In the News

  • Storeys Insiders | February 15, 2024

    Expert: Rental Vacancies Hit Record Lows As Prices Soar

    While there are more listings, extreme demand is absorbing those numbers. And with that demand, rent prices are on the rise.

    The CMHC’s recent Rental Market Report paints a sobering picture of a full-blown rental crisis. Canada-wide, vacancy rates have hit record lows. Purpose-built rentals (apartments) are at a 1.5% vacancy rate, with rental condos at 0.9%. In Toronto, things are even tighter: the rate for available condos is currently an impossible 0.7% — the lowest in decades. Compare that to the 3% vacancy rate the CMHC says is healthy, and you see the severity of the issue.

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  • Financial Post | February 6, 2024

    Toronto home sales surge almost 40%, but prices slip again

    Toronto’s benchmark home price declined for the seventh consecutive month in January, but a surge in home sales compared to the same period a year ago has the region’s real estate board warning that prices might not stay subdued for long.

    Overall, 4,223 sales were reported through the Toronto Regional Real Estate Board‘s MLS system for the month, a 37 per cent increase from January 2023. The benchmark home price, meanwhile, slipped less than one per cent month-over-month to $1,065,800, continuing a downward trend that began in June 2023 when the benchmark was $1,171,300.

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  • BNN Bloomberg | February 2, 2024

    A Surge in Viewing Requests Points to a Potentially Stronger Spring Market

    Right at Home President John Lusink shared his insights on the real estate market's outlook ahead of the spring surge on BNN Bloomberg. In January, Right at Home Realty experienced the highest number of viewing requests since 2020, signalling a noteworthy surge in interest.

    We anticipate a robust spring market as property viewing requests and listing volumes rise. Tune in for a detailed analysis of buyer and seller behaviours – are buyers eagerly anticipating a market shift?

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  • The CMP | January 23, 2024

    Will Ontario see any home price relief this year?

    It goes without saying that Ontario homebuyers could do with catching a break on the home price front, with affordability out of reach for many despite a climbdown in values last year. But is any relief likely to arrive in 2024?

    The most comprehensive measure of annual average prices across the province dipped by 6.3% last year over the 12 months prior, according to the Ontario Real Estate Association (OREA), coming in at $872,312.

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  • Storeys Insiders | January 18, 2024

    Looking Ahead: An Expert’s Take On The 2024 Real Estate Market

    2023 was a challenging year for real estate, with a variety of factors that made buying, selling, and renting in the GTA an uncomfortable proposition for many.

    Now that the year is behind us, I'm seeing an uptick in optimism as we move into 2024, and it’s based on this: with the promise of lower rates and the possibility of lower prices on the horizon, folks are hoping for a healthy, busy spring market.

    But do we have reason to be optimistic? Maybe. There are a lot of factors shaping the market in the year ahead.

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  • Globe and Mail | January 3, 2024

    Hoping for Early Spring in a Chilly Housing Market

    Ontario’s real estate market is beginning the New Year with buyers and sellers in a stalemate. Many industry watchers are cautiously optimistic that both sides will find some common ground in early 2024.

    John Lusink, president of Right at Home Realty and Property.ca says the two camps have conflicting interpretations of the market statistics.

    Buyers pointed to low sales volumes as grounds for negotiating a reduced price; sellers pointed to flat year-over-year prices as a reason to hold firm.

    “The market is stuck,” he says.

    Mr. Lusink says inventory has risen substantially from the very low levels of the two previous years.

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