Providing Real Estate News around GTA Area
Canadian home prices see record annual growth in April: Teranet–National Bank
Price growth for Canadian homes soared by a record amount last month.
According to the most recent update to the Teranet–National Bank National Composite House Price Index (HPI) — which covers 11 Canadian census metropolitan areas (CMAs) — home prices increased 18.8 per cent year-over-year in April, a new record. This breaks the previous record growth rate of 18.4 per cent that was observed in March and in August 2021.
Reverse mortgages take off in Canada as more seniors look to 'age in place'
More Canadian seniors have been tapping into their home equity for cash to fund their retirements over the course of the pandemic, giving an earnings boost to the lenders that offer reverse mortgages and other similar loans.
Source: Financial Post
GTA real estate heading towards "buyer's market": BMO
Statistics released by the Canadian Real Estate Association (CREA) show that the sales-to-new listings ratio dropped from 76% to 66% in April—its lowest level since June 2020. The ratio is key to determining who wields more power in the real estate market.
Source: Daily Hive
New home price growth cools in April as residential construction activity stays high
The price of a new home in Canada rose again in April, but to a lesser extent compared to previous months.
Last month, new home prices “showed some signs of cooling,” as they increased 0.3 per cent month-over-month according to the April New Housing Price Index (NHPI) published by Statistics Canada. This is a slowdown from the average increase of 1.1 per cent that was recorded during the first three months of 2022.