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Commercial Real Estate Investment in Greater Toronto Area Drops 27%
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Commercial Real Estate Investment in Greater Toronto Area Drops 27% The second quarter of this year saw a 27% drop in commercial real estate investment in the Greater Toronto Area, due to high interest rates, construction costs, and remote work. The office sector was the hardest hit, with an 61% decline in investment from the previous year, and residential investmen...

Rising interest rates a factor as new homes sales dip in GTA: BILD
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Rising interest rates a factor as new homes sales dip in GTA: BILD The Building Industry and Land Development Association (BILD) reported that new home sales in the Greater Toronto Area (GTA) were up 32 percent from June 2022, but still 30 percent below the 10-year average. This is due to the Bank of Canada's series of interest rate hikes, which have caused prospec...

GTA Condo Rents Hit New Record High, Up 31.7% In Two Years
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GTA Condo Rents Hit New Record High, Up 31.7% In Two Years Rents in the Greater Toronto Area (GTA) have continued to rise in the second quarter of 2023, with the average rent for condos reaching a record high of $2,803. Double-digit rent inflation has been seen for the past seven quarters, and over the past two years, rents have increased by 31.7%. Vacancy....

GTA Real Estate Market Starting To Balance Out
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GTA Real Estate Market Starting To Balance Out The GTA real estate market is returning to a more balanced state, with increased supply of homes for sale and more moderate demand from buyers leading to a more stable market. Prices are increasing at a more sustainable rate, allowing a more balanced market to develop.

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Office vacancy rate continues to climb in Toronto
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Office vacancy rate continues to climb in Toronto The office vacancy rate in Downtown Toronto has steadily increased since the onset of the pandemic, reaching 14.2% in the second quarter of 2023. This is in line with the national office vacancy rate, which rose to 18.1% in Q2. The tech sector is a major contributor to the sublease availability in D...

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Toronto's downtown office vacancy rate inched up in the second quarter: Avison Young
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Toronto's downtown office vacancy rate inched up in the second quarter: Avison Young Avison Young's report on Toronto's office space vacancy rate for the second quarter of 2021 has revealed a rise from 11.6% to 12%, far higher than the pre-pandemic rate of 2.1%. This increase in vacant office space is accompanied by a surge of available sublet space of 67% from last year. JLL's repo...

'Toronto shouldn't only be for the 1%': Singh calls for tax break on development of affordable homes
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'Toronto shouldn't only be for the 1%': Singh calls for tax break on development of affordable homes Jagmeet Singh, the federal NDP leader, is calling on the federal government to make housing more affordable in Toronto by removing GST and HST on the development of new affordable homes and setting aside federal lands to build rental housing and homes for first-time homebuyers. He is hoping for a be...

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Navigating the Waves: An Analysis of Toronto's Real Estate Market Trends in 2023
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Navigating the Waves: An Analysis of Toronto's Real Estate Market Trends in 2023 The Toronto Regional Real Estate Board's (TRREB) data for May 2023 shows a consistent seasonal trend of increased sales in the spring and summer months due to better weather, families moving during summer break and improved curb appeal. The trend line for sales reveals a gradual but steady increase....

Ontario Contributed To More Than 45% Of Canada's Residential Permit Values In May
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Ontario Contributed To More Than 45% Of Canada's Residential Permit Values In May In May of 2023, Canada saw an increase in construction intentions, with the total value of building permits issued jumping 10.5% month-over-month to $10.5 billion. The non-residential sector drove the growth, with permit values rising 14.2% to $3.7 billion, led by the commercial component. Residenti...

TRREB: Condo Sales in the GTA Climb While New Listings and Prices Drop
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TRREB: Condo Sales in the GTA Climb While New Listings and Prices Drop The Toronto Regional Real Estate Board (TRREB) reported that condo sales in the GTA (Great Toronto Area) have increased while new listings and prices have dropped. With more competition between buyers, the average condo selling prices should climb above last year's levels in the second half of 2023....

Rising interest rates driving up cost to rent in Oakville and Burlington
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Rising interest rates driving up cost to rent in Oakville and Burlington Rent prices in Oakville and Burlington are on the rise due to increasing interest rates. Average rents in Canada are up 20% over the last two years and 1.4% from May to June. The average monthly rent for a one-bedroom home in Burlington was $2,215 in June and $2,528 in Oakville. The Bank of Canada's...

Canadian Real Estate Supply Rises, Prices To Moderate: RBC
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Canadian Real Estate Supply Rises, Prices To Moderate: RBC RBC, the largest bank in Canada, has warned that the Canadian real estate market is cooling off, with supply rising in June across virtually every major market. Sales are growing at a much slower rate than in previous months, and if conditions hold, RBC expects prices to appreciate at a slower rate....