Canadian real estate prices are soaring, with gains accelerating into the winter. Canadian Real Estate Association (CREA) data shows a big monthly jump for home prices in November. Prices are rising almost exclusively in the detached home segment. Condo apartment values have now rolled back to pre-pandemic prices. Canadian Real Estate Prices Grow At The […]
Canada’s largest bank is prepared for price drops most would find unthinkable. Royal Bank of Canada (RBC) filings show possible risk scenario forecasts. Over the next year, the base forecast shows virtually flat growth. In a best case scenario, growth would hit levels similar to previous years. In a worst case, they forecast prices can […]
Another Big Six bank has notified investors they’re prepared for falling home prices in the near future. National Bank of Canada (NBC) notified investors last week the bank has revised its outlook based on data up to Oct 31. While some indicators had surprising improvements from the previous forecast, some have revised lower. In all […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s Largest Bank Says It’s Putting “Greater Weight” On Home Price Declines RBC’s chief risk officer has stated the bank is putting a “greater weight” on price declines. Canada’s largest bank reiterated they believe prices will fall around 8% at the national […]
Toronto may finally start taxing vacant homes. City of Toronto staff recommended a vacant home tax to council this week. The tax would place a penalty on those that use residential property in the City for less than half the year. By doing so, the City hopes to join other major cities like Paris in […]
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, […]
