Canadian Real Estate News Headlines (July 10th 2019)

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I provide you with Canada’s news headlines for real estate news for today.

Canadian Housing Starts Surge 25% on Coast-to-Coast Increase

Canadian housing starts surged to the highest level in more than a year in June, led by construction of multiple-family dwellings such as condos and row houses.

In another sign of recovery for the nation’s real estate market, builders started work on an annualized 245,657 units last month, a jump of 25% from May, Canada Mortgage and Housing Corp. said Tuesday -- easily topping the median forecast of 208,600 units in a Bloomberg survey. Multiple unit starts rose 31% on the month to 189,200, CMHC said.

Gains were “evenly spread out across the country,” Jocelyn Paquet, an economist at National Bank Financial in Montreal, wrote in a note to clients, adding all 10 provinces registered increases, something that hasn’t happened since 1996.

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Toronto Area Real Estate Update: Detached Home Sales Up 19% in June

Strong demand continues with sales up 19% over the same month last year, but why aren't we seeing the bidding wars of previous years?

This strong demand for detached homes was seen in both the City of Toronto and the 905 regions.

Detached homes in the Toronto suburbs (905 regions) – York region in particular – saw the biggest decline in average prices when the market cooled in 2017.

Today, with prices much lower than what they were at the peak, we are seeing renewed interest from buyers for detached homes in these markets.

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Home Sales Climb while Listings Fall Behind - June TREB Report

The GTA real estate market continued to be plagued by supply and demand issues in June. Home sales surged while new listings brought to market lagged behind, despite market-cooling efforts implemented over the last two years.

Recent numbers from the Toronto Real Estate Board document a total of 8,860 homes changing hands in June, representing a significant 10.4% year-over-year boost. However, new listings of houses, condos, and townhouses for sale in Toronto have remained stagnant with only 15,816 homes brought to market, a slight drop of 0.3%.

It is no surprise that this has prompted increases in home prices. Toronto listings have reached an average of $832,703, an increase of 3% from 2018. Additionally, the value of homes has increased by 3.6%, according to the MLS Home Price Index.

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