Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.   “Looking forward, we know there will be solid demand for housing – both ownership and rental – in the... [read more]

Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month. “The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last... [read more]

The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023. The Government of Canada has passed a new law to help make homes more affordable for people living in Canada. The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing... [read more]

The City of Toronto is reminding all homeowners to submit a declaration of their property’s 2022 occupancy status by Thursday, February 2 to determine if the property is subject to the new Vacant Home Tax. A property is considered vacant if it is not the principal residence of the owner or any permitted occupants or was not occupied by tenants for at least six months during the previous calendar year or is otherwise deemed to be vacant under the bylaw. The tax is 1 per cent of the... [read more]

The number of homes for sale is continuing to grow compared to last year as time on market slows but home inventory is still below pre-pandemic levels. Larger annual declines seen previously in newly listed homes and pending home listings have started to moderate, and the decline in the median home list price growth rate has also moderated, potentially signalling lower but stabilizing housing market activity. Strong population growth based on record immigration and robust job creation across... [read more]