Today, the Provincial government has increased the Foreign Buyer's Tax from 15% to 20%. This was a sudden change, but not entirely unexpected. As you may remember, when the previous Provincial government initially introduced the Foreign Buyer's Tax in 2017, Toronto detached homes dropped an average of $400k over 4 months. The problem is, I expect a lot of changes in the next year that won't solve...
Weekly Market Update
I'm pleased to announce that the Toronto Regional Real Estate Board (TRREB) is offering scholarships to graduating high school students. Since the program's inception in 2007, we have awarded $200,000 to 50 deserving students. This year, there are eight awards: 2 x First Place Awards ($5,000 each) 2 x Second Place Awards ($2,500 each) 2 x Third Place Awards ($2,000 each) 2 x...
I was fortunate enough to get away from the city for a few days and do some skiing with the family! Earlier in the week, the ski conditions were perfect and the weather was cool! You know what else was cool? The housing prices in pockets around the GTA. Some houses sold for less than they should, with fewer buyers competing. Many homes passed their offer-date and either re-listed...
The average home in the GTA, sold for $1,334,544 which is an increase of +$27.6% from last year. But there has been a slight shift in the past few weeks. Showings and offers have been less than expected, and a lot of properties have passed the offer-date without an accepted offer. Further, more and more bully-offers have been accepted, which means that the showings weren't as busy as...
The numbers for January were staggering! The average price for a home in the GTA is now $1,242,793, which is up +28% from last year. I personally think a lot of buyers made a New Year's Resolution to get into a new home in 2022 so the numbers reflect this. Supply was limited in January and houses around the GTA routinely had offers of 20 or 30 on offer night.. As more houses come up for...
A lot of buyers came out this week and I'm hearing the same story from other realtors across the GTA. Maybe Buyers had a New Year's resolution that they were definitely going to buy something this year, or maybe they feel condos are much more affordable than townhouses. Whatever the reason, buyers are coming out in droves! Two weeks ago, a 2-bedroom in the same building sold for $718,000 and...
In December 2021, the average home sold for $1,157,849 which is up +24% from last year. This is with 3,232 active listings versus 7,892 in the previous year. The drop may be because homeowners already sold their houses in November or perhaps they are waiting for January. Still, 2021 had a record 121,712 sales, showing that the real estate market has been very active during the...
In a recently published report from the CIBC, parents gifted $10B to their children in the past year to buy a home. It found that roughly 30% of first-time homebuyers received an average of $82,000 while 9% of existing homeowners got about $128,000. In another study by IG Wealth Management, high-net-worth individuals, who had more than $1m in investable assets, gave, on average, $145,000 to...
Last month, the average home in Toronto sold for $1,163,323. Prices have increased across the board from condos to detached homes. For instance, detached homes in Toronto sold for an average of $1.807,983, up +22.4% from last year. If previous years are any indication, December and January will be slightly slower, although based on last week's number, the market is still going strong. Even...
One of the risks with investing in pre-construction buildings is that the project might cancel for whatever reason. In a previous blog, I talked about how some developers may be playing games with contractual loopholes. (I don't make any statements about the developer below, but you can read about the case to make your own judgements) Condo Developer Extorts Buyers for $100k? Investing with a...