The Toronto Real Estate Board (TREB) is encouraged by the attention being paid by federal political parties, during the current election campaign, on key housing issues affecting home buyers. Specifically, the Liberal Party’s expansion of the First Time Homebuyers Incentive Program, and the Conservative Party’s plan announced today to fix the mortgage stress test, increase mortgage amortization periods and make federal real estate available to increase the supply of housing.
Today’s First-Time Home Buyer program announcement responds to the fact that housing markets vary from region to region, something TREB has long pointed out. The higher limits now take into account higher priced properties in markets like Toronto and Vancouver. We also believe that our recommended solutions, including revising the mortgage stress test and bringing back 30-year mortgage amortization, will be effective in addressing ownership housing affordability. Further analysis is required to understand if today’s proposed speculation and vacancy tax announcement will help increase the supply of available housing over the long term, or aid with affordability. We’re also keen to hear from the other federal political parties regarding their platforms on measures to assist with home ownership affordability.
REALTOR® associations from Canada's largest real estate markets are calling on all levels of government to take meaningful action to make home ownership more accessible to people across the country. With a federal election on October 21, the Toronto, Calgary and Vancouver real estate boards, together with the Quebec Professional Association of Real Estate Brokers, the REALTORS® Association of Edmonton and the Nova Scotia Association of REALTORS® are urging the federal political parties to commit to policies that will help remove barriers and reduce the cost of home ownership.
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB's MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent.
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment.
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,038 condominium apartment sales through TREB’s MLS® System in the second quarter of 2019. This result was up by 3.2 per cent compared to Q2 of 2018.
With some City of Toronto Councillors announcing plans that could add obstacles to the creation of new housing supply in their wards, the Toronto Real Estate Board (TREB) is reminding all levels of government that housing supply is one of the most important issues in Toronto and the GTA and is encouraging cooperation between governments.
Toronto Real Estate Board President Michael Collins announced that TREB Commercial Network Members reported 5,616,171 square feet of leased space in Q2 2019 for all lease transaction types across the industrial, commercial/retail and office market segments.