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Monthly payments are high, but rents are decreasing, leading more first-time buyers to enter the condo market in Greater Toronto Area. Condo listings have increased significantly, while sales have dropped by 19.8% in Q2 2024. Chief Market Analyst warns that lower rents and high inventory may not last. Continue to full article

Toronto is expanding housing acquisition programs to buy discounted and vacant condominiums for affordable housing. The city will fund community housing providers to purchase these units, aiming to ease crowding in emergency shelters. With a record number of unsold units, Toronto has allocated $50 million for condo purchases. The city also plans to explore stormwater…

The office vacancy rate in downtown Toronto is rising, surpassing suburban areas for the first time, according to JLL Canada. The second quarter saw negative absorption rates, largely due to banking sector consolidations, with the financial core and downtown north particularly affected. High vacancy rates have led to reduced net rents and increased tenant advantages.…

Interest rate cuts are starting to impact Toronto's housing market, with an increase in sales noted last month. TRREB President Jennifer Pearce indicated that borrowing costs are expected to decline further, leading to lower monthly mortgage payments and potentially accelerating sales. In July, there were 16,296 new listings, an 18.5% year-over-year increase, although sales and…

Toronto's housing market remains sluggish due to high borrowing costs, with a report from RBC Economics indicating that more rate cuts are necessary to boost sales. Despite a slight increase in resales in June, July saw a 0.7% decline. Inventory levels are rising, particularly for condos, which have increased by 64% year-over-year. Home prices have…