Category: Uncategorized

Mortgage brokers believe there are more opportunities for homebuyers in Toronto's housing market compared to recent months.New listings surged after the BoC lowered its policy rate by 25 basis points in June.

The recent rate cut by the BoC is believed to be a contributing factor to the uptick in home sales. Home sales in the Greater Toronto Area ↓ 16.4% yearly in June, but ↑ MoM, reaching a total of 6,213 units sold.

Weigh Flexibility vs. Investment: Renting offers flexibility, while buying builds equity and offers tax benefits. Consider Long-Term Stability: Buying is better if you plan to stay in one place for many years.

Growth is projected to continue over the next five years, though at a slower rate than the last decade. Toronto median home prices forecast: – 2024: $1.12M – 2025: $1.18M – 2026: $1.24M – 2027: $1.30M – 2028: $1.37M

Toronto's city council approved recommendations to increase rental housing and improve renter stability. The new Rental Housing Supply Program aims to create 65K rent-controlled homes by 2030.

Toronto City Council has approved a project at 275 Merton St. to build 447 new purpose-built rental homes. The project includes a minimum of 30% affordable rental homes to remain affordable indefinitely.

Toronto REALTORS® saw an initial spike in interest after the Bank of Canada cut its overnight rate. Despite initial interest, the Toronto Real Estate market has become quieter, with buyers waiting for more rate cuts.

Control Additional Charges: Government regulation needed on housing charges. Expand Land Availability: Increase development land.