Toronto and Calgary Rising Home Prices

According to the Canadian Real Estate Association Toronto and Calgary led Canada in rising home prices in April.

Calgary led the country on a month-to-month increase and Toronto registered the biggest year-to-year jump due to strong housing market fundamentals.

Toronto has a tight housing supply of less than two months compared to the national average of six months.

Components of the MLS Home Price Index:

• Toronto home prices up 1.42 points from March, up 7.85 points from the same month last year
• Calgary home prices up 2.03 points from March, up 4.02 points from the same month last year
• Vancouver home prices up 0.74 points from March, up 3.69 points from the same time last year

More related to this Condos Blog:

• Toronto Downtown Condos For Sale
• Rosedale Homes For Sale

Toronto Condos Continue To Surge

The  new housing market surged this week with Toronto Condos leading the way putting analysts on alert for signs of overheating.

Condominium construction in Ontario and Quebec is contributing to a seven-year high in housing starts.

There is a worry that Canadians purchasers of  these new homes will increase their mortgage debt and obligations.

Toronto home prices jumped 10.5 per cent in March making it Canada’s only major city with double-digit home price gains.

In the new Toronto Condo market there is a chance that unoccupied Condos bought by investors could be dumped back on to the market to avoid any major losses in any eventual downturn if prices start falling.

Searching for Toronto homes for sale? Or perhaps one of the many new Toronto Downtown Condos, if so BuySellTorontoRealEstate is your premier source for MLS listings and Condos search.

Note:

No Penguins (Google) were harmed in the making of this Toronto Condos Blog!

Toronto Condos Prices Continue To Climb

It appears Real Estate prices are still rising in Toronto, especially Toronto Condos as their prices continue to climb with low-interest rates encouraging even more debt.

Growing debt burdens of Canadians is making Ottawa feel somewhat uneasy and higher interest rates in the near future could signal problems putting homebuyers at risk.

The Canadian Real Estate Association reported that Vancouver was showing signs of lower prices and lower sales compared to last year but Toronto seem to be the exception across Canada with the average resale home price $501,614, increasing 10 per cent.

The lack of available new detached homes in Toronto and area is also driving home buyers towards new Condominiums as an available alternate to single-family homes.

The drivers of this Toronto Condos boom seems to be the accelerating pace of urbanization, higher transportation costs for commuters, record low interest rates and a restrictive Greenbelt around the city pushing Condo development inward.

Search for Toronto Condos For Sale below.

Toronto Downtown Condos Search

Toronto Financial District Condo Listings

Yorkville Condos Avenue Road and Yorkville Avenue

A new zoning amendment application has been submitted to City Hall for a new Yorkville Condominium project at Avenue Road and Yorkville Avenue.

Empire Communities is requesting permission to erect a 38-storey mixed use tower containing 342 residential Condos and retail on the first 2 floors.

The location is a prime Yorkville location, across from the redeveloped Four Seasons, and just steps to Bloor Street shopping and the Royal Ontario Museum.

The Park Hyatt, the Hazelton Hotel and Windsor Arms Hotel are all close by.

Below are current resale Yorkville Condos for sale.

Yorkville Condos For Sale

Toronto Housing Market Resilient In First Quarter

Re/Max has released a housing report showing 12 of 15 Canadian Real Estate centres reported home resale activity ahead of last year’s figures.

More than 50 per cent of these cities reported double-digit increases in Real Estate sales.

The reason, low-interest rates, strong consumer confidence and a mild winter that saw cottage buyers looking at this summers product without snow.

With the early start to the Real Estate Spring market, home prices were increasing by 10 per cent in Toronto showing a demand for good homes in a popular neighbourhood.

Bidding wars have resulted when fewer homes come on to the Toronto MLS.

Forest Hill Homes For Sale

Financial District Condos For Sale

Why people want Toronto Downtown Condos.

They want shorter commutes to their workplace downtown Toronto and walkability to shops, grocery stores and most important entertainment and sports.

Ready to move yet?

They also want a car-free existence that downtown Condos  can offer and when needed there is alway a short trip on the city transit or a very short taxi cab trip available.

Fortunately in the Greater Toronto Area some buyers, especially with families prefer a suburban home to bring up their children, again close to schools and shopping.

A nice balance keeping the Toronto Real Estate market positive.

Toronto Downtown Condos

Financial District Condos Toronto

Hundreds of buyers lined up in Vancouver to buy new Condos.

Within 4 hours all the 415 units were sold.

Looks like no slowdown in this Vancouver Condominium project.

CTVBC

Toronto Downtown Condos CityPlace

 

Toronto Average Home Prices To Cool

Canada’s housing market will cool over the next 24 months with home and Condo sales and prices reaming flat near 2011 levels, according to the Bank of Nova Scotia.

Major urban cities like Toronto and Vancouver will experience  a slowdown in their hot Real Estate Markets due to a slowdown in global growth over the past year.

According to the Canadian Real Estate Association the average home price rose 4.3 per cent in 2011, but slowed down considerably in the 4th quarter, rising just 1.1 per cent.

The national average home price was $363,346 in 2011 according to the Real Estate Association’s data.

The forecast is for homes to rise 0.3 per cent this year but fall the same amount in 2013.

At least we are getting modest predictions on the future home prices with sales and average prices holding steady.

Related:

Toronto Downtown Condos available for sale or rent.

Toronto Condos Traits Of Toronto

West Harbour City Condos Toronto

The number of new Toronto Condos is proving doubters incorrect as our Real Estate Market continues to meet remarkable Market demands.

Downtown Toronto Condos are bought as soon as they are launched, in fact some are sold before the public launch by the Condo developer to friends and previous buyers who want to buy again.

Buyers and investors from all over the World are finding the Toronto Condos lifestyle offers a wife range of choices in both location and price.

Home buyers can live in many of the new Condominium neighbourhoods they prefer in one of the best cities to work and live.

Toronto offers top sports like Hockey, Soccer, Football and Basketball. Along with sports, the city also has entertainment venues with World class performances at theatres with popular restaurants and nightlife to add to these experiences.

Pictured above: West Harbour City Condos

Related:

Harbourfront Condos Toronto

Toronto Condos Liberty Village

According to analysts the Federal Government will make it tougher for many Condo and Home buyers to obtain mortgages this year.

It will be the fourth time the Finance Minister has intervened in the Real Estate Markets since 2008.

A move by the government is expected prior to the Spring Real Estate season. The minimum down payment to buy Condos or Homes could be raised from the current 5 per cent or the maximum amortization period reduced from the now 30 years.

The housing markets in Toronto and Vancouver continue to appear overvalued and this is causing concern that household debt is increasing.

Canada’s debt to income ratio was 153 per cent last year. Low interest rates are tempting home buyers to take out mortgages for increasingly unaffordable homes.

Toronto Downtown Condos

Toronto Condos Financial District