The Toronto and Region residential resale numbers for June are a mix of good, bad and strange news. Let’s begin with the good news. In June, the Toronto Regional Real Estate Board reported 6,243 home sales. Although the number of reported sales was 2.4 percent fewer than the 6,397 reported sales last June, the comparison […]

The best place to begin this Report is with the good news. May saw 6,244 homes trade hands, the fourth consecutive month of increased, and very welcome, sales. The pace of sales is still weaker than 2024, which itself was not a strong residential resale year, particularly during its last six months. May’s reported sales […]

The foundation of a robust residential resale market is certainty, which in turn is usually associated with economic stability. Unfortunately, the Toronto and Region residential real estate market is in one of the most chaotic, turbulent, economic situations since the equity market meltdown in 2008. This uncertainty was reflected in the Bank of Canada’s decision […]

The Toronto and Region residential resale market is currently bifurcated, with distinct trends emerging in both the City of Toronto and the 905 Region. Within the City of Toronto, there is further differentiation between condominium apartments and ground-level property sales. Overall, sales are slow across all property categories, not due to lack of demand, but […]

Real estate markets are generally influenced by local factors such as employment, the local economy, supply, affordability, and, ultimately, the domestic wants and needs of buyers and sellers. In February, however, local factors had only a tangential impact on the Toronto and Region residential resale market. Political policy considerations—specifically, the uncertainty they created—negatively impacted results. […]

A number of commentators have focused on April’s negative variances compared to market results achieved in April 2023. Specifically, the fact that sales declined by 5 percent from the 7,114 residential properties that traded hands this year compared to the 7,487 properties reported sold last April. In addition, heavy emphasis was placed on the number […]

March produced the first year-over-year negative variance in 2024. Both January and February saw positive variances. In March 6,560 residential properties of all types were reported sold in the greater Toronto region. Last March 6,868 homes were reported sold, a 4.5 percent decline. This negative variance is misleading and does not accurately reflect how robustly […]

Both January and February of this year have started stronger than the same two months in 2023. Year-todate, 9,817 residential resale properties have been reported sold by the Toronto Regional Real Estate Board. Although this number is no where near the sales numbers buyers and sellers became accustomed to during the pandemic, and before the […]

This first month of 2024 unfolded as anticipated. As 2023 came to an end, an air of optimism began to spread through the Toronto and Region residential resale market. This optimism was driven by the belief that rate hikes by the Bank of Canada were at an end and rate relief was on its way. […]

 June was the first month since January when both sales and average sale prices declined, as compared to the month before. June saw 7,481 reported residential resales as compared to almost 9,000 sales in May. The average sales price dropped moderately from $1,195,929 for the Greater Toronto Area as compared to the price of $1,182,120 […]

Effective January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act” or the “Foreign Buyers Ban”) came into effect. It prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years commencing on January 1, 2023. The General Prohibition The Foreign Buyers Ban prohibits […]

Did you know that an annual tax will be levied on vacant Toronto residences, payable beginning in 2023? The City of Toronto’s Vacant Home Tax (VHT) was created to improve the supply of housing in the city. As such, residential properties that are unoccupied for more than six months (cumulative) in a calendar year may […]

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