Canada considers foreign student cap over housing crisis
Canada is considering a first-ever cap on international students as it tries to solve its housing affordability crisis. Could the measure make a difference? This week, Canadian Housing Minister Sean Fraser floated the idea of capping how many students Canada lets in from abroad as a way to help tackle the country’s inflated housing costs.
Luxury real estate markets in Canada saw divergent performance in the first half of 2023
The performance of Canada’s major luxury real estate markets diverged in the first half of 2023, as some cities experienced a surge in momentum while activity waned in others, according to a new report from Sotheby’s International Realty Canada.The data shows that despite challenges such as rising mortgage rates, economic uncertainty, and other macroeconomic factors, Canada’s major cities showed varying trends in their real estate performance.
Canada house price index sees record drop, even worse than in financial crisis
A measure of Canadian home prices saw a year-over-year decline even worse than the previous record drop, during the 2008 financial crisis, according to a new report, released Thursday. The Teranet-National Bank House Price Index, an independently developed representation of average home price changes in 11 metropolitan areas across Canada, fell by 6.9 per cent from March 2022 and March 2023.
Canadian home sales growth slows; CREA downgrades full-year forecast
Canadian home sales rose in June at a slower pace than in recent months and the industry group that produces the data downgraded its forecast for the full year as the Bank of Canada restarted its interest rate hiking campaign. The Canadian Real Estate Association (CREA) forecast on Friday that sales would decline 6.8% this year from 2022 to 464,239 properties, compared to a 1.1% decline expected in April.
Real estate broker weighs in on class-action lawsuit against realtor commissions
A proposed class-action lawsuit alleges that some of Canada’s largest brokerages and real-estate associations are engaged in price-fixing to inflate realtor commissions. Brokerages named in the lawsuit include ReMax, Century 21, and IproRealtyLtd., as well as the Canadian Real Estate Association and the Toronto Regional Real Estate Board. The lawsuit claims that there is an agreement, among brokerages in the Greater Toronto Area, which applies to any individual listing on the Toronto Multiple Listing Service (MLS).
Toronto Real Estate Prices Just Made The Biggest Jump Since Rates Began Climbing
Greater Toronto real estate prices are once again climbing, and wasting no time. The TRREB benchmark home rose 1.1% (+$12,400) to $1,091,300 in February. A typical home is still down 17.7% (-$234,700) compared to the same month last year. Despite the increase, the annual growth rate continued to slide to a new record low. It’s important to remember this measures the change in price over a 12-month period. Last year at this time, one of the largest monthly increases ever was observed. This created a base effect, where failing to rise as much as last year reduced the rate. The implication is a drop last month, but that wasn’t the case.
The Hottest Real Estate Markets in Canada Right Now
One of the impacts of Covid-19 on the Canadian housing market has been that people have been flocking to Atlantic Canada. After all, when you can work from home, why wouldn’t you want to live near some of the warmest waters for a quick dip during your lunch break? Nova Scotia’s Northern Region or the Sunrise Trail – along the Northumberland Strait – offers you just that, along with dirt cheap real estate that you’ll pay off in no time.
Would-be buyers, sellers of Vancouver luxury real estate sitting on sidelines
“Canada’s conventional and luxury real estate markets are undergoing a long-awaited transition after an era of over-exuberance during the pandemic, particularly in those regions that saw the most acceleration over the past two years,” said Don Kottick, president and CEO, in a news release summarizing the report’s findings.
Experts say the Toronto real estate market is facing a major crisis
Real estate in Toronto — and the rest of Canada — could be on the way toward a crisis point, according to the 2022 Housing Inventory Report released by RE/MAX Canada on Monday. It’s a reversal of the trend seen in the decade before, with Toronto registering a July 10-year average of 21,243 active listings in the years from 2003 to 2012, versus the 16,458 July average for the decade of 2013-2022.
Which cities in Canada offer the best value for real estate?
While the big city certainly has its appeal, Canada has some truly beautiful smaller towns and cities. Each of these cities has its own unique appeal and offers surprisingly low real estate costs. From the rivers, valleys, and natural beauty of Saguenay, Que., to the bustling bayside city of Saint John, N.B., these cities offer Canadians the best value on their real estate investment.
Canada’s housing markets rebalancing fast
With demand softening, inventories are now on the rise in some markets (including Toronto and Montreal). This is quickly easing what were extremely tight demand-supply conditions just a few months ago. In fact, most major markets in Canada have returned to balanced territory in May based on sales and new listings reported by local real estate boards.
Toronto is one of the least valuable cities to buy real estate in Canada
MoneySense’s Where to buy Real Estate in Canada 2022 report has placed Toronto 43rd out of 45 cities in terms of value and buying conditions. With a 2021 benchmark price of $1,023,02—$295,146 above the national average—and a three-year growth rate of 34%, Toronto earned a value score of just 0.7 out of five.
Canadian housing market moves from moderate to high degree of vulnerability
Canada Mortgage and Housing Corp. says the country’s housing sector moved from a moderate to high degree of vulnerability during the second quarter, with Toronto, Ottawa and Montreal among the markets shouldering the most risks.
Here’s how the housing landscape could change under a newly re-elected Liberal government
The dust has settled on an election that did little to change the parliamentary makeup in Ottawa, as the federal Liberals again take their seats as a minority government.
One of the cornerstone campaign issues was the housing crisis. But it is not a new issue. Many have argued there was little improvement under the previous government, and are skeptical it will be any different under the new one.