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What to Expect from the Housing Market This Summer

Posted onJune 20/2018By

Predictions for the summer real estate market are ever-present during the summertime news cycle. It’s important to know which predictions to listen to, and which ones are just blather. It’s also important to understand how to interpret reports of trends received from reliable sources, including the implications for the housing market as a whole. The real estate industry and the economy have undergone dramatic shifts in recent years, so staying up-to-date on the market is particularly vital during times like these. If you want to have a competitive edge, you need to make sure you know what trends are happening. Is it a buyer’s market, or a seller’s market? Is the market saturated with condos, single-family homes, or other types of dwellings? Is there a dearth of properties available in certain regions? Understanding the constantly shifting market is difficult, because the key is to understand not just what a particular…

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You Now Need a $100k Income to Buy a Condo in Toronto

Posted onJune 13/2018By

If you want to buy a typically sized condominium in Toronto, you need to have at least $100,000 in annual income. A year ago at this time, you only needed to make $77,000 annually. Where has this change come from, and what does it mean for the market at large? These are the quick facts: The rents for condos have gone up 10.7% over the past year because fewer people are buying homes One-third of potential buyers have given up looking and resigned themselves to renting There might be a light at the end of the tunnel for potential home buyers The Overall Situation If growth continues at this rate, it might be impossible for the middle or lower classes to own a home in Toronto. Home ownership will become a privilege reserved exclusively for the very wealthy. If homeowners only needed $77,000 to own a home last year, and…

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