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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

10 April 2019

Condo rents in Toronto almost reach $3,000

In the first quarter of 2019, Toronto didn’t show a weaker rent growth for condo, as the average number for a two-bedroom unit almost reached $3,000 per month.

The recent report by the Toronto Real Estate Board (TREB) shows that the average two-bedroom condo rent in the GTA was $2,811 in Q1, marking a 6% annual increase. In case of a one-bedroom option, the number was up by 7.4% to $2,143.

At the same time, there were 12,358 condo units listed for rent via TREB’s online service, which is 22.4% more than a year ago. Although it is good news, it’s not enough to improve the affordability issue, as people still show strong interest in renting condos.

9 April 2019

Own or rent – what do Canadians choose?

Although home prices in Canada’s largest markets remain extremely high, most Canadians still believe it’s more profitable to own a property than to rent it, the recent RBC’s poll shows. According to the survey, 66% of Canadians believe it’s more reasonable to buy a home.

While prices have been going down during the previous year, real estate remains much more expensive these days than several years ago. The problem of affordability means that 25% of Canadians spend a significant share of their income on their home after buying it.

The poll says such homeowners spend at least 30-40% of their income on their property.

8 April 2019

Toronto, Montreal and Vancouver – three vectors of home prices

The first quarter of 2019 showed a slowing trend in Canadian home prices compared to a year ago.

According to the new report by the Royal LePage, in Q1 2018, Canada saw the most significant housing prices decline since the Great Recession in 2008. Although there were certain signs of a rebound at the end of 2018, they have weakened since that moment.

On a year-over-year basis, the national home prices growth slowed sharply during the first quarter to only 2.7%, with prices in western Canada expected to keep decreasing. The Greater Toronto Area is quite stable, affected mostly by the low inventory. Supported by improving job market, Ontario drove the national average, which would have been as low as 0.4% without it. The average home price in Toronto was up by 5.8% annually.

“The City of Toronto remains one of the markets with the fastest pace of prices growth in Canada,” - noted Phil Soper, Royal LePage’s president CEO.

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21 May 2019

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