Market Insights
This Ontario city’s homes cost half the Toronto average but nobody is buying them
From blogTO – Despite a decline in listing prices and properties selling below asking en masse, Toronto is still by no means a cheap place to call home.
Bank of Canada raises rate again to 4.25% — but opens door to staying there
From CBC – Central bank has raised policy rate 7 times this year in battle against inflation
Rising interest rates, falling sales pushing some investors out of Toronto’s condo market
From CBC – Rising interest rates mean some are struggling to close on preconstruction projects.
Bill 23 – More Homes Built Faster Act, 2022 passed… fast.
From Osler – On November, 28, 2022, Royal Assent was given to Bill 23, the More Homes Built Faster Act, 2022.
Ontario backtracks on Greenbelt pledge with plan to allow housing on 7,400 acres
From Toronto Star – The government wants to open up 15 areas of protected land for housing development in exchange for adding 2,000 acres to the Greenbelt, in what some fear is an unequal swap.
How Canada’s new immigration targets will help housing recover — and push prices higher long-term
From Toronto Star – Canada’s new immigration targets will bring in 465,000 new permanent residents next year, 485,000 in 2024 and 500,000 in 2025. Economists say that will help us build more houses and recover from the current slump.