Last updated on March 28, 2023 The Parliament of Canada passed legislation – the Prohibition on the Purchase of Residential Property by Non-Canadians Act on June 23, 2022. This law prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023. The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to direct …
Is our blind bidding system the reason why housing prices have gotten out of control? Would you prefer an open auction system to buy and sell real estate? Canada currently has a blind bidding format when it comes to offers. Only the seller can see what offers look like. In multiple offer situations, buyers don’t know what other offers are, …
Home prices continue to cool. With a full 1% interest rate hike on July 13th, buyers are pulling back and waiting to see how this uncertain market settles down. For the GTA market, sales are down by 47.4%, active listings are up 57.6% and the average price is up 1.2% compared to last July. The average price is $1.074M. Days …
Imagine being slapped with a 6 figure bill 2 days before closing on your preconstruction townhome? This actually happened in Clarkson, Mississauga just last week. This report came out that a handful of buyers were stuck with a $70k-170k bill 48 hours before closing or they face losing out on their purchase. The builder said these are all development charges …
Toronto rental prices have jumped by 20% or more in June from last June! Data from Rentals.ca shows the average 1 bedroom increased by 18.5% over last year and 2 bedrooms have increased by 23.4%! Average rental price of 1 bedroom median price in Toronto is $2100, an increase of 5% from last month and 2 bedrooms have grown 2.7% from …
2022 has been quite a rollercoaster of a year. In Q1, we saw home values surge almost 30% year over year in values. With historical low-interest rates and the demand for housing was the main driving force. Inflation was rising fast and the Bank of Canada (BOC) started increasing the interest rates. Mortgage rates were at 2.7%, 4 rate hikes …
July 13, the Bank of Canada raised the interest rates by 100 basis points. This 1% raise is the biggest one-time increase since 1998. It was higher than anticipated and this impacts lending rates as well as cost for lines of credit. A 1% increase to the prime rate will drive up your monthly payment. However, if you have a …
You make a purchase, you live in payments. If you’re waiting for prices to come down more, you’re only going to end up paying more. Interest rates have come up by 1.25% with another hike expected in July and another in September. If you bought at the peak in February at low interest rates, you’re still paying less than if …
The housing market has reacted to rising borrowing costs. What a difference a couple of months makes! GTA market sales are down 38.8% year over year. Active listings are up 26% from last year and the market is trending more towards a balanced market with 2.11 MOI. This is definitely a correction, but it’s not a crash. At the peak …
The price is dropping. Compare to March, there has been a 1% decrease, 12K lower, in the average selling price in Mississauga. The number of transactions is also down on a monthly and annual basis. We are seeing a 42% decrease compared to last year and a 32% decrease compared to last month. As mortgage rates rose sharply over the …
