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A hit in the record price of $1.25 Million for the GTA Condos

A hit in the record price of $1.25 Million for the GTA Condos In the year 2022, the month of March has seen the price of new constructions in the Greater Toronto Area (GTA) reach a new record of $1.25 million. Due to this, sales in the region have witnessed a change in their numbers, from a fast pace to a slightly slower one. The prices of the recently built condos and houses have definitely set a historical record, especially in the month of March. The rise in prices of the new constructions has led to a housing supply crisis in the region of Toronto. The year 2021 also witnessed the price of recently built single-family houses in the Greater Toronto Area hit a new benchmark. According to the details and figures that were given by the Building Industry and Land Development Association (BILD), during the month of March 2022, the sum total of homes that were sold was approximately 4,115 homes. However, there was a 21% decrease as compared to the same month last year- 2021. But in spite of that, the total amount of sales in the month of March was still 12% greater than the area’s 10-year average. The standard price for new constructions of detached or semi-detached townhouses was up to $1.86 million in the month of February 2022. The prices of newly constructed condos have also been rising 13% percent every year up to $1.18 million, as stated by the Building Industry and Land Development Association (BILD). Out of all the housing products, the condo apartments were the products that sold the most between the months of February and March. Approximately 3,277 settlements were made for units in high, medium, and low-rise buildings, including loft suites and stacked townhouses. The sales in condos during the month of March 2022 had significantly decreased to 7% as compared to last year March 2021, however, it was 34% higher than the 10-year average. According to a few of the Building Industry and Land Development Association (BILD) personnel, there is too much demand for housing products, but too little supply. Due to this imbalance in the market, people will continue to witness an upward rise in the prices of housing products. There is a need to fundamentally rebalance the market. Without the rebalancing, the high prices of housing units could have an impact on the economic prospects of the Greater Toronto Area. The high costs could affect the future of the region. It could result in the slow migration of people leaving or moving outside the Greater Toronto Area. The rise in prices could have an effect on attracting people or workers to this area. It could also affect an important industry in the region, which could affect the economy. Could these problems be fixed by creating more supply? The newly built single-family houses excluding the stacked townhouses but including the townhomes, linked, detached, and semi-detached homes- recorded up to 838 units purchased in the month of March. As compared to the same month last year, the single-family units that were purchased dropped down to 50% and were 32% lesser than the 10-year average. The region of York in Toronto recorded the bulk of single-family units that were purchased in March- approximately 254 housing units. A monthly Building Industry and Land Development Association (BILD) report recently mentioned that the sum total of the new housing units sales was not impacted as much and the sales maintained a strong pace. However, there are a few signs indicating a slower pace of sales due to higher rates of interest and high costs, which will begin to affect demand. As stated previously, the price of newly built condos in the Geater Toronto Area reached a historic record of $1,252,515 in the month of March, there was a 17.7% climb over the last year. The single-family housing units witnessed an even greater rate of price growth, which went from 27.3% over the last year to a benchmark of $1,838,396. The demand for housing units kept rising more than the supply in the month of March, leading to the skyrocket in prices as demand kept increasing. As the sales of newly constructed homes and units slowed down or shifted to a slower pace as compared to March of the previous year, the demand for these newly built houses kept outpacing the supply, which left the region with a problem called as ‘inventory shortfall’. As mentioned by the CEO and President of The Building Industry and Land Development Association (BILD), the main focus now would be to keep an eye on the future and the long-term solution for constructing new houses and units. A rebalance of the market is essential. Related posts. Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site by admin123 A hit in the record price of $1.25 Million for the GTA Condos by admin123 Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123 A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123

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Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site

Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site The Humber Bay Shores site just might be the next talk of the town as it is soon to become Toronto’s next major center beyond the main city. A plan is currently in the making for the newly developed hub at 2150 Lake Shore Blvd. W. First Capital, the company that first purchased the site, had announced on 3rd August 2021, that it has decided to extend its relationship with Pemberton Group, a group popular for its commercial developments in Toronto. The Pemberton Group has numerous years of experience and knowledge in building commercial and residential neighborhoods across Toronto. A strategic partnership was established between First Capital and Pemberton Group to develop the 28-acre Lake Shore Site. The plan was to develop the site located at 2150 Lake Shore Boulevard West at Park Lawn Road in Toronto city into a well master-planned, mixed-use, transit-oriented community, and sustainable zone. The recently vacant site of around 28 acres was formerly the site of a Christies cookie bakery. Today, the owners include First Capital and Pemberton Group and the site is called the 2150 Lake Shore Site. The new owners of the site have planned to provide the area with a new GO station and a TTC transit hub to develop a thriving and well-connected mixed-use neighborhood. Their aim is to create a locality that keeps in mind the present and future requirements of the neighborhood by creating a high-quality urban design. First Capital had initially purchased the site from Mr. Christie in 2016. First Capital had earlier decided to acquire its existing partner’s 50% share of interest in the Lake Shore site for roughly around $56 million. Later in the year 2021, it decided to sell the 50% share of interest in the Lake Shore site for $156 million to Pemberton Group. First Capital still holds on to its 50% share of interest. First Capital began with planning preparations by beginning a formal engagement with the City on various planning permissions, early in January 2017. The major plan for the Lake Shore site was presented for Offical Planning and Zoning By-law amendments in the year 2019. The City of Toronto consented to the whole plan in the year 2021. However, there still are a few technical and practical details to be worked out before a new Zoning By-laws comes into place. Recently, the owners and developers have put forward a Site Plan Approval amendment (SPA) to the City of Toronto for the first stage of the huge development project. The whole project is in the early phases of a long-term planning procedure for the Lake Shore site. There a numerous steps that are to be taken over the next 3 to 5 years as a part of the entire planning process. The entire plan for the Lake Shore site calls for approximately 36 buildings that will be constructed over six stages. These buildings will offer and provide a number of opportunities for residential spaces, retail, new offices, etc. The constructions will also provide for around 7,500 newly built homes in a variety of unit sizes, ownerships, and price ranges. The height of the buildings varies. Two parks are planned to be constructed as a part of the later stages of development. The parks will be connected with public squares, shopping malls, pedestrian connections, and a brand new internet network for the street. According to the proposal and the plan, numerous community services and facilities will be provided on the site. The facilities will include a recreation centre for the community, childcare centres, an agency space, a public library, an area for two elementary schools and many more. First Capital, in 2018, selected Allies and Marrison, a world-famous practice of urbanists and architects, to help develop the project and bring it to life. First Capital and Pemberton Group aspire to create a complete community, where people can work, shop, learn, play and live, a transit-oriented neighborhood that is not only connected locally but regionally as well, a sustainable and healthy area to live, a retail diversity to meets the needs and requirements of the community, a lively public land that celebrates the culture around and lastly to create a local landmark. The first stage of this huge project is the two blocks that are located along the Park Lawn Road, the blocks will facilitate the GO station’s use and incorporation into the neighboring community. The first stage/phase comprises around 21,577m² of land, soon to become home to seven buildings designed by Allies and Morrison. In the first phase of the residential development, affordable housing will only include 10% of the 1,358 residential housing units. Facilities for residents include indoor spaces, outdoor spaces, indoor swimming pools, lounges, gyms, co-working spaces, and many more flexible spaces. The first phase also includes a large and widened landscape sidewalk space, which will be a remarkable site to see. The Park Lawn Gardens is planned to act as the welcome gateway of the project from the street. Lots of outdoor space with greeny will also be part of the plan. Related posts. Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site by admin123 A hit in the record price of $1.25 Million for the GTA Condos by admin123 Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123 A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123

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10 million homes required in Ontario in next 10 years

10 million homes required in Ontario in next 10 years Given Ontario’s solid populace development, one strategy think tank appraises that the territory will require almost 1,000,000 new abodes throughout the following decade. As indicated by the Ontario Ministry of Finance, the Smart Prosperity Institute and the Ontario Home Builders Association showed up at the close to million home figure in the wake of inspecting the number of homes and what sorts of homes would be expected to address the issues of the area’s normal 2.27 million extra inhabitants over the course of the following decade. As per the examination, 195,000 of the 910,000 units for new families, to a great extent for couples needing to have youngsters, will be in elevated structure condos, with the other 715,000 living in any remaining sorts of lodging. As indicated by the examination, 910,000 homes will be required for new families, 65,000 units will address current market supply holes, and 25,000 units will act as a cushion for any unanticipated extra populace extension during this time span. “Building 1,000,000 new houses in the following decade is difficult for Ontario,” said Mike Moffatt, ranking executive of strategy and advancement at the Smart Prosperity Institute. “In any case, the award is huge: keeping a sufficient inventory of top-caliber, reasonable lodging while likewise producing monetary turn of events and empowering environment activity.” If this doesn’t occur, Ontario will not be able to draw in and keep the ability it expects to contend in the worldwide economy.” Supply limitations in the Greater Toronto Area (GTA) pushed up property costs pointedly, bringing about an 18.3% year-over-year expansion in normal selling costs in September land information. As indicated by information given Tuesday by the Toronto Regional Real Estate Board (TRRB), the typical expense of a property is currently $1,136,280. The board encouraged all degrees of government to address the lodging supply emergency, which they accept is at a “basic point.” While there have never been additional lodging units under development in Canada throughout the course of recent months, as per an examination delivered toward the end of last month by RBC Economics, these advances were recognizably ailing in urban communities like Toronto. Lodging begins in the city expanded by just 1.4 percent (or 500 units) from 2015 to 2019. When contrasted with the rate set somewhere in the range of 2015 and 2019, this misses the mark concerning the public dwelling building development of 26%. As per the review, rising lodging costs are making various youthful families drive until they qualify. 60,000 people left the City of Toronto and Peel Region for different areas between July 2019 and July 2020. “Ontario’s real estate market is a piece like a brutal round of a game of seat juggling,” said Mike Collins-Williams, CEO of the West End Home Builders’ Association. All these factors have made it difficult for the residents to cope with the changes smoothly but steps have been taken by adequate authorities to make sure the transition goes smoothly and people do not feel discomfort. “An ever-increasing number of individuals, especially youthful families searching for space to develop, are leaving more costly urban areas and dissipating across the territory looking for lodging.” “In people group across Ontario, we really want seriously lodging supply and choices. Provided that metropolitan chambers endorse the proper scope of lodging choices in their region can the 1,000,000 new homes required throughout the following ten years to answer and help youthful families be assembled.” Related posts. Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123 A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123 A 69-Storey Stacked Tower is being proposed by Capital Developments by admin123 Another design being considered for site of demolished Giraffe Condos by admin123

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A new record in Q1 as the Pre Construction condo sales increase

A new record in Q1 as the Pre Construction condo sales increase Condo sales have increased in the Greater Toronto Area and set a new record for Q1. It has increased by 55 percent and surpassed the 10-year average sales by 60 percent. The 10-year average sales were 5,164, which has raised to a new record. In the second quarter, new condo sales in the greater Toronto area rose to 9001 units which were 5.5times higher than the previous Q2 sales. Demand for new condo units has been rising over the last two quarters and the total number of transactions has become greater than the number of pre-sales units. Inventory that hasn’t been sold has faced a downfall of 34 percent over the last six months. Additionally, the unsold unit’s average price has increased by 16 percent approx to $31,382sq.ft and that too rose year over year. Still, the cost of construction and materials was increasing faster than the sales price and therefore it led to a decrease in the new activity. The demand for pre-construction condos was interesting to the next level but materials became more costly which is the reason for the reduction in the activity of construction. It has been reduced to 86,777 units in Q1 from 88,774 in Q4. The condo resale market is facing a change from the earlier quarter. The average price of a condo per sq. Ft in Q1 has increased by 12 percent. It was less than a quarter earlier. This is the rapid increase quarterly, which also results in the behaviour of buyers. The buyer is entering the market before the expected increase in interest rate. This results in an elevation of resale condo prices. It rose by 19 percent year over year in Q1 to $986 sq. Ft. It would make up to $811,000 for 824 sq. Ft. Which is 25 percent higher than its actual rate. The new condo market has started setting up a new record during Q1. The total sales for great Toronto area condo resale have increased by 74 percent year after year. So in the new condo resale market, prices grew faster and there they only increased by 13 percent: In 905 prices rose faster and reached 28 percent while in the outer area the prices increased by 22 percent. The buyer only focused on the outer region of 416 and 905 in search of value in condo sales where the price has an average rate of $7,66,000 in the 416 regions and $7,61,000 in the 905 area. With the demand for condo sales, there is an increase in resale activity. Including the new projects registered or completed in the past two years, there were 1058 sales in Q1 which was representing 17% of total resale. Related posts. A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123 A 69-Storey Stacked Tower is being proposed by Capital Developments by admin123 Another design being considered for site of demolished Giraffe Condos by admin123 A Proposal to Construct Three Towers Across from the Pioneer Village by admin123 The Finalization of 10Block Studio’s Plans for Luxury Condo by admin123

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Construction worker’s strike affects high rise in GTA

The Finalization of 10Block Studio’s Plans for Luxury Condo 10Block Studio has recently submitted an application to the City of Toronto for Site Plan Approval in order to build a brand new luxury condominium tower that will be located at 65 George Street in the Old Town district of the city. The current application is a resubmission of an older one, and very few changes have been made to it since the first version of the application was submitted in April of 2017. At that time, the developer made an application to the City for a Zoning By-law Amendment in order to make room for the construction of a 17-storey building at 65 George Street that had been designed by Core Architects. This structure would be constructed at the back of a four-storey historic building at 187 King Street East, which will be preserved. The plan was for a total of only sixteen residential flats, with just one dwelling unit on each floor, and floor plates that measured 250 square metres apiece and the situation still prevails. The proposal was shot down by the City Council in October 2017, and an appeal against that decision was submitted to the Ontario Municipal Board in February 2018. (OMB). Following a settlement reached within the City in June of 2020 at a hearing known at the time as the Local Planning Appeal Tribunal. The appeal was ratified; however, the final order was withheld until certain conditions, as directed by City Council and as agreed to by the Owner, were satisfied. In December of 2021.The tribunal, which at this point was known as the Ontario Land Tribunal (OLT), reached the conclusion that they were in violation of the law and issued a ruling reflecting this conclusion “satisfied that a proposal is an appropriate form of infill intensification on an under-utilized site, which makes efficient use of land and transit. It sensitively balances heritage protection with new development and will assist in the fulfillment of provincial and municipal policies which speak to providing an appropriate range and mix of housing by providing large, family-sized residential units in the downtown area.” For the purpose of complying with the requirements of the SPA, the height of the building was brought down from 71.62 metres to 67.32 metres, although the number of storeys remained the same. On the other side, there are now 22 parking spots available, an increase from the previous total of 16. The historic structure located at 187 King Street East, also referred to as the Little York Inn was built in 1879 and has a total of four floors. In spite of the fact that the primary building was added to the heritage register in the 1970s, the original stable building that was built next door did not become a part of the record until the year 2020. Because of this, the new design also saves the brick exterior of the one-storey building at 65 George Street by incorporating it into the concept for the 17-story residential building that was developed by ERA Architects, who specialize in the preservation of historic buildings. It is proposed that the existing commercial and office use that is located within 187 King Street East will be kept, while the 16 floors proposed above the ground floor will each comprise one residential unit with two bedrooms and a den, with all but one of the units containing a private outdoor balcony or terrace. The ground level is going to have a whole new entrance for pedestrians, and it’s going to be reachable through the archway that’s been there since the beginning. This new entrance will be connected to a relocated vestibule and pedestrian lobby, and it will also be shared with the vehicular access to a parking elevator. A recreational space totaling 55.5 square metres is planned to be located on the mezzanine level, which will be connected to the lobby located on the ground floor. Related posts. The Finalization of 10Block Studio’s Plans for Luxury Condo by admin123 Canada housing plans considered vague by BMO by admin123 The Canadian Blind Bidding Ban Dilemma by admin123 Hamilton to witness the tallest building: 45 Storey Tower by admin123 Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123

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Expert's Reaction to the increasing rates by the Bank of Canada

Expert’s Reaction to the increasing rates by the Bank of Canada

Expert’s Reaction to the increasing rates by the Bank of Canada The Bank of Canada raised its overnight rate target by 25 basis points to 0.5 percent in its second policy rate announcement of 2022. Economists and industry experts are weighing in on the bank’s decision, which marks the first increase in the mortgage-influencing overnight rate since October 2018. When COVID-19 broke out, the Bank of Canada made three emergency cuts to the overnight rate in March 2020, bringing it down from 1.75 percent in a matter of weeks as the pandemic sent shockwaves through global markets. Until now, the overnight rate has remained at a quarter percent. The Bank of Canada stated in its announcement that Canada’s economic growth has been strong, rising 6.7 per cent in Q4-2021, higher than the bank had predicted and confirming that “economic slack has been absorbed.” Household spending is increasing as a result of the Omicron variant’s rebound, and this trend is expected to continue as more public health restrictions are lifted. However, the Consumer Price Index for inflation is 5.1 percent, well above the Bank of Canada’s inflation target of 2%. Inflation may also arise as a result of the Ukraine conflict and rising commodity prices. “Russia’s unprovoked invasion of Ukraine is a big new source of worry,” the bank stated in a news release. “Oil and other commodity prices have skyrocketed.” This will raise global prices, and the negative effects on confidence and fresh supply disruptions may weigh on the global economy. Volatility in the financial markets has risen. The situation is still fluid, and we are keeping a careful eye on developments. As the economy grows and inflationary pressures remain, the Bank of Canada anticipates that interest rates will need to rise further. The next announcement of the overnight rate goal is set for April 13th, 2022. Economic Research at RBC After a near call in January, Josh Nye, senior economist at RBC Economics, noted in a daily economic briefing that there “looked to be a low bar to raise rates.” Even though January’s job data were negative, Nye noted that the labour market has recovered from prior COVID-19 waves, and GDP is expanding. Inflationary pressures are projected to rise further as a result of rising food and energy commodity prices as a result of the Russia-Ukraine war. “The Bank of Canada will have to assess the additional inflationary pressure caused by the war against two-way domestic effects (greater revenue for commodities producers, higher prices for consumers) and worries about the global economic picture.” Normally, central banks would consider geopolitically driven commodity price pressures, but with inflation already well over the goal, the Bank of Canada has stated that it is more concerned about upside risks to inflation than downside ones. Indeed, it stated that ‘consistently rising inflation raises the likelihood that longer-run inflation expectations may rise.’ Aside from inflation projections, the bank will keep a close eye on financial circumstances. Government bond rates have declined as growth fears and risk aversion have increased, while corporate credit spreads have grown. Other financial channels have been rather stable—the Canadian currency has been trading in a narrow range over the last month, and the TSX has performed well in comparison to other equity markets. At this point, we don’t believe geopolitical events prohibit the second rise in April, nor do they argue for the more aggressive tightening path that markets continue to price.” Bank of Montreal (BMO) Another rate rise might be on the way next month, according to Benjamin Reitzes, managing director of Canadian rates and a macro analyst at BMO. If global circumstances do not “further worsen,” April might bring another 25 basis points. “The tone on the domestic economy was fairly positive following yesterday’s better-than-expected Q4 GDP result.” There was considerable momentum coming into 2022, and the year began better than expected. This implies that ‘first-quarter growth is now looking more strong than originally anticipated.’ The Bank recognised growth in housing, household expenditure, and trade, and expressed confidence that employment would recover from the Omicron-induced dip in January. The Russian invasion of Ukraine ‘creates a significant new source of uncertainty.’ The Bank predicts an increase in inflation, while the loss of confidence and additional supply difficulties ‘may weigh on global growth.’ There’s a lot of ambiguity there, and the BoC will be keeping a careful eye on things. Assuming the economy continues on its upward track and inflation remains high (which seems unlikely in the short term), the Bank of Canada ‘expects interest rates will need to increase further.’ This is consistent with the rate increase path narrative and our forecast of another 25 basis point rise at the April meeting. Meanwhile, there have been no adjustments to the balance sheet, while policymakers are considering discontinuing reinvestment and QT.” The TD Economics The Bank of Canada opted to raise the overnight rate today, as “widely predicted,” according to TD Economics senior economist James Orlando. However, the bank’s policy approach is not set in stone, and review may be required if the Russia-Ukraine crisis unfolds. “It occurred at long last. The Bank of Canada has raised its policy rate, possibly kicking off a series of interest rate rises over the next few months. With employment expected to bounce strongly next week and inflation expected to rise further, the necessity for higher interest rates is self-evident.” “The Bank of Canada’s policy path is not fixed.” Financial conditions are tightening as a result of the Russia/Ukraine war. If the spillover becomes more entrenched, greater tightening may be necessary.” CIBC Capital Markets Avery Shenfeld, managing director and chief economist at CIBC Capital Markets, indicated that statistics supporting the economy’s rebound from Omicron and stronger-than-expected growth may be why the BoC opted to raise the overnight rate now rather than in January. “So why now, rather than in January?” The key difference is that, unlike two months ago, the Bank can now point to data indicating that ‘the rebound from Omicron appears to

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National home prices historically higher, listings terribly low

National home prices historically higher, listings terribly low

National home prices historically higher, listings terribly low According to the Canadian real estate association (CREA) as supplies have dwindled and transactions remained historically high in the month of January, the average price of a Canadian home has continued to rise annually. Company chair Cliff Stevenson noted that January was “pretty quiet,” for new listings, with supply numbers unlikely to shift until warmer weather appears. This is according to CREA’s monthly national statistics report released today. In the report, he had said that ‘The question is will that supply be overwhelmed by demand as it was last spring, or will we start to see the re-emergence of some of the many would-be sellers who have been hunkered down for the last two years?’ Here’s the information we have collected about Canada’s January housing market from the latest report of CREA Slight Increase in Home Sales from December  The number of homes that traded hands over MLS has grown by 1% between December to January. The actual number of transactions was over 10% in the month of January which was actually less than the monthly record established in January 2021. That was mostly the case throughout the second half of 2021 but January 2022 still reported the second-highest sales. There was an even split between local communities which reported the increase and decrease in the sales last month. Monthly new home supplies even had a double-digit drop. It fell by almost 11 percent. According to CREA, A pullback in the Greater Toronto Area made up more than half of the national decline. There were 1.6 months of inventory on a national basis by the end of the month. This is the level that ties with December 2021 for the lowest level ever recorded. 85% of local markets were categorised as seller’s market based on this ratio in January. The remaining 15% were in balanced market territory. “If that were to occur, similar to 2021, we’d likely see a massive number of sales take place which would get a lot of frustrated buyers into homeownership, and we’d likely see some cooling off on the price growth side if those offers are spread across more listings,” explained Cathcart. “Those are all things this market needs. It really comes down to how many properties come up for sale in the months ahead.” Cathcart is CREA’s senior economist. There is a rise in average home price up to more than 20 percent as compared to 2021 The Aggregate Composite MLS Home Price Index (HPI) had increased 2.9 percent from December to January as market conditions stay persistently tight. This is similar to the gains reported in the last three months. The non-seasonally adjusted Aggregate Composite MLS HPI increased 28 percent yearly in January. Annual price growth was recorded in multiple communities Several cities are found to have reported price increases after analyzing markets across the country.  Yearly price growth is “in line,” with the national figure at 28 percent in British Columbia, but lower in Vancouver and higher in other areas of the province. Alberta and Saskatchewan experienced annual price growth in the mid-to-high single-digit range, while Manitoba saw gains of 13 percent annually. Price increases stayed above 30 percent in Ontario as the GTA caught up with the pace of gains. Prices increased between 25% to 40% yearly throughout the rest of the province. Montreal has reported growth of slight 20% increase. In the Maritimes, New Brunswick has seen prices rise 30 percent in New Brunswick, 27 percent in Prince Edward Island, and 12 percent in Newfoundland and Labrador year-to-year. Related posts. Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123

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As home prices rise Ford wants to approve developments as soon as possible

Soleil Condominiums by Mattamay to beam in Milton

Soleil Condominiums by Mattamay to beam in Milton Mattamy Homes’ Soleil Condos, located in the foothills of the Niagara Escarpment, will provide an extraordinary connection to the outdoors. Residents of Soleil will be well situated for both work and play, with Rattlesnake Point Conservation Area and the Bruce Trail offering a hiker’s paradise of pathways just around the corner from the two-building development, and with easy access to recreational centres, baseball fields, basketball courts, and Mattamy’s National Cycling Centre. The measurements of each condo  The two mid-rise Soleil Condos, designed by KNYMH, will each climb six stories into the air and accommodate 128 and 122 residential apartments, respectively. Suites will be large with open concept designs and will be available in one, one plus den, and two plus den configurations. When natural light penetrates via floor-to-ceiling windows, contemporary kitchens with modern finishes will glow. The technology hub Mattamy Hub smart home technology, which will provide residents with a 24/7 connection with an in-suite security system featuring digital door locking through their wall pad or smartphone, will be a distinctive feature of the Soleil suites. The service of automated locker Soleil’s lobby on the first floor will offer concierge services 24 hours a day, seven days a week, as well as a postal room with automated lockers. Tara Lee Designs Inc will design the buildings’ bright interiors, which will include warm tones and delicate textures. Other building features will include a social room where residents may entertain. This welcoming amenity space will have a full kitchen, dining area, and fireplace. The best place for working personnel Soleil will also include a dedicated co-working lounge, which will be a linked space that will allow residents to seamlessly separate the workday from home life by providing an open concept working area as well as private meeting spaces. Fitness freaks got a place  There will also be a fitness centre with a naturally light gym and yoga studio, as well as everything inhabitants, need to be active on days when going outdoors isn’t an option. And don’t forget about the rooftop terrace, which will have a fire pit, grills, and a seating area with views of Milton and the nearby escarpment. Distance  Milton is a wonderful location for individuals who want to be linked to both the city and the environment. It is only 50 minutes from Toronto and less than a half-hour from Mississauga. The remainder of the Greater Toronto Area is also accessible by GO rail or bus from this location off Highway 401. Soleil Condos is scheduled to be completed in 2024. More information about this development will be available shortly, but in the meanwhile, you may learn more by visiting our Database file for the project, which is linked below. You may join the discussion in the relevant Project Forum topic, or leave a comment in the space given on this page. New data research service, provides complete information on building projects in the Greater Toronto Area, from proposal to completion. In addition, our daily subscription email, New Development Insider, arrives in your inbox to help you monitor projects through the planning process. Related posts. Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123

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The average detached house in Toronto has already surpassed the $2 million mark

The average detached house in Toronto has already surpassed the $2 million mark

The average detached house in Toronto has already surpassed the $2 million mark People are snapping up houses in the Greater Toronto Area at near-record rates, with last month coming in hot and achieving the second-highest sales statistics of any February in history, surpassed only by the record-breaking Feb. 2021. The Toronto Regional Real Estate Board (TRREB) reveals that 9,097 residences changed hands last month, a 16.8 per cent decrease year over year but a staggering 61.4 per cent increase from the previous month. It’s a significant amount of properties sold, but it’s still a 16.8 percent decline from last year’s record when purchasers resurfaced between pandemic waves. A Much-Necessary Rebound Bustling sales undoubtedly got a lift from an influx of much-needed supply: 14,147 new listings were added to the market, more than double (109.4 percent) from January levels. While inventory is still down 6.6 percent year on year, because the decrease was less severe than sales, it has helped improve total inventory, pushing market conditions ever-so-slightly toward balanced. The month ended with a total of 6,985 properties for sale, up more than 2,000 from the previous month and perhaps indicating that overall supply is on the rise. If you want a 416 address, expect to pay an average of $1,210,889, up from $995,171 in February 2021. And the 905 is even more expensive, with houses now costing $1,402,948, up from $1,070,710 in February 2021.The most concerning figure, however, is the new average price of a detached home in Toronto, which has officially surpassed the two-million barrier with a February 2021 average of $2,073,989. The costly detached sector continues to have the highest amount of sales, with 3,928 purchases led by activity in the 905 areas. The total average price of a single-family detached home increased by 31% to $1,797,203 and has officially surpassed the $2 million mark in the City of Toronto, at $2,073,989 (23 per cent. Condos, on the other hand, are hanging near the $800,000 mark, with an average price of $799,966. A total of 2,722 units were sold, with 1,842 of them concentrated in the 416 area. Prices are expected to rise further, though not to such extremes, with TRREB Chief Market Analyst Jason Mercer predicting “a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households temporarily putting their home purchase on hold as they resituate themselves in the market.” TRREB CEO John DiMichele predicts that these conditions will be a prominent topic in the 2019 Ontario provincial election, adding, “we know that housing affordability will be front of mind.” “Demand for ownership homes continues to be robust throughout the GTA, and while we are somewhat off the record pace observed last year, any buyer searching in this market is unlikely to feel it with competition continuing the standard,” he adds. “Many households accelerated their home purchase and closed in 2021, which is one reason the number of sales was predicted to be lower this year, and a trend toward increased borrowing costs will have a restraining influence on home sales.” Significant immigration levels and a persistent scarcity of supply, on the other hand, will have a mitigating influence on rising mortgage rates.” All of this will be on the minds of policymakers and politicians as election season approaches; following the recommendations of the province-appointed Ontario Housing Affordability Task Force, it will be interesting to see whether — if any — of their 55 proposals will be enacted before Ontarians go to the polls. DiMichele emphasizes that “political parties and candidates must focus on bold and inventive policies that will encourage greater and diversified housing supply to account for the current gap and future population expansion as immigration accelerates.” Related posts. As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123

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Home Prices in Toronto hits an all time new record

Home Prices in Toronto hits an all time new record

Home Prices in Toronto hits an all time new record Cliff Stevenson, Chair of CREA stated that on viewing how many homes were bought and sold in March 2021, one could be forgiven for thinking the market just continues to strengthen, and maybe to some extent it is. Home prices in Toronto climbed to a record as a steep decline in the number of properties that came up for sale added fuel to the competition among buyers, leaving little prospect in the market to cool. Average home price in the Greater Toronto Area has increased rapidly by more than 450 per cent since 1996, raising fears as the population continues to grow and land becomes scarcer. A report states that across the GTA benchmark home prices are up to 17.3 per cent year over year to $1,059,300ss. The driving factor behind the price increase is a lack of homes in the market There was no reassurance for Greater Toronto Area homebuyers last month as the average home price crept up nearly 28 per cent in comparison to last year as a lack of supply continued to hamper the market. The Toronto Regional Real Estate board revealed that the average selling price for a home in the region exceeded $1.3 million last month, up from just above $1 million last February and more than $1.2 million in January of this year. In a press meet, Kevin Crigger stated that the governments at all levels must take coordinated action to increase supply in the immediate term. He also added that until the governments work together to cut red tape, smoothen the approval processes, and encourage mid-density housing, ongoing housing affordability challenges will keep on escalating. In an approximation, the price of a detached home hit more than $1.7 million last month, with semi-detached properties at $1.3 million, townhouses at $1.1 million and condos nearing $800,000. The Ontario board narrated that it sensed signs in February that the region is making adequate moves toward a more balanced market. On average about 9,097 homes changed hands last month compared with 10,929 last February and 5,622 in January of this year. In a press release, Jason Mercer who is the board’s chief market analyst stated that just because the inventory remains exceptionally low, it will take some time for the pace of price growth to slow down. Related posts. Did Canadian housing market turn the tide? by admin123 Home Prices in Toronto hits an all time new record by admin123 Toronto’s Real Estate Market is not in bubble wrap, confirms the Bank of Canada by admin123 Toronto and Durham properties continue to be purchased by Minto by admin123 With Canadian Bond yields reaching 2018 levels, the buyers can expect higher mortgage by admin123 More options available for the buyers while prices are breaking records by admin123

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Construction worker’s strike affects high rise in GTA

Construction worker’s strike affects high rise in GTA by Amy 15000 residential construction workers go on strike over wages and workers’ rights. This strike by the workers was the biggest in 20 years and this might have had a huge impact on the construction of ground and high-rise buildings in the Toronto Area. On Sunday, May 1st workers in GTA were covered by the labourers ‘ international union of North America local 183 went on strike and announced that workers were forced to go on strike. Multiple construction industry sector members refused the settlement which was proposed to them. Among members from different industry sectors included workers in high rise forming, house framing, installation of tiles forming, rail installation, self-leveling flooring, and hardwood installation were in this matter. This may result in affecting the process of Ground related and high rise residential projects in GTA. Due to the rising costs of living in Ontario, they have demanded fair compensation and a good amount of wages for its components. The workers of the residential sector in GTA deserve the fair compensation that they are demanding and their contribution and hard work reflect in the construction industry. The residential sector is one of the most demanded industries in the Great Toronto Area and other parts of Ontario and will continue to be in most in and for upcoming years. Thus in a press release LiUNA local 183 business Manager, Jack Oliveira said that their members work hard and are critical to building housing across the GTA. He further said that they are ready to come back for work but they just want to get their den and fulfilled and they want the contractors Association to provide their members with fair wages and compensation and accept a fair proposal that appreciates their members and for what they do. (RESCON )Richard Lyall, president of the Residential construction council of Ontario, a representation of residential builders, said that this strike is the most crucial that the sector has faced in around two years. According to him, in the residential construction sector, there are around 30z agreements and all collective bargaining expired on 30th April in The GTA. Many collective agreements have been settled or have achieved an uncertain agreement or some are still waiting for a fair agreement between the parties. LiUNA Local 183 has notified RESCON that its members have not accepted the proposals of settlements and go on a strike in the GTA and the other parts of Ontario. Richard Lyall, president of RESCON, is hoping to resolve this problem with the striking units in the next few weeks. Because according to him, the longer they strike, the more housing projects will be kept pending and the work will stop. Because of the workers who are skilled and are on strike, the other works are held up and cannot be processed further before completing the earlier one. The process of constructing a building is defined to be performed by different workers and so when they are on strike the others have to wait until these things have been resolved. RESCON mentioned that another union local representative of operative engineers has also denied and rejected a new collective agreement. It could affect excavation and other construction activities in the resident’s sector. But the province is urging them to resolve the settlement between both parties. The Ontario minister of labour stated in the press that they are encouraging the employers and the unions to make every effort on resolving their agreement at the bargaining table and they are pretty confident that by working together, both the parties can reach a settlement and resolve this issue. Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123

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A new record in Q1 as the Pre Construction condo sales increase

A new record in Q1 as the Pre Construction condo sales increase Condo sales have increased in the Greater Toronto Area and set a new record for Q1. It has increased by 55 percent and surpassed the 10-year average sales by 60 percent. The 10-year average sales were 5,164, which has raised to a new record. In the second quarter, new condo sales in the greater Toronto area rose to 9001 units which were 5.5times higher than the previous Q2 sales. Demand for new condo units has been rising over the last two quarters and the total number of transactions has become greater than the number of pre-sales units. Inventory that hasn’t been sold has faced a downfall of 34 percent over the last six months. Additionally, the unsold unit’s average price has increased by 16 percent approx to $31,382sq.ft and that too rose year over year. Still, the cost of construction and materials was increasing faster than the sales price and therefore it led to a decrease in the new activity. The demand for pre-construction condos was interesting to the next level but materials became more costly which is the reason for the reduction in the activity of construction. It has been reduced to 86,777 units in Q1 from 88,774 in Q4. The condo resale market is facing a change from the earlier quarter. The average price of a condo per sq. Ft in Q1 has increased by 12 percent. It was less than a quarter earlier. This is the rapid increase quarterly, which also results in the behaviour of buyers. The buyer is entering the market before the expected increase in interest rate. This results in an elevation of resale condo prices. It rose by 19 percent year over year in Q1 to $986 sq. Ft. It would make up to $811,000 for 824 sq. Ft. Which is 25 percent higher than its actual rate. The new condo market has started setting up a new record during Q1. The total sales for great Toronto area condo resale have increased by 74 percent year after year. So in the new condo resale market, prices grew faster and there they only increased by 13 percent: In 905 prices rose faster and reached 28 percent while in the outer area the prices increased by 22 percent. The buyer only focused on the outer region of 416 and 905 in search of value in condo sales where the price has an average rate of $7,66,000 in the 416 regions and $7,61,000 in the 905 area. With the demand for condo sales, there is an increase in resale activity. Including the new projects registered or completed in the past two years, there were 1058 sales in Q1 which was representing 17% of total resale. Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123

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