Tag: housing market
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76% of Canadians who don’t own property view homeownership as currently unachievable according to a recent survey by CIBC
A recent survey conducted by the Canadian Imperial Bank of Commerce (CIBC) has highlighted a stark reality: a significant majority of Canadians who do not currently own property find the prospect of homeownership increasingly unattainable. Despite 56% of non-owners still harboring the aspiration to own a home one day, a whopping 76% believe this goal…
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Here are the GTA’s hottest neighbourhoods for bidding wars right now
Toronto’s real estate market is poised for a rebound in the latter half of 2024, as easing interest rates encourage previously hesitant buyers to re-enter the market. This resurgence is marked by the return of bidding wars, particularly in the Greater Toronto Area (GTA), signaling a significant uptick in competition and overbidding incidents across numerous…
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Canada to allow 30-year amortization for first-time buyers’ mortgages on new homes
In a move celebrated by housing advocates, the Canadian federal government has announced an extension of the amortization period for insured mortgages targeted at first-time homebuyers. This policy adjustment, declared by Finance Minister Chrystia Freeland in Toronto, aims to make homeownership more accessible amid escalating property prices and rents. Key Changes to Amortization Rules Starting…
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According to a new report by Zoocasa, Toronto is now less affordable than New York and Miami
A recent study by Zoocasa highlights a growing disparity in housing affordability, with Toronto emerging as significantly less affordable compared to major U.S. cities like Miami and New York. This comprehensive analysis underscores the affordability crisis facing Toronto residents, driven by lower median incomes and higher home prices relative to these metropolitan hubs in the…
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You need to make $214k/ year to afford an average home in Toronto according to a new study
Achieving home ownership remains a significant milestone for many individuals, yet the reality of purchasing a home in Canada is becoming increasingly difficult due to rising prices, particularly in metropolitan areas such as Toronto. A study by Ratehub.ca offers insights into the required income for home ownership in various Canadian cities as of February 2024,…
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Toronto is now the 2nd most expensive city to rent in Canada
Toronto has recently risen to become the second most expensive city for renters in Canada, trailing only behind Vancouver. Despite slight decreases in the average rental prices for one- and two-bedroom apartments in Toronto compared to the previous month and year, the city has managed to surpass Burnaby, B.C., in terms of rental costs, amidst…
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Here’s how home prices compare to living costs in Canada
In recent years, the squeeze on affordability has become increasingly evident, with everything from daily groceries to housing costs witnessing significant upticks. This trend necessitates higher earnings for families to maintain a basic standard of living. Among these, housing stands out as one of the heftiest expenses, although the cost of various other goods and…
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80% of Canadian homebuyers chose down payments over marriage according to a recent report by Nesto Mortgages
In an eye-opening revelation, 80% of Canadians are now prioritizing saving for a house over spending on a wedding. This trend, highlighted by a study from 360Lending involving 1,000 participants, underscores a significant cultural shift towards valuing home ownership above traditional marriage ceremonies. The majority of mortgage applicants through Nesto, about 76%, identified as single,…
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Income needed to buy a home across Canada, according to RateHub’s February 2024 report
As we step into 2024, Canadians are witnessing a promising shift in the real estate landscape, presenting a potentially brighter horizon for aspiring homeowners. The beginning of the year has brought with it a gentle breeze of change, as both home prices and mortgage rates have seen a welcome softening in January. This shift, albeit…
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A new report has identified the Ontario cities where home prices have fallen the most
In the latest real estate market update, Ontario homeowners, particularly in Burlington, are experiencing a notable downturn in property values, making Burlington the most affected city in comparison to other Canadian locales over the previous year. This trend is highlighted in the recent Point2Homes report which analyzed condo and single-family home prices across Canada’s largest…
Canada Housing Market 