Higher rents in Toronto

Virtual viewings and other Real Estate technology are on due to the pandemic.Co-living spaces, and renting by the bedroom instead of by the apartment is on the rise.More home buyers and renters are looking for sustainable features in the properties they purchase or rent.Smart homes with internet-connected devices, is now a part of many people’s everyday lives.

5 Key housing market trends

5 Key Housing Market Trends

The avg rent for all property types in Aug was $1,959/mo, ↑ 1.3% MoM and ↑ 11.1% yearly.
Prospective tenants are looking at properties that are $200 more expensive on avg yearly.
The avg rent for single-family homes ↑ 13% yearly to $3,061.
Also, the rents for condo apartments were ↑ 7% in Aug to $2,312, and Apartment rents ↑ 5.5% to $1,729.

Canadian rent prices reach a three-year high

Higher interest rates are here for at least two years until inflation is tamed.
The BoC will take necessary actions to restore price stability and bring inflation back to 2%.
The inflation rate was 7% in Aug 2022.
The pandemic and the effects of Ukraine war are contributing to inflation levels above BoC’s target.

Expect higher interest rates by BOC

The avg price for a two-bedroom in Burlington ↑ 16.1% yearly to $2,559.
The avg price for a one-bedroom ↑ 16.1% yearly to $2,133.
Nationally, Burlington came in 4th on the list for avg monthly rent.
Demand increased in the area’s rental market, causing the prices to further rise.

Burlington, ON Rents Up yearly

Fall can be a great time to go ahead with your purchase for three key reasons.1. Home prices may fall compared with the busy summer season.

2. There may be less competition in fall.3. The weather is ideal for house hunting.

3 Reasons fall is the best time to purchase a house

3 Reasons Fall Is the Best Time to Buy a Home

The SAAR (seasonally adjusted annual rate) of housing starts in August was 267,443 units, ↓ 3% MoM.
The annual pace of urban starts ↓ 3% to 246,771 in August, with the rate of multi-unit urban starts ↓ 4% at 187,602.Urban starts of single-detached homes ↑ 1% to 59,169 units.

Decreasing housing starts might lead to a supply shortage in Canada

CREA has updated its forecast for home sales activity via MLS® in 2022 and 2023.Some 532,545 properties are forecast to trade hands via Canadian MLS® Systems in 2022.The national avg home price is forecast to ↑ 4.7% on an annual basis to $720,255 in 2022.
National home sales are forecast to edge back a further 2.3% to 520,156 units in 2023.

CREA updates resale housing market forecast

CREA Updates Resale Housing Market Forecast

The cost to rent an apartment in Toronto ↑ 24% yearly.Renters were expected to pay an avg of $2,649/mo for a rental unit. Costs for one-bedroom apartments reached $2,329 and two-bedrooms saw avg price of $3,266. 
Condo rental reached $2,945, nearly $1K higher than the national avg of $2,053.

Toronto's rentals are more expensive now

Some states require an attorney to draft Real Estate documents.
When dealing with a complicated transaction an attorney might help.
By hiring a Real Estate attorney you would avoid a lot of problems.
 A Real Estate attorney makes sure the legal transfer of property goes right.

Reasons you should hire a real estate attorney in US

Reasons You Should Hire a Real Estate Attorney In US

Housing starts stood at 267,443 units in Aug, marking ↓ 3% MoM.
Still, the figure came in higher than the 265K forecast by economists.
Single-detached starts ↑ 1% to 59,169 units.
Still, they were unable to outpace the 4% ↓ in multi-unit starts, which ↓ to 187,602.

Housing starts trends in Canada in August 2022

Housing start trends in Canada in August 2022

The avg price for a two-bedroom in Mississauga ↑ 10.4% yearly to $2,416.
The avg price for a one-bedroom in Mississauga ↑ 8.7% yearly to $1,946.
Nationally, Mississauga came in 11th on the list for average monthly rent.
Demand increased in the area’s rental market, causing the prices to further rise.

Mississauga rent prices skyrocketed

Mississauga Rent Prices Skyrocketed

Canadian renters are facing starker affordability issues than their home-owning counterparts.
The increase in monthly costs facing renters outpaced those that homeowners are paying.
Costs for renters include utilities and rent, while for homeowners they are mortgage and property taxes.
The median monthly shelter cost for renters ↑ 17.6% since 2016.
While homeowners saw ↑ 9.7% hike in that timeframe.

Canada’s renters facing higher monthly costs than homeowners

The avg rent for a one-bedroom in Toronto hit $2,329 in August.
The avg rent for a one-bedroom ↑ 3.2% MoM and 17.1% yearly.
The avg two-bedroom in the city costs $3,266/mo.
The avg two-bedroom rent ↑ 0.2% MoM & 24.3% yearly.

Rent Prices Reached NewHighs in Toronto

Rent Prices Reached New Highs in Toronto

International or out-of-province students should ensure they have housing secured before they arrive in the city, so plan ahead.
If students are looking to live with a roommate, they should make those arrangements in the winter, before looking for housing.
Prospective tenants should always visit the unit before signing a tenancy agreement.
Some list off-campus rental units are appropriate for students and have resources to help renters find roommates.

Tips for students looking to rent in Toronto

The national avg rent for all property types ↑ 11.1% yearly to $1,95K in Aug.
The Aug avg also ↑ 16.8% since a low point in Apr 2021.
Prospective tenants are looking at properties >$200 expensive on avg yearly.
Demand for rentals is ↑ ~ 40% yearly, and ↑ 70% from Aug 2020 marketplace.

Canada’s avg rents climbed in August

The median asking rent in Winston-Salem was $1,580 by the end of August.
Rent prices in Winston-Salem ↑ 64.1% yearly in August.
The median asking rent ↑ 27.9% yearly in August for all property types nationwide.
Single-family home rentals are heavily driving the overall market, with rents ↑ >36% yearly to $2,350.

Rent-hikes in Winston-Salem, NC made the case for investing

Despite the current uncertainty, Canadians who purchased a home during the COVID-19 pandemic have no regrets. 
Following the pandemic lockdowns, what Canadians prioritized in their homes changed.
A nice kitchen that was a must before, was re-prioritized as home offices and space to entertain family became more important. 
Also, the pandemic sales highlighted an attitude felt by many Canadians “If I don't buy now, I may never be able to buy.”
58% of pandemic homebuyers who waived financing and inspections are happy with their home.
In addition, 84% of homebuyers who paid above list price don't regret it.

Canadian pandemic homebuyers have zero regrets

The avg price of a detached home in Aug was ~$851K, ↑ 1.1% MoM, and ↓ 3% yearly.
While the number of homes sold in Aug was ↓ yearly, they were ↑ ~ 19% MoM.Aug sales:
 68 condos, ↓ 26.1%
 61 semi-detached homes , ↑ 10.9%.

August house deals rebound in Waterloo Region

August home sales rebound in Waterloo Region

Rising interest rates are reducing the purchasing budget.
Toronto and Vancouver face the greatest risk due to excessively stretched affordability and outsized price gains.However, home resales ↑ 11% (seasonally adjusted) between Jul-Aug.

Canada’s Real Estate market trend

Forecast

#vancouverrealestate #vancouverrealestateforsale #vancouverrealestatemarketing #vancouverrealestateagent #vancouver #vancouverrealtors #vanre #vancouverhomes #yvrhomes #realestatecanada #realestate #realtorforlife #realtor #realestateagent #realestatelife #realtorlife #luxury #photography #luxuryhomes #realestateinvestor #NewConstruction #realtor #newlisting #housingmarket #listings #buyers #investmentproperties

Canada’s market forecasts in 2022 and 2023

Metro Vancouver average Value expected to reach $1,22M

Metro Vancouver average price expected to reach $1,22M

Rate predictions in Canada

Rate Predictions in Canada

12-month forecast for Canada

BCREA Q3 2022 forecast

Forecasts of Canada’s loan market in fall

Forecasts of Canada’s mortgage market in fall

Canada’s market still healthy, providing opportunities for long-term investments

Canada’s market still healthy, providing opportunities for long-term investment

Canada's housing market predicted to remain robust, despite recent volatility

Historic correction underway in Canada, but there won’t be a crash

Mobile Friendly

5 tips to make the search for a new apartment easier

Tips on saving to purchase a house by 2030

Tips on saving to buy a home by 2030

BOC’s goal is to stabilize prices

Variable-rate mortgages growing in popularity despite BoC rate hikes

Does It Pay to Own Multiple Homes in Canada?

Tips for buying a house in a small town

Tips for buying a home in a small town

Factors in today’s real estate market

Factors in today’s Real Estate market

Second house down payment requirements in Canada

Second home down payment requirements in Canada

Sell or wait for the next Real Estate boom?

Market Report Videos

Fraser Valley Market Update

Greater Vancouver Housing Report

Greater Vancouver Market Update

More registered homes in Surrey, BC in August 2022

B.C. limits 2023 apartment rent increases at 2%

SubMarket Report Videos

Vancouver East Market Update

Maple Ridge Market Update

Squamish Market Update

Whistler/Pemberton Market Update

sunshine-coast-market

Sunshine Coast Market Update

Burnaby Market Update

New Westminster Market Update

Abbotsford Market Update

Richmond Market Update

Mission Market Update

Tips for Homeowners

4 Tips for apartment searching

4 Tips for Apartment Searching

Finding a good real estate agent

How to Find a good Real Estate Agent

Should you sell your house this fall?

Tips on selling a property

Why a 15-Yr Loan is Better than a 30-Yr loan

Why a 15-Yr Mortgage is Better than a 30-Yr Mortgage

How buying a house can hedge against inflation

What should sellers avoid in a shifting market?

What are the benefits of working with a professional REALTOR®?

Neighbourhood Bio Videos

Renfrew -Collingwood Neighbourhood

North Burnaby West neighbourhood

North Burnaby West Neighbourhood

Brentwood Park

Vancouver- Metrotown Neighbourhood

Vancouver - Willoughby Heights Neighborhood

Vancouver - Whalley Neighborhood

Vancouver - Langley Neighborhood

Vancouver - Guildford Neighborhood

Vancouver - Grandview Heights Neighborhood

Vancouver - Kitsilano Neighborhood

Archive Videos

National day for truth and reconciliation

National Day for Truth and Reconciliation

In memory of Elizabeth II, The Queen

In Memory of Elizabeth II, The Queen

Metro Vancouver’s July housing starts

Happy British Columbia Day

June housing market updates in Canada

Happy Canada day

Happy Canada Day

Happy father’s day

Happy Father’s Day

Happy Victoria day

Happy Victoria Day

Happy Mother’s Day

Canada's hot housing streak cools as prices, deals fall in March

Canada's hot housing streak cools as prices, sales fall in March

Brokerage Videos

Royal LePage - Vancouver Monthly Market Update

RE/MAX - Vancouver Monthly Update

CWB - Vancouver Monthly Update

Keller Williams - Vancouver Monthly Update

Century 21 - Vancouver Monthly Update

Virginia

Alabama

Arizona

Arkansas

Atlanta

Austin

Central Coast

Charlotte

Chicago

Colorado

Connecticut

Dallas

Florida

Georgia

Hawaii

Houston

Illinois

Indiana

Los Angeles

Maryland

Massachusetts

Miami

Minneapolis

Minnesota

Missouri

Nevada

New Jersey

New York

North Carolina

Ohio

Orlando

Pennsylvania

Philadelphia

Portland

Raleigh

Sacramento

San Antonio

San Diego

San Francisco

Seattle

South Carolina

Tampa

Tennessee

Texas

Washington

Washington D.C.

Other Areas California

Other Areas USA

Alberta

British Columbia

Calgary

Edmonton

Kelowna

Ontario

Ottawa

Quebec

Toronto

Vancouver

Local, Timely Real Estate Content Posted For You

We know content creation is really hard, we scour the web and find local content and post it for you on social media.

Quality Social Media Content & Posting Made Effortless