In the Toronto region there are now just over 500 completed and available units (most of them condos), the second-lowest number on record.ĬMHC now states this new construction plunge will transfer demand to the resale market, putting more upward pressure on prices and eroding affordability. In the major cities, there are up to 69% fewer units available compared to the period of 2018-2022. Inventories of unsold new homes are crashing. CMHC says we need 3.5 million more by 2030, but we’ll be lucky to see half that number at this rate. Just over 220,000 units are being built across the entire country on an annual basis. The first few months of 2023 have been the weakest since Covid creamed the industry. Housing starts fell 11% year/year in February. And most that are created will be market-priced. Layered on this is the growing realization that millions more houses are not going to be built. After the pandemic years made cocooning at home a ubiquitous goal, WFH is once again fuelling house lust. The current PSAC strike is cementing the notion of remote work, since the feds will undoubtedly cave to union demands. The recent budget threw more federal spending around. Inventory is low but buyers are coming back now that mortgage rates slipped a little and after a year of lousy sales and growing demand. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).
There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. For example, here’s the situation in Vancouver: In virtually every market there are far fewer homes for sale than normal – especially in spring. (And why, if you missed the bottom of the correction three months ago, you may be waiting some time for the next one.) But are people furious? Because they should be.” The moment a decent place hits MLS, it’s swamped.Īs agent/columnist Brynn Lackie a few days ago: “If and when rates come down even slightly, which industry experts seem to think isn’t so far off, I suspect we will be looking at the cycle starting all over again, which will be terrible, terrible news for the generation of Canadians priced out of housing.
#Anylogic comments plus#
Now that the Bank of Canada is officially on pause with inflation having fallen into the 4% range and the expectation of a first rate cut coming in eight months – plus no ugly recession – hormones are raging. It all defies logic, less than 100 days after we saw an overall drop of 22% for detached houses, 40% for Bunnypatch palaces and 23% nationally, as tabulated by CREA. In some instances – good homes in demand areas – prices have climbed right back to the level of February, 2022. Buyers are being told a certified cheque for $100,000 should be stapled to offers for properties asking two million or so. Realtors are back to holding blind auctions with those awful “offer nights”. In Niagara there were multiple offers last week for homes priced between two and three mill. In Waterloo a semi went for $1.7 million. An agent working the east side of the city saw her client lose out when 20 offers were tabled. In the past week realtors say FOMO came back. In that period of time, sales have steadily crept higher. Now the number of resales is down to 1.5 months. In January there was a 4-month supply of detached houses for sale in Toronto.
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