Despite the economic chaos caused by the novel coronavirus, home prices in the Greater Toronto Area are up slightly from this time last year, data obtained by Global News shows.
The modest increase was seen both in the Toronto-area 905 suburbs and also in the 416 area code.
In the 416, condo prices were up 1.8 per cent in the first two weeks of May, compared to the same period in 2019, and detached houses were up 2.6 per cent, though only 198 properties in that category were sold.
In GTA 905 communities like Peel and Durham, condo prices were up 3.4 per cent and detached houses were up 0.9 per cent.
However, far fewer homes are being bought and sold: the GTA had only 2,005 residential properties sold in the first two weeks of May, as opposed to 3,477 in the first two weeks of February.
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4:51 How COVID-19 is impacting Toronto real estate
How COVID-19 is impacting Toronto real estate
Agents who Global News talked to said that while showings now take place under very restrictive rules, it’s easier than it was under the total ban in March as Canada moved to respond to the pandemic.
“There was a lot of uncertainty because we were not allowed to do any showings,” says agent Nuria Cano Ortiz. “If you can’t do showings, most of the sellers that have their properties on the market just terminated the listings.
“It makes sense: nobody is going to buy a house without really seeing it.”
Still, the rules agents now work under are very time-consuming to comply with.
“It’s very challenging because no more than two adults are allowed in the house. Children are not allowed in the house. We have to go with masks, and we have to have either gloves or sanitizer and only one appointment per time frame.”
“In the past, you could book appointments for an hour. Now the showings are half an hour so that we don’t overlap.”
Despite that, agents say they’ve seen markets bounce back to something similar to what they were like before the pandemic.
1:55 Real estate agents continue work with virtual tours and heightened safety measures
Real estate agents continue work with virtual tours and heightened safety measures
“Who knows what’s going to happen later?” asks Ortiz. “But right now, it’s pretty steady.
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“Any listing that’s going on the market is holding back and getting offers, and they’re getting 20-25 offers. There are 25 people offering on the house, there are 24 who are not getting the house and going to the next house.”
Agent Rodelio Cuevas says he’s seen demand come back in the past two weeks:
“Last night, I was in a multiple-offer situation — a first-time homebuyer’s place where we had 15 showings in one day. It is a surprise, but there are a lot of buyers.
“There are people who are really anxious to get into the market right now because of low interest rates. That’s the main factor, in my opinion.”
5:37 Matt Lee looks at changes in the real estate world during COVID-19
Matt Lee looks at changes in the real estate world during COVID-19
Agent Karen Millar has seen a similar pattern.
“I have multi-offers in many of the areas that have always been the most popular,” she says.
“In East York, there are million-dollar properties with multi-offers. In neighbourhoods that have always been in demand, I don’t see any downward pressure.”
There are more opportunities to buy condos than single-family homes as rental markets soften, Cuevas says.
“There are a lot of vacancies in condos at the moment.”
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But the pandemic isn’t going away any time soon, and agents were reluctant to predict what it would mean for Toronto-area real estate markets as time goes on.
Last week, the Canada Mortgage and Housing Corporation took a bearish view, warning of a drop in home values of nine to 18 per cent over the next two years, which it said could make a dangerous combination with high levels of consumer debt and high unemployment.
1:57 CMHC warns COVID-19 could lead to huge losses in real estate market
CMHC warns COVID-19 could lead to huge losses in real estate market
“I think we’re more in wait-and-see mode,” Ortiz says. “We’re going to have a lot of action right now. I think it’s going to last until the next flu season, that could be another COVID season, and that would really be bad for us.”
“I am optimistic that the market will swing up, but I don’t think it’s going to be a normal market,” he says. “It’s going to be a challenge. It’s not going to be anything normal.”
Global News got access to Toronto real estate sales data after the Supreme Court declined to hear an appeal by the Toronto Real Estate Board against a decision by the federal Competition Bureau in 2018. TREB (now the Toronto Regional Real Estate Board) was fighting to keep access to the data closed.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
