Buying a Home on One Income

Ontario Cities Mostly Out of Budget for Single Income Buyers

By: Zoocasa

With the rise of real estate prices across Ontario, buying a home in the province, even with dual incomes, is no easy feat. For the significant portion of Canadians who are buying a home on a single income, you can expect that affordable cities are even fewer and far between.

Results from a Zoocasa study, which looks at the affordability of single home buyers in 20 cities across Canada, reveals that four of the five Ontario cities are out of budget for all age groups. Save for the capital, where a couple of age groups can afford homes on a single income, Ontario cities remain mostly unaffordable for singles looking to buy a home.
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December TREB report

GTA Home Sales Decline 16% in 2018: December TREB Report

By: Zoocasa

The festive season wrapped up a quiet year for the real estate market in the Greater Toronto Area, as reported by the Toronto Real Estate Board.

The latest report shows a 31.5% decrease in new listings in the GTA compared to December of last year, with 4,308 units on the market and a total of 3,781 homes sold. Compared to November, the month suffered a 39% fall in activity and an overall 22.5% decline in sales since a year ago. Market conditions during the month reflected a busier time for sellers with 87% of all homes listed sold.
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Ontario sellers markets

Is Ontario Almost Entirely a Sellers’ Market?

By: Zoocasa

Ontario is either almost entirely advantaged toward the seller, or balanced, according to the latest data from Zoocasa.

That means the sales-to-new listings ratio (SLNR) exceeds 60 per cent in 12 Ontarian cities. A sales-to-listings ratio of 40 to 60 per cent is considered balanced, and below that range it becomes a buyers’ market.

“While the SNLR doesn’t always reflect how affordable a market is, it can offer valuable hints on how a market has changed over the long or short term, and whether or not it’s an advantageous time to list or purchase a home,” writes Penelope Graham, managing editor at Zoocasa.
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2019 Housing Outlook Survey

Canadian Homeowners Still Feel Optimistic About Market: SURVEY

By: Zoocasa

The Canadian real estate market has been rapidly changing over the course of this year. There are new provincial policies, taxes, and tougher federal mortgage criteria that have reduced housing affordability and slowed sales.

This means that buyers and sellers looking for, say, Calgary homes for sale or browsing MLS listings in Toronto must now adapt to the quieter markets than ones seen in previous years.

Despite all this change, however, 2018 has also provided some much-needed stability by cooling rampant urban centres such as the Vancouver real estate market and Toronto condo market back down to more historical levels.
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Toronto November TREB report

Toronto Market Conditions Tighten This November

By: Zoocasa

Supply issues have plagued the Toronto real estate market for years, and the Toronto Real Estate Board (TREB) cites it as one of the primary reasons home prices continue their seemingly irrepressible growth.

Last November saw a surge of inventory – 14,349 new listings amid a rush to capitalize on the buying frenzy resulting from the new mortgage lending rules hitting the province in January.

This increase in properties dampened prices from November 2016 by 2 per cent.

But this November new listings fell over 26 per cent to 10,534 – almost exactly back to levels from November 2016. At the same time, sales fell only 14.7 per cent to 6,251.
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Ontario Land Transfer Tax

The Best and Worst Cities in Ontario for Land Transfer Tax

By: Zoocasa

As your home purchase closing draws nearer, most of the stress and anxiety dissipates as you take the final steps towards homeownership. The same can’t be said for your wallet, however, as you’re then faced with numerous closing costs that need to be paid before your transaction is complete, with the largest being land transfer tax.

This tax, which is charged by the province, (with the exception of Ontario where the City of Toronto has its own additional tax), is determined based on the total purchase price of the property, and unlike the mortgage, it must be paid in cash.
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Toronto October numbers

Housing Prices Set to Rise in Toronto, Reveals TREB’s October Report

By: Zoocasa

The shaky first half of 2018 is officially over, with home sales and prices both edging upwards for the fifth month in a row this October, according to the Toronto Real Estate Board (TREB).

TREB reported 7,492 sales through MLS in October 2018 in the Greater Toronto Area, a 6-per-cent increase year over year. At the same time. The average property price rose 3.5 per cent to $807,340.
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Toronto real estate September

GTA Housing Market Stabilizes this September

By: Zoocasa

Both home sales and prices are stable this September and slightly higher year over year in the Greater Toronto Housing market.

The Toronto Real Estate Board (TREB) recently announced that sales were up 1.9 per cent to 6,455 transactions while the average selling price for September 2018 was up 2.9 per cent year over year to $796,786.

“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows,” said TREB president Garry Bhaura.
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Cheaper Ontario Rents

Where Are Ontario’s Most and Least Affordable Housing Markets?

By: Zoocasa

Ontario is often thought to be the most expensive province for real estate – a perception created from the fact that it’s home to the Toronto housing market, one of the hottest in the nation.

Interestingly enough, according to recent data compiled by Zoocasa, Toronto doesn’t hold the top spot for Ontario’s most unaffordable housing market. That would actually be Richmond Hill, a residential Greater Toronto Area suburb where locals earning the median household income of $88,535—$47,962 short of the income required—would have some difficulty purchasing a home at the average price of $999,311. Comparably, a Torontonian earning the median household income of $ 65,829 would find themselves $41,282 short of the income required to purchase a home in 416.
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