May 2022 Market Update

By: The Goldfellas

May 2022 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE, GTA REAL ESTATE

Wednesday, June 8, 2022

This May, GTA real estate saw an average sale price of just over $1.2M — a 3% decline from April’s sales — as increasing mortgage rates continue to push buyers to the sidelines. This marks a nearly 10% correction since February’s all-time record of $1.33M, signifying the market’s serious reaction to the Central Bank’s imposed interest rate hikes. However, despi...Read More

April 2022 Market Update

By: The Goldfellas

April 2022 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE, GTA REAL ESTATE

Monday, May 9, 2022

Heads up everyone! This month’s update is one you don’t want to miss!  In the wake of ongoing interest rate hikes, the GTA real estate market showed clear signs of cooling in April. Sales dropped by 27% since last month and 41.2% since April 2021. Prices remained 15% higher than last April, however, we saw a 3.5% drop in the average home price between March and April. Interest r...Read More

Budget 2022: Mandatory HST On New Condo Assignments

By: The Goldfellas

Budget 2022: Mandatory HST On New Condo Assignments

Tags: GTA REAL ESTATE, TORONTO NEWS, REAL ESTATE UPDATE, BUDGET 2022

Monday, May 9, 2022

Property speculation is targeted in the recent federal budget and could potentially impact the market for pre-construction condominiums. In an attempt to reduce so-called speculative trading in the Canadian housing market, the government has plans to target the resale of purchase contracts for pre-construction homes.  As it stands now, HST may or may not apply to the purchase of a new home ...Read More

Ontario Real Estate Regulations to Offer an Alternative to Blind Bidding

By: The Goldfellas

Ontario Real Estate Regulations to Offer an Alternative to Blind Bidding

Tags: GTA REAL ESTATE, TORONTO NEWS, REAL ESTATE UPDATE, BLIND BIDDING

Wednesday, May 4, 2022

The Ontario government will introduce new regulations, effective next year, that will enable home sellers to disclose the details of competing bids on their properties if they choose. Sellers will no longer be limited to selling their property through a closed or traditional offer system," says Ross Romano, Ontario minister of Government and Consumer Services. By giving sellers the opti...Read More

Real estate comps. What are they, and why do they matter?

By: The Goldfellas

Real estate comps. What are they, and why do they matter?

Tags: GTA REAL ESTATE, TORONTO NEWS, REAL ESTATE UPDATE, REAL ESTATE COMPS

Wednesday, May 4, 2022

Comps are comparable properties in the particular area that you’re looking to buy or sell in, and they are one of the most vital tools used to determine how much a home is worth! Comps determine a home’s value by comparing it to similar properties sold recently in the same neighbourhood. In today’s competitive market, listing prices can be very confusing, with some homes selling...Read More

Canada To Ban Foreign Homebuyers For Two Years

By: The Goldfellas

Canada To Ban Foreign Homebuyers For Two Years

Tags: GTA REAL ESTATE, TORONTO NEWS, REAL ESTATE UPDATE, FOREIGN BUYERS

Wednesday, May 4, 2022

Measures contained in the new federal budget will ban foreign buyers for 2 years and provide billions of dollars for new home construction in response to climbing real estate prices which have risen over 50% in the past two years. The measures will be included in Finance Minister Chrystia Freeland’s budget on Thursday, according to a person familiar with the matter, asking to remain unnamed...Read More

New Foreign Buyer Policy

By: The Goldfellas

New Foreign Buyer Policy

Tags: GTA REAL ESTATE, TORONTO NEWS, REAL ESTATE UPDATE, FOREIGN BUYERS

Wednesday, May 4, 2022

Effective March 30, 2022, the Non-Resident Speculation Tax (NRST) rate was increased from 15% to 20% and expanded province-wide. As a result, the new NRST will apply on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals or by foreign corporations or taxable trustees. What you need to know: 1. The Non-Resident S...Read More

March 2022 Market Update

By: The Goldfellas

March 2022 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE, GTA REAL ESTATE

Wednesday, April 6, 2022

Home prices dropped slightly this March – But high demand is not going away anytime soon! This March we saw 10,955 sales, despite the recent market shift causing people to feel concerned about a potential market crash. This marks the third-best March on record. Double-digit annual price growth continues, with an average sale price of $1.3M in the GTA. It’s not all upward movement, ho...Read More

February 2022 Market Update

By: The Goldfellas

February 2022 Market Update

Tags: REAL ESTATE NEWS, MARKET UPDATE, GTA REAL ESTATE

Sunday, March 6, 2022

It’s about time! - We’re finally seeing a slight market shift, caused by uncertainty in the light of global unrest & rising interest rates. This February we saw a decrease in sales (9,097 sales in the GTA) compared to last year’s all-time record. Even so, this was the second-best result in history for the month of February. New listings have fallen, but by a lesser annual ra...Read More

January 2022 Market Update

By: The Goldfellas

January 2022 Market Update

Tags: Real Estate News, Market Update, GTA Real Estate

Monday, January 31, 2022

The weather may be cold, but the real estate market in the GTA remains hot hot hot! Unsurprisingly, this January we find ourselves in the same situation as last year. We’ve notched the #2 record for sales in January (second only to 2021’s record high), despite the lowest inventory in more than 2 decades. Prices in the GTA continue to climb at an alarming rate, yet buyers are eagerly s...Read More

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