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Bank of Canada
A common thing I've been hearing is that Toronto families don't make enough to support home prices at these levels. Bank executives, economists, fund managers and even real-estate agents have repeated this in the media - but they never offer any numbers.
A strong economy can't explain the Toronto region's house price growth, the bank says.
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While the couple is being mocked mercilessly online, they merely set themselves up as symbols of gentrification by writing the piece and are only a small part of the problem. In fact, gentrification isn't the problem, either - just the unbridled kind.
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We examined vacancy and rental rates (two-bedroom) from Canada Mortgage and Housing Corp., and validated these findings with the latest data on population, employment and wage growth. Our research was further guided by insight from investors and other experts.
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Toronto is no longer a "seller's market" and is now "in balanced territory."
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Surprising to many, homes come with warranties -- well, new homes that is. New-construction condominiums, townhouses and free-standing homes are automatically covered for issues related to construction and assembly of the home -- pipes, paint and everything in between.
In a seller's market that is experiencing rampant demand and annual 33-per-cent appreciation, such arrangements are a great disservice to sellers, and can also present grave disclosure and negotiating risk to buyers. As a seller -- why limit the amount of potential buyer interest, and ultimately the profit, on your home sale?
In late April, Ontario Premier Kathleen Wynne and Ontario Minister of Finance Charles Sousa announced a 16-point Fair Housing Plan to cool the red-hot housing markets in Toronto and southwestern Ontario. A foreign buyers tax, vacant homes tax, and expanded rent control were the most notable measures introduced.
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Tenants in the city's Parkdale are are protesting "above-board" rent increases combined with poor living conditions.
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As an analytical realtor who focuses heavily on market-based statistics, I've started to understand the growing shift towards pre-construction condos. Millennials now pretty much don't have any shot at purchasing a house with the current appreciation in the market, despite the government's efforts to slow things down. Even purchasing condos may be a stretch for some. Getting into pre-construction condos however, is the golden ticket.
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The hardest shock to the national real estate market would be an increase in mortgage rates. Canada's low mortgage rates cannot continue forever, and an increase in rates would make many homeowners unable to afford their mortgage payments. The goal for policymakers should be to deflate the real estate bubble before it bursts.
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But confidence in personal finances is on the decline.
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"It's a risk we've been highlighting."
The average sales price of a home in Canada reached $548,517 in March, up 8.2 per cent in a year.