Photo: James Bombales
It has been quite the year for Canadian real estate. Record prices in Toronto, followed by a new foreign buyers tax, interest rate hikes, and a looming mortgage stress test has made for an eventful 12 months. Here are the 20 most-viewed stories from BuzzBuzzNews’ market coverage in 2017.
As things started to heat up in Toronto at the beginning of the year, this story helped put things in perspective.
The Toronto Real Estate Board predicted a record of 115,500 home sales in the GTA for 2017. As of November, the number sits at 87,513.
As the Toronto market got hotter and hotter in February, many home buyers wanted to know what was causing the spike in prices. These charts helped put things in perspective.
Twenty20 condo projects were expected to launch in Toronto over 2017’s winter/spring period, from a loft-like midrise in Riverdale to a towering waterfront high rise.
Toronto wasn’t the only city facing rising prices at the beginning of the year — these GTA cities saw record jumps as well.
6. There’s a 40 per cent chance Canadian home prices level off, expert says — but how about a crash?
By the end of April, the province’s 20-point Fair Housing Plan had been introduced, in the hopes of cooling the GTA market. But not everyone was sure how it would go — would it end in a market correction, or a crash?
As Canada faces an aging population with a long life expectancy, what happens to its housing market? TD senior economist Brian DePratto has some ideas.
In May, a report from Desjardins senior economist Mathieu D’Anjou warned that Canadians should brace for a widespread increase in interest rates over the next few years. “The extent of the rise will depend on how long it is before the next economic slowdown,” he wrote.
Though the GTA housing market continued to correct in June, TREB suggests that something other than the foreign buyer tax was at work.
As buyers got priced out of Vancouver and Toronto, this market was looking better and better.
July saw Toronto home sales drop even further, as the market continued to correct. Sales were down 50.5 per cent year-over-year, while new listings climbed.
It was a busy fall for condo launches — 35 projects were set to launch before the end of the year.
As both prices and sales continued to fall in August, some worried about the potential for a market crash. But TD chief economist Beata Caranci and senior economist Diana Petramala explained why that was highly unlikely.
Everyone expected a surge of listings after Labour Day — but it didn’t materialize.
What do higher interest rates and a housing market slowdown mean for Canada’s economy in the new year?
How a lack of listings, higher interest rates, and a potential mortgage stress test shook up the Toronto market in October.
In October, the Office of the Superintendent of Financial Institutions (OSFI), announced a new mortgage qualification stress test, which had everyone in the industry talking.
Plenty of young Canadians get help from their parents for that first down payment — but that could change.
After a turbulent year in Canadian real estate, a poll found that people were getting optimistic about the housing market heading into 2018.
20. Over a third of Canadians have no idea about new mortgage rules changes, but are planning on buying a home anyway
The new mortgage stress test will come into effect on January 1, and could disqualify almost 10 per cent of prospective homebuyers. But according to this survey, many Canadians had never heard of the change at all.