Chicago Title Insurance Company Canada

Canada is seeing more than two homes completed per person added to the population. In Q3, the quarterly population increase fell to 25,384 people. The number of homes completed actually made an increase to 51,865 homes. This works out to 2.26 homes completed per person added to the population in the quarter. To contrast, during the same quarter last year, this number was just 0.29 homes per person. This is a massive increase, not seen since before the Great Recession. http://ow.ly/14OY50Cd3IX

The number of #homes sold in September rose a whopping 45.6% compared to the same month last year. And average prices reached an all-time record of $604,000 up 17% since the beginning of the year. All this during the worst economic crisis in decades. http://ow.ly/PxDU50Cd3BM

Housing prices in Waterloo Region continue to see a sharp increase. We’re really starting to price out the younger generation, said Marty Green, Broker Manager at Remax. Green said he’s noticed many younger people picking up extra jobs in order to save enough for a down payment. They have multiple streams of income coming in because they need the extra money to look at purchasing a home because otherwise they’ll be renting," he said. http://ow.ly/5Zk450Cd3yZ

Even though #house prices have surged since last year, ownership is more affordable thanks to record-low interest rates on mortgages. The Real Estate Board of Greater Vancouver (REBGV) says 3,687 homes were sold in October, led by a jump in detached home sales, and which is 29 per cent more than the same month last year.#realestate #homebuyers http://ow.ly/bc0o50Ccujk

Montreal-area #realestate transactions jumped a historic 37% in October, showing that the second wave of COVID-19 in Quebec has apparently had no effect on the region’s #housing market. Significant increases in median prices for properties continued in October, with that for single-family #homes increasing by 21 per cent, condos by 16 per cent and plexes by 12 per cent. http://ow.ly/AYA750CcrLQ

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Greater Toronto Area (GTA) home sales showed no signs of slowing down with another record-breaking month this October. The latest data from the TRREB highlights that home sales increased 25% on a year-over-year (y-o-y) basis, with 10,563 transactions taking place during the month. https://www.zoocasa.com/blog/trreb-october-2020/

Average listing price for a home in the City of London came to $527,414, up by 30.1 per cent since last September, and the average listing price for a home in St. Thomas was $433,504, up 26.7 per cent since last September. https://www.canadianrealestatemagazine.ca//londons-hot-rea

Benjamin Tal, deputy chief economist at CIBC says he believes the housing market will slow down, and subsequently, the economy, too. Even the governor of the Bank of Canada is telling us, listen, don’t expect any growth basically over the next six months. The party’s over. You can’t have a 0% increase in the economy with the housing market continuing to boom, said Tal. http://ow.ly/JrwR50CaVhi

Toronto has far outstripped all other major Canadian markets in terms of condo supply growth, according to RBC Economics. Toronto’s inventory up by 134% annually in September. Detached-#home listings in the area fell by 12% during the same time frame. http://ow.ly/QCAm50CaVbV

Greater Vancouver #realestate prices are rising as a whole. The price of a typical home as a composite reached $1,045,100 in September, up 6.0% from last year. Breaking it down, detached apartments reached $1,523,800, up 8.5% from last year. Condo apartments hit $683,500, up 4.4% from last year. Detached #home prices are up significantly from the month before, but condo apartments are flat. http://ow.ly/n4i150CaV2Y

Calgary’s #realestate market posted significant third-quarter sales growth, a new report shows, buoying optimism for the remainder of the year. CREB’s third quarter report showed the market had surprisingly robust sales from July through to the end of September. #Home resales grew by 12 per cent in the quarter compared with the same period in 2019. http://ow.ly/eqrO50C9QqK

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Rent is the biggest monthly expense for independent Canadians who don’t own their own homes. Paying it on time isn’t always easy. For thousands of Canadians, paying rent requires making a choice between meeting one financial obligation or another, but they overwhelmingly make rent a top priority. That such responsible behaviour has traditionally been ignored by Canada’s credit bureaus while credit card purchases and auto loans are given outsized importance is a dichotomy many... rejected borrowers will fail to wrap their heads around. In an attempt to smooth out that perceived imbalance and help renters build more robust credit histories, the Landlord Tenant Bureau recently started sharing rent payment data with consumer reporting agency Equifax. #homebuyers #realestate #housing http://ow.ly/y6qK50C9Qlg