Sadly, I Think We’ve Just Entered the First Year of the Hunger Games in Toronto

Are the current increases in real estate prices unsustainable? What we are seeing is a tale of the haves and have-nots playing out before our eyes in the economy and in the housing market. It’s as if we’ve entered the domain of the movie The Hunger Games which featured volunteers from various districts fighting for their survival while the wealthy watched.

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A Seller’s Dream. A Buyer’s Nightmare.

How many semi-detached houses are selling for more than $1.4 million?

Over the last few weeks, I’ve noticed a trend with the prices of semi-detached houses in the core (C01, C02, C03, C04, C08, C09, C10, C11, E01, E02, E03, E06, W01, W02, W03 – see below for map) of Toronto. Pricing trends in the real estate market tend to be gradual but what I’m noticing seems like a more drastic trend. It’s an upward trajectory on the prices of semi-detached houses in Toronto. Many home buyers will now be shut out of the semi-detached housing market and more likely to buy condos.

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Delinquencies & Deferrals

I’ve heard a lot of people comment that when those mortgage deferrals end, the housing market will be in trouble. Well it’s the end of October now and the market hasn’t collapsed.

The mortgage delinquency rate across Canada pre-covid was 0.29% and in Toronto where real estate is the most expensive, the rate was 0.11%, which is incredibly low.

I recently attended a presentation where Shaun Hildebrand from Urbanation highlighted some interesting statistics.

At the end of June 2020, 760,000 Canadians (roughly 16% of mortgage holders) had taken advantage of the mortgage deferral programs.

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Home Buying and Selling During COVID-19 (Toronto Real Estate Summit Panel DIscussion)

Home Buying and Selling During COVID-19

What it is like to buy or sell a home during an unprecedented global pandemic? What precautions should you take? Is it harder to get a mortgage? What legal i…

What it is like to buy or sell a home during an unprecedented global pandemic? What precautions should you take? Is it harder to get a mortgage? What legal issues may arise? Our multi-sector panel tells you what you need to know.