10 h. ago Rent prices in and around Toronto plummet for yet another month

Tenants in and around Toronto have been benefiting from lower housing costs so far this year as the city's real estate market endures the impacts of tough and uncertain economic times.Average rents across the GTA have plummeted to prices not seen in years, and the most recent figures from April show a continuation of the recent trend, with the price of a typical apartment in downtown Toronto, Etobicoke, Mississauga, North York and other areas falling further still.According to liv.rent, one of the platforms that collects such data nationwide each month, one-bedroom renters in the 6ix are now paying about $130 less for a home than they were this time last year, and $7 less than they were even last month, based on present rates.While Toronto remains generally known as one of the priciest places to live in Canada, it is not even listed in liv.rent's top five places in the country to rent right now, all of which are in ...

Economics

34 h. ago Here's the salary you need to earn to afford a home in Toronto right now

It may be one of the worst times in years to try and sell a home in Toronto, but conversely, those in the market to buy a property may be able to land themselves somewhat of a deal (relative to the city's infamously ludicrous prices, that is).Prices are finally starting to erode in the face of a terribly stagnant market, most notably in the condo sector, where fewer units are changing hands than ever in the last three decades.According to the latest data from the Toronto Regional Real Estate Board (TRREB), the average price of the typical GTA condo fell 2.6 per cent from March 2024 to the month prior, while the average price of a home of any type is down a similar 2.5 per cent over the same period.Sales have dropped a staggering 23.1 per cent year-over-year, while active listings have shot up 88.8 per cent, giving buyers the advantage of choice and negotiating power.As such, along with a Bank of Canada mortgage rate cut in March, the annua...

Other

9 d. ago Here's how much home prices in Canada are expected to drop in 2025

Following an uptick in home prices in 2024, British Columbia could be among the parts of Canada to see a potential decline in housing prices in 2025.According to a recent forecast by TD Bank's economists, average home prices in B.C. will fall by 4.1 per cent in 2025, before rising by 2.7 per cent in 2026. This comes after a 1.7 per cent increase in home prices in 2024.This will be the country's second-largest dip in home prices, following the forecast for Ontario: a decrease of 6.4 per cent in 2025, and a subsequent increase of 2.2 per cent in 2026. Last year, home prices in Ontario went up marginally, by 0.3 per cent.As for the number of home sales in B.C., the volume of transactions is expected to decrease by 0.8 per cent, before rallying by a staggering 14.7 per cent in 2026. Similarly, Ontario will see a 7.6 per cent drop in home sales in 2025, followed by a 16.9 per cent increase in 2026, the bank's experts say."This reflects muted demand conditions in both [B.C. and Ontar...

Economics

1 week ago Toronto rent prices continue to fall and are the cheapest they've been in years

Though Toronto is still very far from being considered an affordable place to live, rent prices in the city have been on a consistent downward trajectory for many months now, and the latest figures from March 2025 are no different.By the end of 2024, the average cost of an apartment in the Big Smoke had plummeted to the cheapest level it had been in more than two years, which has now extended into a whopping 32-month low.New reports from listing platforms like Zumper and Rentals.ca show that though it's still far pricier to nab a place in the GTA than almost anywhere else in the country, tenants are being afforded more financial wiggle room than they have in previous years, with the monthly rent of all sizes of units ever-lowering while the real estate market falters.As of last month, the typical one-bedroom unit in the region has dropped to around $2,300, marking a small reduction both month-over-month and year-over-year (by 0.4 per cent and ...

Economics

2 w. ago Buyers offering way under asking price for homes in most parts of Toronto area

Despite a small surge just before the official start of spring, bidding activity on homes in the GTA largely seized up in March thanks to the ongoing trade war between Canada and the U.S. These economic and political uncertainties have convinced many prospective buyers to put their dreams of homeownership on hold, and as a result, homes in certain areas of the GTA are seeing bids well below their listing prices. A recent analysis by the digital real estate platform Wahi compared the differences between list and sold prices in roughly 400 neighbourhoods across the GTA. At the end of each month, the platform compares the differences between median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory. Source: Wahi.Data was sourced from Information Technology Systems Ontario (ITSO) and the Toronto Regional Real Estate Board (TRREB).According to the report, approximately 20 per cent of GTA neighbourhoods with at le...

Economics

3 w. ago 'There will be winners and losers:' OCDSB boundary changes will affect real estate prices

Buyers are pulling out of deals and sellers are losing tens of thousands as buyers seek homes near the 'best' schools, say realtors.

Economics