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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.
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.
June home sales were up compared to last year, but remained below the March 2021 peak and were lower than the number of transactions reported for May 2021, consistent with the regular seasonal trend. The average selling price in June increased by double digits compared to last year as well, but the annual rate of increase moderated compared to the previous three months.
Residential transactions reported through TRREB’s MLS® System remained high in May 2021, but fell short of the 2016 record and were below this year’s March peak. Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to an all-time record in May.
Home sales in the Greater Toronto Area (GTA) set a new record for April and amounted to more than quadruple that from April 2020 – the first full month of the pandemic. Bucking the regular seasonal trend, April 2021 sales actually declined month-over-month. A similar trend was noted for the number of new listings reported.
For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.
Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
January 2021 home sales amounted to 6,928 – up by more than 50 per cent compared to January 2020. This strong start to 2021 included sales growth across all major segments including condominium apartments, both in the City of Toronto and surrounding GTA regions.
Each year, the Toronto Regional Real Estate Board (TRREB) grants $15,000 to four graduating high school students pursuing post-secondary education, including two $5,000 first-place and two $2,500 second-place scholarships. To qualify, students must demonstrate academic achievement, leadership skills and community involvement, plus, write a 1,500-word (minimum) essay on one of two timely topics. This year’s topics focus on the dream of home ownership and impact of a growing population on housing in the GTA.
The deadline to apply is 3:00 p.m. on Friday, March 26, 2021
I’ve attached a link to the application form below for those of you that may know graduates interested in applying.
https://trreb.ca/files/scholarship/2021_TRREB_Scholarship_Application_Form.pdf