Jeanette Grant

MARKET UPDATE FOR THE WEEK ENDING MARCH 19TH, 2021

22 March 2021
Jeanette Grant

Toronto has been ranked among the five most expensive cities for real estate in the entire world. A new report which looks at average income versus housing prices, found that housing affordability worldwide continued to deteriorate throughout the pandemic. Toronto scored 9.9, compared to the worst offender, Hong Kong, which scored 20.7, Vancouver was ranked second at 13.0, followed by Sydney 11.8, Auckland at 10.0 and San Francisco at 9.6. Other stats have shown you now need to have an annual income of at least $178,499 to afford to enter the Toronto market, with the average price for a detached home in the city now more than $1.5 million.


MARKET UPDATE FOR THE WEEK ENDING MARCH 12TH, 2021

16 March 2021
Jeanette Grant

The spoils of pandemic wealth have added billions to Canadian households and to their total wealth unexpectedly during this past year. In every province, net worth is on the rise. About two-thirds of the average wealth gain came from rising home values, with the rest owing to a surge of savings. It’s a situation that bears little resemblance to past recessions. Disposable income is up sharply, home prices have never been higher and stock markets erased their losses months ago.


MARKET UPDATE FOR THE WEEK ENDING MARCH 5TH, 2021

09 March 2021
Jeanette Grant

What can we say, the GTA housing market is on fire! Home sales rose 52.5% across the board. With February stats out this week, the 905 regions are seeing a surge and the average selling price rose to $1,045,488, the first time it has exceeded the million-dollar mark. Detached houses in the 905 communities surrounding Toronto experienced a particular surge. They sold for nearly 30% more this February compared with the same month last year. The Toronto Real Estate Board is warning that the already hot pandemic market is poised to become more competitive as the year goes on.


MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 19TH, 2021

23 February 2021
Jeanette Grant

More than two-thirds of Toronto condo investors are planning to sell their properties rather than pay the new vacant home tax, according to a new Toronto Regional Real Estate Board (TRREB) report. Toronto City Council voted to create an implementation plan for a vacant homes tax in the city which would take effect sometime in 2022. The tax would encourage owners to sell or rent out their vacant properties, which would increase housing supply, the City of Toronto said in a news release. Those who do not would need to pay the tax, and proceeds would go toward building new housing supply.


MARKET UPDATE FOR THE WEEK ENDING JANUARY 29TH, 2021

02 February 2021
Jeanette Grant

Have you heard? The Toronto spring real estate market is underway and its picking up steam at an uncomfortable pace. Several significant home sales with multiple offers and plenty of “bully offers” are flaring up in some hot pockets of the city and the surrounding 905 regions. Buyers have secured very attractive interest rates and the demand for space rather than speculation seem to be driving the market. It’s a concern among central bankers that this could be become a bubble with such low interest rates. On Wednesday, Canadian policy makers kept interest rates at 0.25%, and committed to keep borrowing costs low until the damage from the pandemic is fully repaired, something they don’t see happening until 2023.