakdown shows condo apartments made a sharp monthly move lower. All price gains in the index are […]
Canadian real estate agents must be looking forward to a very jolly Christmas. Statistics Canada (Stat Can) data shows ownership transfer costs, which are primarily sales commissions, reached a record high in Q3 2020. The rate of growth for the segment is now growing 11x faster than GDP. About The Data Today we’re looking at […]
Canada’s getting serious about housing supply… or at least trying to make you think it is. The Government of Canada (GoC) made its economic statement yesterday, including a plan to tax non-resident homeownership. The tax, which may be rolled out within the next year, sounds aggressive. However, two of the country’s most populated regions already […]
Greater Toronto new home sales are weaker, helping to push inventory a little higher. Altus Group data shows new home sales were down in October. The drop in sales wasn’t due to weaker demand across the region though. It was exclusively due to the City, as buyers sought out suburban homes. Toronto Detached Prices Jump, […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Real Estate Prices Surge In Growth… Except For Condos Canadian real estate prices have been rising rapidly… except for condo apartments. The aggregate benchmark price of a home hit $643,000 in October, up 10.86%. Breaking it down by major segments, […]
Toronto’s golden age of real estate brokerage innovation is coming to an abrupt end. Toronto Regional Real Estate Board (TRREB) sent a memo this week, on sold data. The board informed brokers they will only be allowed to show two years of data going forward. TRREB Ordered To Allow Brokerages To Show Sold Data The […]
Permanent resident growth, previously a large driver of real estate demand, is still largely absent these days. Government of Canada (GoC) data shows permanent resident arrivals are still down sharply in Q3 2020. Toronto and Vancouver are seeing declines get even larger, from previously big drops. Montreal is seeing some improvements, but it’s mostly due […]
Vancouver is doubling down on the success of its vacant home tax…well, tripling down, technically. The Vancouver Empty Homes Tax (EHT) will be tripled from its original rate for the 2021 assessment year. The tax, which places a penalty on underused homes, was put in place to help encourage more efficient use. Vancouver Empty Homes […]
Greater Toronto real estate is on fire… just not condo apartments, which is seeing a lot of sellers. Toronto Regional Real Estate Board (TRREB) data shows condo apartment prices slid for a fifth month in October. Condo sales are fairly in line with last year’s numbers, except in the city. However, inventory has more than […]
