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May 2020 - Posts

No Nosedive Ahead for Canadian Real Estate Prices: RE/MAX
Canadian real estate kicked off 2020 with a bang, but there are conflicting opinions as to how we’ll finish out the year. Canada’s federal housing agency has warned that average house prices could fall by up to 18 per cent over the next 12 Read More...
38-Storey Tower East of Regent Park Revised
A revised application submitted to the City brings changes to a proposed residential tower at 7 Labatt Avenue near Queen and River streets on the east side of Downtown Toronto. Developers TAS and Tricon resubmitted plans for the project in late 2019 with Read More...
A 10-Point Checklist All First-Time Homebuyers Should Follow
You’ve checked listings, scouted your favorite neighborhoods, compared market prices and even picked the perfect shade of blue for your future kitchen. It’s safe to say you’re ready to become a homeowner. While purchasing your first Read More...
SmartCentres Intensifying Pickering Property With Two Residential Towers
Owning approximately 3,500 acres of land at prime intersections in all provinces across the country, SmartCentres REIT is pursuing an aggressive expansion of its SmartLiving residential sub-brand, diversifying and optimizing its portfolio through redevelopment Read More...
Historical Data Shows Housing Market Will Boom After The 2020 Crisis, And So Will Bitcoin
Historical data from the late 1990s show a financial crisis is often followed with a steep increase in housing prices. If real estate grows in a similar manner as the 2000s, safe haven assets like gold and potentially Bitcoin may follow. The housing market Read More...
Five cranes rise above Mirvish Village as construction hits grade
The site of Toronto’s famous Honest Ed’s department store is once again buzzing with activity. The beloved retailer closed its doors in 2017 to make way for Mirvish Village, a brand new purpose-built rental community by Westbank. Demolition Read More...
Steep immigration decline threatens Toronto property investors: Capital Economics
Toronto’s rental market saw average prices drop eight percent for two-bedrooms and four percent for one-bedrooms in April over March, according to data released earlier this month by Rentals.ca. While a single month doesn’t make a trend, market Read More...
How Much Home Prices and Sales Dropped Across 20 Canadian Markets Due to COVID-19
Canada’s real estate market slowed down considerably since COVID-19 measures were introduced across the country in March. With public health and safety top of mind, a number of real estate associations (like the Ontario Real Estate Association and Read More...
Toronto Home Sales Have Dropped Off a Cliff, But Don’t Expect Prices Too
As the coronavirus pandemic continues and social distancing measures remain in place, recent sales data shows Toronto’s typically steadfast housing market continues to see a decline in activity, while home prices remain steady. The most recent data Read More...
Refinancing in the age of COVID-19
A survey was conducted on April 6 by TransUnion on the current financial status of 1,035 Canadian adults in the wake of COVID-19. The results released showed that 68% are concerned over their ability to pay loans and bills, and that the average respondent Read More...
Industrial strength
In a real estate environment of diminishing returns, like the one we’re experiencing in the GTA, it’s important that investors seek opportunities to diversify their portfolios. A reliably profitable way to achieve that diversification is through Read More...
Multi-family starts accelerated in April – CMHC
As a whole, national multi-family starts surged upward last month, according to Canada Mortgage and Housing Corporation. This came with one notable caveat, however. The study covering April “was conducted in each province with the exception of Quebec, Read More...
Ontario, BC seeing steady multi-family demand amid COVID-19
Despite pandemic pressures, demand for multi-family assets continues to persist in Ontario and British Columbia, according to Canada Mortgage and Housing Corporation. CMHC said that this helped compensate for the considerable slowdown in new home construction Read More...
Toronto market might find post-coronavirus recovery easier – RE/MAX
Toronto remains likely to see elevated housing demand and prices this summer despite the COVID-19 market pause, RE/MAX predicted. Data from the Toronto Regional Real Estate Board indicated that the GTA suffered a 69% annual decline in home sales in the Read More...
The Buyer Party is over...For houses anyway
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Demolition well underway at One Crosstown Condos in East Toronto
Located on the former Celestica Campus in East Toronto, One Crosstown Condos is the first residential phase of Aspen Ridge Homes’ 60-acre redevelopment project. The master-planned community will consist of 16 residential buildings, 13 blocks of Read More...
Pandemic disruptions won’t cause new home supply shortage: BMO
After a good showing in April, the team at BMO Economics is confident that home construction across Canada won’t see a major disruption due to the COVID-19 pandemic. A report from the Canada Mortgage and Housing Corporation (CMHC) published late Read More...
1,805 Cresford purchasers in limbo as receivership process wears on
It’s been weeks since thousands of purchase agreements were left in the lurch as three major Toronto projects developed by Cresford entered into receivership. In late March, PricewaterhouseCoopers (PwC) was appointed as the receiver and manager Read More...
Home construction in Ontario can fully resume on May 19th
Following a steady decline of COVID-19 cases across the province, the Ontario government will lift essential workplace restrictions on construction activity. Beginning on Tuesday, May 19th, all construction operations will resume as part of stage one Read More...
Falling home listings will keep prices stable through pandemic: BMO
While there are several quickly identifiable similarities — home sales falling dramatically, cuts to interest rates, evaporating buyer confidence — there are a couple of key differences to keep in mind as the pandemic wears on and the market Read More...
Weekly Market Insights - May 19
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GTA Rental Market: Trouble for Airbnb Condo Owners, Relief for Renters
Many people have pointed out that the COVID-19 pandemic has magnified several negative trends that were already underway, from income inequality to disfunction in care for seniors. And for renters and landlords, this may turn out to be the case as well. Read More...
What does shared space look like in the post COVID-19 city?
There is something unsettling about a quiet city. The empty streets, squares, and taped-off playgrounds that were full and vibrant only a few months ago now sit silent, stirring a seemingly endless series of questions about our recovery. At The Bentway, Read More...
34% of Torontonians Still Say They Want to Buy a Home in the Next 12 Months
Despite the uncertainty the COVID pandemic has caused for Toronto’s real estate market, residents are still interested in buying a new home in the coming months, according to a new survey from the Toronto Regional Real Estate Board (TRREB). To get Read More...
Toronto home prices rise 0.1% as pandemic crushes April sales
Home sales collapsed as anticipated in April as unprecedented job losses, economic volatility and strict physical distancing measures sapped the momentum behind what should have been Toronto’s busiest home buying stretch of the year. But as sales Read More...
Mortgage rates will remain at historic lows until 2022: BMO
With anxiety mounting throughout March as the economic impacts of the COVID-19 pandemic intensified, Canada’s central bank took swift action to slash interest rates at several points during the month. The cut announced by the Bank of Canada on March Read More...
Defying COVID-19 pressures, average prices might climb – Altus Group
Canada’s home prices are still likely to see a 5%-10% annual gain by year-end, according to Altus Group chief economist Peter Norman. In an interview with The Financial Post, Norman said that despite the COVID-19 travel restrictions that have ground Read More...
Average Rent for Toronto 1-Bedroom Drops Nearly 3% in April Year-Over-Year
As the coronavirus pandemic continues to have an impact on every industry, Toronto’s real estate market took another hit in April, with the average rent for both 1 and 2-bedroom apartments down on a year-over-year basis, according to new data from Read More...
Province relaxes construction restrictions on multi-unit residential projects
As the province heads into its 50th day spent under a state of emergency as a result of the COVID-19 pandemic, further business shutdown restrictions have been loosened in Ontario. Today, the provincial government announced that it would be expanding Read More...
Most real estate will emerge OK post-pandemic: Benjamin Tal
Those are among the insights offered by CIBC World Markets managing director and deputy chief economist Benjamin Tal during a May 5 Real Estate Forums webinar. “It’s not a recession, it’s not a depression, it’s something in-between,” Read More...
Sidewalk Labs pulls out of Toronto waterfront smart city project
TORONTO – Sidewalk Labs‘ ambitious vision for a hi-tech neighbourhood equipped with futuristic innovations won’t be coming to Toronto’s waterfront. The Google affiliate revealed Thursday that is walking away from its controversial, Read More...
LRT construction coming to busy street in Mississauga
You know what they say: The show must go on. While that's not true of everything amid the COVID-19 pandemic, it's true when it comes to the biggest transit project in Mississauga's history. If you regularly commute down Hurontario Street in Read More...
Thinking about deferring your mortgage?
News that Canadian financial institutions were offering some mortgage deferrals sent investors running to the banks in early April, asking for a stay on their payments as personal incomes and investment portfolios were being wiped out by the coronavirus Read More...
Ontario Real Estate Showings Gradually Rebounding Amid Pandemic
As the real estate market continues to take hit after hit as a direct result of COVID-19, with both prices and sales down in the Greater Toronto Area (GTA), it’s hard to imagine we’ll be on the other side of the pandemic any time soon. But, Read More...
Toronto Homebuyers Looking to Buy in Cottage Country During COVID-19
space is the new luxury,” says Max Hahne, broker of record at Engel & Völkers Collingwood Muskoka. It turns out that no matter how nice a house or condo you have in the city, during a pandemic, you’re still in the city. And the restrictions Read More...
Ontario government allowing some businesses to reopen on May 4
TORONTO -- The Ontario government has announced that certain businesses and workplaces can reopen on Monday with strict public health measures in effect. The government said businesses permitted to reopen include seasonal businesses and some essential Read More...
Canada Hasn't Flattened the Curve, But Is Doing Much Better Than the US
Nearly two weeks into an aggressive physical distancing campaign aimed at curbing the spread of the novel coronavirus, cases are doubling at a slower rate in Canada than elsewhere, and hospitals are not yet overwhelmed, public health experts say. But Read More...
Housing Prices In Canada Immune To COVID-19: Economists
MONTREAL ― The COVID-19 economic crisis has shuttered our cinemas and airlines, thrown restaurants and bars into disarray and is currently busy running up a heck of a government deficit. But apparently it can’t derail Canada’s housing markets, Read More...