In the News

  • Storeys Insiders | March 5, 2024

    Bank Of Canada Will Be ‘Watching Housing Carefully’ As It Deliberates Cuts To Come

    Wednesday will bring another interest rate announcement from the Bank of Canada and anyone with ears to the ground will be anticipating yet another hold. In fact, economists with TD, RBC, and Desjardins are all calling for a hold — albeit, with a dovish lean, as there are unmistakable signs that the bank’s monetary medicine is working.

    “We’re clearly seeing signs of weakness in the Canadian economy: GDP per capita has been declining for almost two years now, we're continuing to see job creation, but it's not keeping up with population growth,” Desjardins Economist Marc Desormeaux tells STOREYS.

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  • Financial Post | March 5, 2024

    Toronto home prices inch up as buyers adapt to mortgage rate landscape

    Toronto area home sales jumped by 17.9 per cent year over year in February while benchmark home prices inched up slightly, according to monthly figures released Mar. 5 by the Toronto Regional Real Estate Board.

    A total of 5,607 properties changed hands during the month, while new listings surged by 33.5 per cent.

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    Data from the real estate board showed the benchmark home price increased by just 0.44 per cent year over year to $1,093,900.

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  • 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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