First-Time Buyers Giving Up On Toronto’s Housing Market, Poll Shows
The reality of high house prices, rising interest rates, and tougher new mortgage rules is sinking in for Canada's largest housing market, where first-time buyers are showing all the signs of fatigue.
According to a recent survey from Toronto Real Estate Board(TREB), far fewer first-time buyers will be lining up to get on Toronto's property this year than was the case last year.
Check here for more details.
How Ottawa has become a top real estate market to watch
Ottawa's real estate market is one of Canada's strongest and steadiest.
There were 17,803 homes sold in Ottawa in 2017, an increase of 10 percent over 2016. The condo market had a 22 percent increase in sales year over year.
By comparison, sales of condos in Toronto decreased by 9.6 percent, while its overall residential sales market decreased by nearly 20 percent – although both numbers compare with a record-breaking 2016. Both Toronto and Vancouver have seen their markets impacted by a new foreign buyers tax. However, Ottawa does not have that. In addition, the new stress test on mortgages for new home buyers will likely have less of an effect on Ottawa buyers.
For more details, check this article from The Globe and Mail.
Picture: Scott Webb
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Jethro Seymour, Toronto Real Estate Broker. Search Toronto's live MLS listing here.