Toronto Real Estate News Roundup: August 2019

16 August 2019
Robert Greenberg Team

Things are continuing to move and shake in the world of Toronto real estate this month. 

As your trusted luxury real estate agent, I’ve aggregated a few key reads for homeowners and investors:

July Was Another Sizzling Month for Home Sales: TREB Report

As the summer months sizzle on, so too does the Toronto real estate market. According to the latest report from TREB, sales this month were up a whopping 24.3 per cent compared to July 2018. 

While the city of Toronto itself showed great growth, the biggest changes overall were in the “905” areas of suburban GTA. Sales in this region grew by an average of 25 per cent, while the average price rose by 4 per cent to $787,937. 

The highest change by housing category was in the price of semi-detached houses (which rose by 42 per cent), while the market for single-detached homes saw the slowest growth.

Read the full story here.

Over Half of Canada’s GDP Growth Came From Real Estate And Construction

According to Statistics Canada (Stat Can), Canada’s real estate sector is growing at nearly twice the pace of the Gross Domestic Product. The segment now represents 12.75 per cent of the overall GDP, which is just short of the highest it has ever been (at 12.92 per cent). 

Together, the real estate and construction industries accounted for 51.3 per cent of growth back in May. Of the growth in construction, over 80 per cent came from residential construction.  

Due to an amassment of pre-sale buildings currently being built, the level of construction in the city is supremely high. 

Despite slow growth in sales that month, real estate continues to be a major factor in economic development. 

Read the full story here.

Bank of Canada Lowers Mortgage Rate for 1stTime in 3 Years

BoC announced in mid-July that the mortgage rate would be dropping from 5.34 per cent to 5.19 per cent. This is the first decrease since September of 2016. 

Although real estate experts agree that the drop won’t make a noticeable dent on the market, it does give Canadians higher chances of being able to afford housing. 

The dreaded stress test may have just become a bit easier to pass due to this news from BoC.

Read the full story here. 

Toronto Is The No. 1 City Canadians Want To Move To For Real Estate

According to a recent study, Toronto is the most desirable city to move to for real estate. Based on a survey of 1,200 people, over half of respondents stated they were willing to relocate in order to own a home. While older Canadians were reluctant to do so, the Millenial and GenZ demographics were most open to the idea.

Although prices are still on the rise, young Canadians still have high hopes of home ownership, and a strong feeling that success in Toronto is within reach. 

Read the full story here.

Regent Park sees its first $1-million condo sale

Having been on the market a mere 21 days, a condo unit in the often-overlooked Regent Park neighbourhood has made history by surpassing the million-dollar mark for the first time ever. 

As a 1,100 square foot corner suite with three bedrooms, this unit was a completely unique piece of property in the area, surprising potential buyers with its calibre, ultimately leading to its high price tag. 

Read the full story here.