There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.
Show your passion for our neighbourhoods by taking part in the city's Cultural Hotspot events. TRREB is sponsoring the annual arts and culture program to share the footprint of REALTOR® presence in the communities where you live and work.
Cultural Hotspot, in its ninth year, is run by the City of Toronto and celebrates art, culture, and fun.
Express your creative side this August with nearly ten festivities in Little Jamaica.
At Animating Little Jamaica, starting on August 14, get involved in painting a community mural, a poetry slam where community artists share poems, and an arts and crafts workshop for adults and children.
Then, go to Rastafest Up on Eglinton from August 15 to 21 for cooking demonstrations, live performances, and art exhibitions. Plus, see a documentary and short film on the heritage of the African–Caribbean–Canadian community.
Don't forget to snap a photo with the artwork and tag TRREB's social media channels and #CulturalHotspot @TOCulture on Facebook and @Culture_TO on Instagram and Twitter.
Learn more about Cultural Hotspot.
The Greater Toronto Area (GTA) condominium apartment market followed a similar trend to the housing market as a whole in Q2 2022. With 5,687 sales, the Q2 result represented a decline of 35.2 per cent compared to Q2 2021. Over the same period, new listings remained flat at 14,316. With sales accounting for a lower share of listings, active listings at the end of the quarter were up by 27.5 per cent to 5,210.
The City of Toronto has announced an enhanced Home Energy Loan Program (HELP) that will offer zero-interest loans and incentives to help homeowners in Toronto make their homes more energy-efficient and reduce the emissions contributing to climate change. The HELP program has been in existence since 2014, but it has now been enriched and expanded.
For a limited time, through the enhanced HELP program, Toronto homeowners will be able to access:
- Zero-interest loans of up to $125,000 for terms of up to 15 years; 20-year terms are available for retrofits that include rooftop solar PV, geothermal, new windows and electric heat pumps.
- Incentives for specific measures including electric heat pumps, which can replace a home’s natural gas furnace and air conditioner; rooftop solar PV and deep retrofits that significantly reduce a home’s emissions.
The Government of Canada provided funding to enhance the program through the Green Municipal Fund, administered by the Federation of Canadian Municipalities (FCM), including a loan of up to $9.712 million to fund the zero-interest loans and a grant of up to $4.856 million.
The new zero-interest loans and incentives will be available until the funding allocated for each is fully subscribed, after which homeowners can continue to access low-interest loans. Home improvements eligible for financing include:
- electric heat pumps
- insulation (attic, wall, basement)
- upgraded windows/doors
- air sealing
- geothermal systems
- rooftop solar PV
- tankless water heaters
- solar hot water systems
- EV charging stations (Level 2)
- battery storage and more.
Eligibility has been expanded to include tax-exempt properties (e.g., non-profit homes, supportive housing, rooming houses) in addition to the currently eligible detached, semi-detached, row/townhouses, and duplex and triplex apartment buildings.
In addition to the loans and incentives available through HELP, homeowners may also be eligible for the federal government’s Canada Greener Homes Grant of up to $5,000.
TRREB is encouraged about the launch of the enhanced HELP program, as we have worked closely with City staff in ensuring that homeowners have the necessary financial incentives and supports to undergo costly energy-efficient retrofits on a voluntary basis. The City’s HELP program supports the goals and objectives of TRREB’s first-ever climate change statement, and we look forward to continue working with the City in educating our Members on the HELP program in particular, and on the sustainability and climate action issue in general.
More information about HELP is available on the City’s Home Energy Loan Program webpage.
NOTE: The HELP application available on this PDF form is the only valid application for this program. Other websites outside of toronto.ca that offer applications for the HELP program are not legitimate.
To learn more about the loans and incentives available through the Home Energy Loan Program, Members are encouraged to register for a complimentary virtual webinar as follows:
July 14, 2022, at 12 noon
The City of Toronto Garden Suites By-law is now in full force after the Ontario Land Tribunal (OLT) dismissed an appeal. The Garden Suites By-law and Official Plan Amendment were adopted by Toronto City Council on February 2, but were appealed shortly after. On July 4, 2022, the OLT decided that it did not have jurisdiction to hear the appeals, and dismissed them. Read the full City of Toronto news release.
TRREB is encouraged by this decision, as we have worked closely with the City on allowing garden suites as-of-right across the city. This will now allow a greater variety in the type and form of housing that can be built as part of the City’s Expanding Housing Options in Neighbourhoods (EHON) program focused on missing middle housing and gentle intensification. Garden suites are not only a solution to increase housing choice for current and future residents, but can also provide help to homeowners to offset mortgage payments on their primary residences.
If a proposed garden suite meets various performance criteria, such as maximum building height and setbacks, as well as all applicable bylaw standards, only a building permit application is required.
Any garden suite proposal that does not meet the Zoning By-law requirements can seek a minor variance application at the Committee of Adjustment. Through that process, City Planning staff review the application to determine if the proposed variances are appropriate and meet the intent of the Official Plan policies and the Zoning By-law.
You are encouraged to check out the City of Toronto Garden Suites By-law to learn about the rules, regulations and key considerations in order to inform their clients if they wish to consider adding a garden suite to their primary residence.
Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 – down by 41 per cent compared to last year’s strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.
Each year, the Toronto Regional Real Estate Board (TRREB) recognizes REALTOR® Members with accolades for their dedication and tireless commitment to their communities, and leadership within the profession and the real estate industry as a whole.
Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a monthover-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.
With housing affordability challenges high on the list of priorities for many voters, the Toronto Regional Real Estate Board (TRREB) is calling on all political parties and candidates running in the 2022 Ontario election to take serious action following the election and prioritize housing policies that will help increase the supply of homes for sale and rent, thereby improving affordability.
Starting on Wednesday, June 1, 2022, CREA is updating the functions of the MLS® Home Price Index (HPI) tool.
CREA is changing the MLS® HPI methodology and using data collected from the previous five-year rolling period to keep in line with modern housing trends.
The new method helps ensure benchmark prices reflect those of current housing stock. All benchmark price data will be recalculated based on the most up-to-date set of attributes to paint a clearer picture of individual Canadian housing markets.
The result is an improved “apples to apples” comparison applied evenly to all data.
The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.