Found 62 blog entries tagged as Canadian real estate.

The Canadian housing market hasn’t seen a home sales situation like this since the summer of 2020.

National home sales dropped by 12.6% between March and April and actual (not seasonally adjusted) sales activity was down 25.7% from the record highs we saw in April 2021, according to the Canadian Real Estate Association (CREA).

Sales were down in 80% of Canadian markets in April 2022, save for Montreal, Halifax-Dartmouth and Victoria, B.C.

Why are home sales down?

“Housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” said Jill Oudil, Chair of CREA. “For buyers, this slowdown could mean more time to consider options in the market. For…

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Non-Resident Buyer Bans

For years, even before the coronavirus pandemic, many public policymakers and housing advocates claimed that foreign investors contributed to the skyrocketing cost of home ownership in Toronto and Vancouver. At a time when Canadian real estate prices have skyrocketed since the beginning of the COVID-19 public health crisis, lawmakers are looking closely as possible solutions, with some suggesting non-resident buyer bans could cool the hot market.

According to the latest data from Statistics Canada, non-resident owners account for an average of nearly three per cent of housing stock. This is up from the pre-pandemic rate of 2.3 per cent.

Where are foreign investors dropping their capital in the Canadian real estate market?…

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The population data from the census 2021 is now available and it offers us a wealth of information about where Canadians live, where they’re moving to and what communities are growing in size as a result. 

The latest census arrives at a critical time in Canada’s real estate history, when governments of all levels are weighing their options to boost supply and improve housing affordability. Over the past two years, the COVID-19 pandemic has also played a critical role in influencing the migration of Canadians, including those new to the country. 

“This type of information is critical in helping to answer many of the important questions being asked in Canada’s national housing conversation,” said Shaun Cathcart, Senior Economist and Director of…

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How sellers win when housing inventory is low

A recent report from the Canadian Real Estate Association (CREA) revealed that two-thirds of the nation’s housing markets are slanted in favour of sellers. With supply failing to keep up with demand, this could be the top trend for the foreseeable future.

For years, housing development has been tepid, resulting in supply falling short of demand levels. This imbalance might be more intense in more-populous markets such as Toronto and Vancouver, but this trend is prevalent throughout Canada, leading to accelerating home prices.

Under current conditions, sellers who bought even five years ago would benefit from this tight housing market. Here’s how sellers win when housing inventory is low.

How Sellers Win When Housing…

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The national average home price in the Canadian real estate market hit $796,000

In March, up 11.2 per cent from last year. Price growth slowed slightly month-over-month, but many industry experts project that prices still have room for growth this year. But while the broader housing conversation has been on the affordability crisis impacting many markets across Canada, there are still some relatively affordable parts of the country. Wait a minute. There is still affordability in Canada? Yes. All you have to do is look toward the nation’s east coast, to Newfoundland real estate.

According to the Newfoundland and Labrador Association of REALTORS®, MLS® Home Price Index (HPI), which is considered a more accurate measurement than average or median…

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Home Sales Forecast to Ease but Remain Historically Strong in 2022-2023

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and extended the forecast into 2023.

Home sales have kicked off 2022 below 2021 levels, while price growth has continued to set records. This is consistent with strong demand meeting end-of-month inventory levels that are lower than they have ever been.

Along with the ongoing supply crisis, the other main factor expected to impact housing markets this year and next will be higher interest rates.

While discounted five-year mortgage rates have already begun to rise – a…

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Canadians looking to purchase a home will be happy to hear there was a jump in new listings that hit real estate markets across the country in February 2022.

The number of newly listed properties jumped 23.7% month-over-month in February. That would have been an all-time record had it not been for the exceptional May and June Canada’s housing market experienced in 2020 following the first wave of the COVID-19 pandemic.

The latest data from the Canadian Real Estate Association (CREA) shows Canadians took advantage of the increase in supply as national home sales rose 4.6% from January to February 2022. Year-over-year, February’s home sales are down 8.2% compared to a record-breaking February 2021.

During CREA’s latest Monthly Housing Market…

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Pre-Approved for a Mortgage

Buying a home for the first time is an exciting experience. While the process can be stressful at times, there are ways to limit unnecessary anxiety, and one of the most significant ways is to get pre-approved for a mortgage before you begin your house-hunting adventure.

To put it simply, being pre-approved for a mortgage means that a lender says you have qualified to borrow a specific amount of money for the purchase of a home. Pre-approval is based on various factors, and the process involves several different steps.

As the borrower, you can shop around for mortgages and compare options from different lenders. Throughout this process, you will learn the maximum amount of mortgage you qualify for and the estimated…

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2022 federal budget_Canadian parliament building

In early April, the Canadian government is set to reveal the 2022 federal budget, with government sources telling reporters that it will be a “back to basics” document. In other words, it is a post-pandemic budget that addresses the broad array of fresh economic challenges on the other side of the public health crisis and the geopolitical uncertainties stemming from Russia’s invasion of Ukraine.

Prime Minister Justin Trudeau is expected to release a more “prudent” budget, which scales back the myriad of COVID-related benefits and aid packages. At the same time, the Liberal budget will still need to venture through murky waters amid skyrocketing price inflation and global supply chain issues that were apparent before the…

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Canadian real estate street view

Over the last few years, investors have played a significant role in the housing boom that has taken place in the Canadian real estate market, especially in the major markets such as Toronto and Vancouver.

Late last year, there was a lot of buzz when it was reported that more than one-quarter of the Ontario real estate market was controlled by investors. Teranet data highlighted that the number of people who owned more than one property in the nation’s most populous province accounted for more than 25 per cent of buyers.

What a difference a decade can make. In 2011, investors represented just a small percentage of overall residential real estate transactions.

But this trend is happening nationwide, too. In Toronto,…

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