Toronto home prices tumble, but market shows signs of stability

Toronto’s housing market continued to show signs of stabilizing in April, but sale prices remain significantly below the record levels hit last spring. New sales data from the Toronto Real Estate Board (TREB) shows the average home sold for $804,584 in the Greater Toronto Area in April, a 12-per-cent drop from $918,184 in April last […]

Continue reading

Toronto condo projects teeter on collapse amid rising costs

As Toronto’s condo market booms, signs are emerging that a stressed industry is facing rising costs and tax burdens that may mean an even grimmer outlook for buyers. Observers are still sifting through the wreckage of the Toronto area’s latest project cancellation – a sold-out Vaughan project that dumped 1,100 would-be buyers back into the […]

Continue reading

Canadians warned to climb out of debt before it’s too late, as threat of cooling housing markets looms

Scott Hannah says low borrowing costs and rising home prices have lured Canadians into a debt trap they may not escape if looming economic threats materialize. Hannah, president of the Credit Counselling Society, is seeing an influx of clients as higher financing costs begin to bite and people find it harder to manage. Phone calls […]

Continue reading

Move over, Toronto and Vancouver: Montreal is poised to become new capital of luxury real estate

Calgary and Montreal are on track to eclipse Toronto and Vancouver as Canada’s fastest growing luxury real estate market this year as rising consumer confidence boosts demand for homes over $1 million. A new Sotheby’s report on the luxury sector shows sales of $1 million-plus homes in Montreal increased by 20 per cent to 104 […]

Continue reading

Toronto has a housing supply problem and the reason why may lie in Ontario’s 2006 growth plan

Toronto, Canada’s largest city and one of the world’s hottest property markets, has a supply problem and the nation’s housing agency admits it is not quite sure why soaring prices have not spurred more construction. New homes replace demolished ones at a sharply lower rate than early this decade, completion times for multi-family projects have […]

Continue reading