The average price for a home in Mississauga has fallen more than $167,000 in less than a year. That's good news for purchasers in the real estate game in this burgeoning Ontario city, but may not be so good looking at the overall picture. The Toronto Real Estate Board (TREB) said $631,372 was the average price for all types of real estate in the first month of this year. That is almost a 10 per cent decrease from the same point in 2017.
After a turbulent few years, the housing market throughout the country looks as though it's stabilizing. With that, experts suggest, will come both opportunities and some things that will need to be braved. The world of real estate in Canada is becoming less about a single market across the country and more about localized dealings. In other words, there is no definitive real estate market in the nation, rather various deals with various attributes in different areas of the country.
Last year was dubbed the year of the condo in high-end markets. While real estate transactions in general were a little less strong in 2017, condominium sales continued to thrive in Ontario and in the rest of Canada. In fact, condo sales in Toronto area in 2017 were up 82 per cent from 2016, with a 59 per cent increase overall in the region.
The forecast looks good. The real estate market in Canada was a real roller coaster ride in 2017. There were twists and turns; it was ascending and descending. But prognosticators are hopefully optimistic as to what awaits the housing market in 2018.
Sale prices of homes were somewhat off limits to the public in Toronto -- until recently. The Supreme Court of Canada has granted real estate agents the right to publish what homes have sold for. The federal court has indicated the privacy concerns that have restricted making these prices known are non-existent; however, the Toronto Real Estate Board (TREB) isn't happy with the decision and plans to appeal.
Dropping money on a deal for which a building hasn't seen the light of day yet is risky. Experts say when it comes to these kinds of real estate transactions in Ontario, would-be purchasers would do well to spend some time researching the developer before signing on the dotted line and shelling out a down payment on a presale condo. That advice comes as hundreds of people had their deposits returned recently on a condo development in a trendy part of Toronto that flopped due to problems with permits, financing and approvals, according to the developer.
Many Canadians are drowning in debt. High owe, high owe seems to be a familiar tune many are singing. Even when it comes to investments in real estate -- the family home included -- debt to earnings ratios are at an all-time high. When the housing market crashed in the United States, many homeowners simply left their house keys in the mailbox and walked away. But mortgages -- even though they vary from province to province -- come with full recourse, meaning lenders can take mortgagees to civil court to try to recoup their losses.
Even though the housing market continues to do well across the nation, experts predict a frost is on its way. Price hikes and slower starts are expected for 2018 and 2019, according to the Canada Mortgage and Housing Corporation (CMHC). The current real estate market in Toronto has already experienced a cool down, while Vancouver's homes are still overvalued with continued acceleration in prices.
Anyone who has ever bought property most likely dealt with two agents, one for the buyer and one for the seller. However, when one real estate broker represents both buyer and seller for the same property, it is known as double-ending. Ontario real estate rules may be changing in regards to double-ending. The province will be introducing new changes in the real estate act when it comes to sales people and agents who are both the lister and buyer of a property, but it will not ban double-ending entirely.
When a deposit is made in a real estate deal, it doesn't automatically end up in the hands of the seller. That money is deposited in trust as per laws governing Ontario real estate transactions. If a deal happens to fall through, the funds that have been held in trust will be released once a mutual release has been signed by both the buyer and seller.