New mortgage lending hits record high during pandemic, StatCan study

New mortgage lending hits record high during pandemic, StatCan study
  OTTAWA – Mortgage borrowing reached record highs in 2020, with households adding nearly $108 billion in mortgage debt, compared with less than two-thirds of that amount in 2019 and just under $46 billion in 2018. Despite the economic upheaval caused by the pandemic, expected credit losses on mortgage loans remained slight, accounting for 0.1% of mortgage debt as a... Read More

Potential municipal land transfer tax hike could reduce supply and affordability of modest Toronto homes

Potential municipal land transfer tax hike could reduce supply and affordability of modest Toronto homes
TORONTO – The Toronto Regional Real Estate Board is raising concerns about the potential for City Council to increase the Municipal Land Transfer Tax when it meets next week to approve the City’s 2021 Budget. TRREB’s concerns focus on the potential for the tax increase to further constrain the supply of homes for sale in Toronto, thereby exacerbating housing supply... Read More

TRREB forecasts strong demand for real estate in 2021

TRREB forecasts strong demand for real estate in 2021
  TORONTO – The outlook for the GTA real estate market is healthy with strong buying intentions, a near-record sales forecast of more than 100,000, and a record average selling price over $1 million. Today, the Toronto Regional Real Estate Board (TRREB) is unveiling its  Market Year in Review & Outlook 2021 Report and eagerly awaited digital digest containing TRREB’s annual market outlook,... Read More

As Canadians flee cities, rural living gets its mojo back

As Canadians flee cities, rural living gets its mojo back
  HALIFAX – It’s no secret the COVID-19 pandemic has caused many Canadians to move from cities to the suburbs and even the countryside. According to Statistics Canada, the phenomenon led to a record loss of population in Toronto, Montreal and Vancouver in 2020. Vacancy rates are skyrocketing in many urban centres across the country. The same phenomenon is happening... Read More

Colliers Global Investor Outlook Report anticipates up to 50% surge in global investment in 2021

Colliers Global Investor Outlook Report anticipates up to 50% surge in global investment in 2021
TORONTO – Investment management firm Colliers International Group Inc. (NASDAQ and TSX: CIGI) reports investors are largely optimistic about a market rebound in 2021, according to its new Global Capital Markets 2021 Investor Outlook. Colliers’ research anticipates a 50 per cent surge in investment activity in the second half of the year, pointing to a broad-based renewal of confidence in... Read More

Record December Home Resales and New Record in 2020 Average Selling Price

Record December Home Resales and New Record in 2020 Average Selling Price
  TORONTO – Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000. “The Greater Toronto Area housing market followed an unfamiliar path in 2020.... Read More

Statistics Canada says median net worth of Canadian families is $329,900, before pandemic

Statistics Canada says median net worth of Canadian families is $329,900, before pandemic
  OTTAWA – This week Statistics Canada released the ‘Survey of Financial Security, 2019’. The survey states that while the estimates from the 2019 Survey of Financial Security do not reflect the impacts of the COVID-19 pandemic, they do provide a baseline for assessing developments during the pandemic and shine light on which Canadian families may be more or less financially... Read More

Colliers Canada reports that over 1 in 10 offices in Canada were vacant in Q4 2020

Colliers Canada reports that over 1 in 10 offices in Canada were vacant in Q4 2020
  VANCOUVER – As COVID-19 continues to impact the Canadian commercial real estate industry, Colliers Canada’s 2020 Q4 National Market Snapshot shows that the Canadian office market continues to experience rising vacancy rates – reaching a high of 10.8% in the fourth quarter of the year. However, the data shows that while office vacancy rates continue to rise, Canada’s industrial... Read More

Home prices to continue to climb in 2021 as unmet demand carries over: Royal LePage

Home prices to continue to climb in 2021 as unmet demand carries over: Royal LePage
  TORONTO — A new forecast by Royal LePage says home prices are expected to climb higher next year as unmet demand in the second half of 2020 carries over into 2021. The firm says its aggregate home price in Canada is expected to rise 5.5 per cent year-over-year to $746,100 in 2021. Royal LePage chief executive Phil Soper says... Read More