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The main federal political parties have released their housing plans. The affordability challenges we see today are fundamentally rooted in the fact that housing supply has not kept up with population growth. Real estate associations continue to push all parties to focus on a sustainable supply of diverse home types that meet the needs and expectations of GTA residents.
Below is a full summary of the various housing and real estate related campaign commitments released so far.
Interested in knowing how housing prices compare globally? Home prices in many U.S. metro areas are comparatively inexpensive compared to prices in the central areas of global cities. The National Association of Realtors just released their 2021 Profile of International Transactions in U.S Residential Real Estate. In light of the pandemic and border closures, Canadians still managed to purchase $4.2 billion USD of residential real estate between April 2020 through March 2021 in the U.S.
With almost 9,400 sales reported in July 2021, demand for ownership housing remained well-above average for the time of year despite being below the record July result set a year earlier. Market conditions actually tightened relative to July 2020, with sales accounting for a greater share of new listings compared to last year. The sellers’ market conditions sustained a double-digit annual rate of price growth.