Housing stock lags behind population growth, the widest gap in 50 years. New home approvals in GTA take 20 months, increasing costs by $43,000-$90,000 per unit.Read more
blog
New home sales in the GTA hit a historical low of 464 transactions in August 2024. August sales ↓ 46% compared to August 2023, and ↓ 73% below the 10-year avg.Read more
The Canadian government is addressing the housing crisis by launching an ambitious plan to build 4 million homes, as outlined in Budget 2024. The Canada Public Land Bank has been established to identify federal properties for housing development, with 70 properties now available, including one in Mississauga. The initiative aims to unlock public lands forRead more
The GTA population reached 5.9M, significantly higher than in 1972 when data collection began. Average municipal fees rose by $42,000 for low-rises and $32,000 for high-rises since 2022.Read more
A new development plan for 56 homes at 1720 Sherwood Forrest Circle in Mississauga has received approval, replacing a controversial previous proposal for a larger senior living facility. The new plan, approved by the Planning and Development Committee, includes three-storey detached homes on a private road, with provisions for natural areas and open spaces. ConcernsRead more
Bond yields and mortgage rates are currently unpredictable due to rising oil prices and strong US employment data. After a period of declining yields, geopolitical tensions in the Middle East have caused oil prices to surge, raising inflation concerns. The Bank of Canada anticipates future rate cuts, but recent developments suggest fixed mortgage rates mayRead more
The Canadian government will implement new mortgage rule changes on December 15, 2024, aimed at aiding first-time buyers and those purchasing new homes. Key changes include raising the insured mortgage price cap from $1 million to $1.5 million and allowing 30-year amortizations for eligible buyers. While these changes may improve access to homeownership, concerns existRead more
Reduced benchmark rate thrice to 4.25%, maintaining cautious levels not yet stimulating the economy significantly.Predictions of further rate cuts to 2.5% next year, driven by the need to enhance economic activity as inflation concerns diminish.Read more
The Bank of Canada’s rate cut benefits homeowners with variable-rate mortgages by reducing monthly payments. A 0.25% rate cut lowers payments by approximately $15/$100K of mortgage debt.Read more
The Canada Mortgage and Housing Corporation reports a 13% decline in total housing starts in the Toronto area in early 2024 compared to 2023, with rental apartment starts falling by 40%, particularly in Toronto where they dropped by half. High financing costs and declining rents are making rental developments unviable. Although apartment completions increased slightly,Read more
