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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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.
I was on Arlene Bynon’s show on AM640 talking about how the pandemic has affected Toronto’s condo market.
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Continue ReadingI’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.
One of the challenges for first-time buyers is the longer they wait, the harder it is to get in the market, as the housing market seems to increase faster than most people can save. And, as interest rates rise, mortgage payments will rise with them, making owning that much more expensive.
Continue ReadingWhat’s happening in the real estate market now? Are there too many condos on the market? Are house prices still climbing? What’s happening with the rental market?
Here is my interview on Global News AM640 (On Point With Alex Pierson) last night on trends in the real estate market right now.
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.
