Condo GTA

Since March, there was first the market freeze-up in the immediate aftermath of the lockdown. In a matter of weeks, however, the buyers were back, thanks in large part to the real estate industry pivoting to more robust virtual marketing while implementing safety protocols to ensure showings could be conducted safely and responsibly. As spring progressed into summer, the sales figures continued to boggle the mind. Houses were selling with multiple offers for record prices in ...Continue reading

Canadian home prices dipped in February after two consecutive months of gains, weighed by declines in Toronto and a number of other cities, data showed on Wednesday. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices were down 0.1 per cent last month compared to January. Price growth also continued to decelerate on an annual basis. Home prices were up 7.5 per cent compared to last year, the smal...lest annual increase since March 2016. On a monthly basis, prices were down in seven out of the 11 cities surveyed, including a 0.1 per cent decline in Toronto. Home sales in Canada's largest city have been dampened by tighter mortgages rules and moves taken by the Ontario government last year to try to cool the market. The retreat in Toronto prices, which had climbed in January, may have been due to buyers rushing into the market ahead of the new mortgage rules that came into effect at the start of the year, the report said. In Vancouver, one of the most expensive markets in the country, prices rose 0.4 per cent to hit a record. However, the unadjusted figures, which are not smoothed to remove volatility, showed prices were down 1.3 per cent, in line with cooler home sales last month. Economists are watching to see how Canada's housing market adjusts to the tighter lending rules and local government regulations that have come as the central bank is also raising interest rates. The Bank of Canada has said it is monitoring how highly indebted consumers absorb the increased borrowing costs with the economy likely more sensitive to rate hikes than it was in the past. Source: the Globe and Mail

New condo project release: Auberge on the Park. Auberge on the Park rises above an iconic locale, as cascading terraced balconies enhance a truly dynamic expression of architecture. The lively façade incorporates polished glass surfaces for light-drenched interiors and immersive natural surroundings. Basking in verdant views enjoyed from the comfort of private balconies, Auberge on the Park is a breath of fresh air, an evolution of affluence, history and charm infusing the storied site. Details please visit: https://www.newcondogta.com/auberge

The average rental price for a one bedroom apartment in Toronto finally cracked the $2,000 mark in September, a 5% increase in a month, according to data from Padmapper. It's important to note, however, that Padmapper also factors longer-term Airbnb rentals (those that can be rented by the month) into its calculations. This could skew the price upwards a bit, as renting a full apartment in Toronto through Airbnb can run upwards of $4,000 per month. Toronto is quickly closing in on Vancouver as the most expensive city for rent in Canada, though the latter city remained even less affordable as of last month.