In February this house in Brampton (GTA) sold for over $750,000, some $206,000 over the asking price. It sold in one week after hundreds of showings and 82 offers

In February this house in Brampton (GTA) sold for over $750,000, some $206,000 over the asking price. It sold in one week after hundreds of showings and 82 offers
Photo Credit: Frank Leo Re/Max West Realty

A little cooling in Canada’s hottest housing market

For years Canada’ s housing market has been listed as “overheated” by several economic experts and ratings agencies both in Canada and internationally.

This includes what might be considered two “superheated” markets around the cities of Toronto, Ontario, and Vancouver, British Columbia, and their respective surrounding regions.

The regions around Toronto have become included in what is called the Greater Toronto Area (GTA) which includes cities and municipalities roughly extending about 70 kilometres in every direction from Toronto proper.

Earlier this year, Ontario followed the lead of Vancouver and instituted measures to cool the market where house prices seemed to rise every month.

Ontario Premier Kathleen Wynne, adopted a policy similar to that of Vancouver, in imposing a tax on non-resident speculation of housing, and adding rent controls, all in an effort to cool the superheated GTA housing market. It seems to have worked.
Ontario Premier Kathleen Wynne, adopted a policy similar to that of Vancouver, in imposing a tax on non-resident speculation of housing, and adding rent controls, all in an effort to cool the superheated GTA housing market. It seems to have worked. © Christopher Katsarov/The Canadian Press)

The so-called “fair housing measures”  were introduced in the GTA by the provincial government in April to cool housing speculation and increase rental unit availability

The latest figures from the Toronto Real Estate Board (TREB) show that such things as the 15 per cent tax on non-resident ownership has indeed seemed to have an affect.

TREB reports that throughout almost all the GTA housing prices have cooled by as much as 20 per cent since April.

Only two regions at the extreme western and eastern edges of the GTA reported increases.

Still, the average price of a detached home may continue to be beyond most people’s reach with prices hovering in and around a million dollars.

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Posted in Economy, Lifestyle, Society

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One comment on “A little cooling in Canada’s hottest housing market
  1. Rene Albert says:

    Its gonna cool a whole lot more as the interest/mortgage rates go up, especially when it reaches the 10% level…