![]() ![]() That means prospective buyers should brace for a price rebound that will be fuelled at least in part by expectations that the Bank of Canada will gradually reduce interest rates, Desjardins warns.Įarlier this spring, RBC Economics reported the Toronto area market is “in the midst of a full-blown affordability crisis.” Average buyers would need to fork out a record 85.9 per cent of their income to carry the costs of owning a typical home valued at $1.2 million.Įven settling for a condo apartment – typically the cheapest option – would set buyers back a mind-boggling 51.3 per cent, it reports. As new listings fall faster than sales rise, the market is returning to seller’s territory. Unfortunately, there’s no relief in sight. “We’ve seen support from generations who own homes or have disposable income that can provide a leg up to some folks who are looking to purchase their first home but it’s not something that’s available to everyone,” Desormeaux says. Of course, that’s hardly an option for all. More than 70 per cent of provided an average gift just north of $73,000 in 2019, while than 60 per cent loaned an average of more than $40,000 help with the down payment. ![]() OREA found four in 10 parents of those 18 to 38 years of age provided financial support to help them purchase their home. While the bank of mom and dad isn’t new, it’s become more important than ever. Hudak is also calling for stronger rules to intensify housing around transit lines and hubs. Ending exclusionary zoning in high-traffic urban areas would open the door to tens of thousands of new homes in existing communities, he says. It recently also opened single-family home neighbourhoods to multiplexes in a bid to add density to areas where facilities and services like schools, parks and transit are already in place.Įarlier this year, Ontario Real Estate Association (OREA) CEO Tim Hudak called on the province to be “bold” to get more housing supply built. Over the past couple of years, Toronto has begun zoning for laneway and garden suites and secondary suites. This advertisement has not loaded yet, but your article continues below. Manage Print Subscription / Tax Receipt.National Capital Region's Top Employers.
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