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The Toronto Condo Market This Week (January 29, 2016)

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toronto condo market news piece january 29

Price gap between Toronto houses and condos expected to shrink

The price gap between condos and houses soared 50 per cent last year in the Greater Toronto Area as values of single-family homes skyrocketed, while the condo market flatlined.

‘It’s the new Waterloo’: How the rise of Silicon Valley North is fuelling another Canadian condo boom

Waterloo, an Ontario town that revolves around two universities and a burgeoning technology sector that’s attracted companies such as Google Inc. and dozens of startups, is booming, he says.

Property virgins: Most 2015 Toronto home sales were to first-time buyers

A majority of the area’s residential real estate transactions in 2015 involved first-time buyers, a recent poll of homeowners suggests.

Unsold homes and condos are piling up in several Canadian cities: CMHC

Canada Mortgage and Housing Corporation says evidence of overbuilding has grown in real estate markets in Calgary, Saskatoon, Regina and Ottawa. The housing agency says higher vacancy rates and an increase in the inventory of new, unsold units are responsible for the rise in overbuilding.