Toronto Real Estate News Roundup – October 2019

07 October 2019
Robert Greenberg Team

Like Halloween, Toronto’s real estate market can get scary. 

Don’t get spooked – as one of Toronto’s top luxury real estate agents, my team of Toronto realtors and I can help you pick out the tricks from the treats in the housing market. 

Here are the real estate stories that caught our eye last month:

New Partnership Aims to Speed Up Verification Process for Home Buyers

Putting together a mortgage approval is tedious, having to wade through piles of paperwork that will hopefully show your worth. 

To make the process somewhat bearable, Equifax Canada Co. and M3 Group have joined forces to streamline the mortgage approval process through automating employment and income verification.

Instead of the usual grind of documentation verifying your identity, bank account, assets, and proof of income, the two companies will combine their proprietary technologies and strengths to hopefully end the age of paper-based verifications.  

Check out the full story on the Toronto Storeys website

Toronto Ranks Second for Cities Most at Risk of Real Estate Bubble

Toronto is nearing the top of property bubble risks, according to UBS Group AG’s annual Real Estate Bubble Index. 

A widening chasm between a continuously-growing population and limited housing has bumped Toronto from third to second place in the UBS index. One of the key factors highlighted in the report points to lower interest rates as the cause of escalating real estate prices. These increases have turned investors away from bonds and towards other lucrative assets. 

Read more about Toronto’s property bubble risk here.

Slow August Sees Toronto New Home Sales Fall, While the 905 Picks Up

In spite of slowing sales, GTA home buyers are still pushing prices (at least when it comes to condos). 

Atlus Group and BILD data from August shows…

  • Toronto detached home prices dropped, while condo prices rose; The Altus single-family benchmark price fell to $1,083,358 in August, down 4.1% from last year. The typical new condo apartment price reached $840,799, up 7.2% over the same period.
  • GTA new home sales rose, but are still relatively slow
  • New home sales in Toronto are falling
  • GTA new home inventory rose over 21%

For the complete snapshot of Toronto real estate in August, visit Better Dwelling.

Canada Election 2019: Housing Affordability Will Get Worse Under Trudeau, Scheer Plans To ‘Help Homebuyers’

Now that it’s election time in Canada, it’s inevitable that all parties will need some sort of plan to solve one of the worst rental housing crises in the country, as well helping potential home owners struggling to find a place. 

But as Daniel Tencer from Huffington Post Canada argues, neither the Liberals or Conservatives action plans for housing will do anything to improve the housing affordability issue in the country. Even with plans ostensibly targeted to first-time homebuyers, Tencer predicts nothing much will change.
Read more about each party’s stance on affordable housing over at Huffington Post Canada.