Toronto Real Estate News Roundup: June 2019

07 June 2019
Robert Greenberg Team

Summer’s here! And with the changing of the seasons comes changes to the Toronto real estate market.

As your trusted Toronto luxury real estate agent, I’ve congregated the most important real estate news for homeowners and investors alike that are in the market for high-end Toronto properties:

Toronto home sales up 18.9% in May from last year, TREB report says

Good news, home sellers: Toronto’s housing market is shifting to favour sellers as home sales growth outpaces listings growth, according to a new Toronto Real Estate Board report.

"After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment," TREB president Garry Bhaura says.

Read the full story on CBC.

Toronto Realtors Warn Of Housing Supply Crunch As Market Bounces Back

Despite a bounce back in Toronto’s housing market after nearly two years of middling conditions, the supply of newly-listed homes on the market hasn't been keeping up, increasing just 8 per cent over that time.

"This suggests that market conditions continued to tighten, which points toward an acceleration in price growth," TREB said in a statement.

Read the full story on Huffington Post.

Buying In Toronto Is A Worthwhile Investment If You Can Afford It

A new report from MoneySense suggests that despite Toronto’s high house prices, investing in real estate is worth it – if you can afford it.

“[Toronto] offers great employment opportunities, there’s been an uptick in immigration and businesses seem to be investing in the future,” the report noted. “All of this lends itself to a strong economic base for this city—the sort of base that attracts workers, their families and the need for housing.”

Read the full story on Toronto Storeys.

CMHC defends mortgage stress test changes amid calls for loosening rules

The CEO of Canada Mortgage and Housing Corporation is defending mortgage stress test rules and warning federal policy-makers to stand firm amid calls for softening the measure from industry associations.

"My job is to advise you against this reckless myopia and protect our economy from potentially tragic consequences," wrote president and CEO Evan Siddall in a letter to the Standing Committee on Finance.

Learn what this means for first time home buyers in particular on CP24.

Toronto’s Rapid Population Growth Could Cause Housing Crisis: Expert

Even a large city and infrastructure like Toronto can’t handle its rapidly growing population.

Anew study foundthat the city is growing at such a rapid pace, that housing supply won’t be able to keep up.

According to urban economist and study co-author Frank Clayton, it means Toronto is “risking a serious housing crisis.” “We need more housing supply,” Clayton said in a HuffPost Canada interview.

Read the full story on Toronto Storeys.