Camellia Talachi
182 Sheppard Ave W M2N 1M8 Toronto, ON, Canada

Earlier this week, the Province and the Condominium Authority of Ontario (CAO) announced the launch of a new Residential Condominium Buyers’ Guide to help buyers navigate the condo purchasing process. As of January 1, 2021, developers across the province are required to provide purchasers of new or pre-construction residential condos with a copy of the guide at the time of purchase and sale. The guide includes information on a variety of aspects of condo ownership, includin...g: 1) The condo purchasing process 2) Information surrounding purchases of pre-construction units 3) Condo living and governance 4) Resources for resolving issues related to condo living Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on purchasers until developers provide purchasers with a copy of the current disclosure statement. As of January 1, 2021, this requirement has been amended to also require developers to provide a copy of the guide.

In December, during what’s typically a quiet month for homebuyer activity, 20 suburban communities saw detached home prices rise over 20 percent compared to the same period in 2019. Last month, it was Adjala-Tosorontio, New Tecumseth, Caledon, Milton and Pickering that experienced the largest annual increases for detached properties. Adjala-Tosorontio in Simcoe County recorded a 76.6 percent increase, as detached home prices rose to an average of $1,081,875. New Tecumseth i...n Simcoe County and Caledon in Peel Region recorded average price increases over 40 percent in December, while prices in Milton and Pickering rose by 38 percent. Another three suburban communities East Gwillimbury, Aurora and Georgina posted price increases above 30 percent. RBC Senior Economist Robert Hogue wrote this week that the pace of detached home buying in the Toronto region is likely to slow in early 2021, but not because of a lack of demand. Instead, low supply will lead to a drop in overall sales, while prices will continue on an accelerating path in the near term, he said.

Toronto home prices reach all-time high in 2020, sales smash December record. The average selling price of a Toronto region home hit an all-time high in 2020, rising 13.5% from 2019 to $929,699. #TRREB #MarketUpdate