Anyone hoping to purchase in cottage country this year can expect to face growing prices as buyer demand continues to outstrip available home supply.

New market projections released by Royal LePage forecast that the aggregate price of a single-family home in Canada’s recreational regions will rise 13 per cent in 2022 to $640,710 as demand outperforms supply.

However, prices aren’t expected to rise as much as they did last year. In 2021, the aggregate price of a recreational single-family home in Canada grew 26.6 per cent annually to $567,000. During the same time period, the aggregate price of a single-family waterfront property jumped 21.5 per cent from 2020 to $976,000, while prices for recreational condos were up 15.4 per cent yearly to $374,000.

Read More: https://www.livabl.com/2022/04/recreational-home-rise-2022.html

Walmart Inc. is making Toronto one of a pair of new global tech hubs, with plans to hire hundreds of workers at the two sites.

The retail giant says it chose Canada’s largest city and Atlanta, Ga. as hubs because of their growing tech sector presence and their broad and diverse local talent pools.

“We are excited to join the vibrant and diverse tech communities in Toronto and Atlanta,” said Suresh Kumar, chief technology officer and chief development officer at Walmart.

Read More: https://www.cp24.com/news/walmart-creating-global-tech-hub-in-toronto-part-of-3-5-billion-investment-1.5820571

We presently have a housing crisis in Ontario. Unfortunately, we also have a labour crunch.

More than 100,000 skilled trades workers in the province are expected to retire over the next decade. This will leave a gaping hole in the construction industry unless we get more people into the trades. In the residential sector, we are already short of some voluntary trades with specialized skill sets.

Shortages are expected in several trades in residential construction as domestic training and hiring alone will not be enough to keep up with the increasing demand for housing and infrastructure.

Read More: https://www.canadianrealestatemagazine.ca/news/rescon-presses-feds-to-allow-more-skilled-trades-into-canada-335042.aspx

Fewer Canadians are signing up for new mortgages.

According to insights in Equifax Canada’s quarterly Market Pulse report, new mortgage growth fell 8.1 per cent between Q4-2020 and Q4-2021. The largest drops in new mortgages were detected in some of the country’s most expensive housing markets, according to a press release. In Toronto and Hamilton, for instance, new mortgages were down 16.1 per cent and 18.7 per cent year-over-year in Q4-2021.

“There’s no question that sky-rocketing house prices have decreased housing affordability across all segments,” said Rebecca Oakes, assistant vice-president of advanced analytics at Equifax Canada, in the release.

“In addition to high house prices, lenders have also started to move interest rates up in anticipation of rate rises from the Bank of Canada. This could also be limiting the purchasing capacity of many consumers,” she added.

Read More: https://www.livabl.com/2022/03/new-mortgages-dropped-equifax-canada.html

Greater Toronto real estate is still a tight market, but all of a sudden it has a lot more inventory. Toronto Regional Real Estate Board (TRREB) data shows prices ripped higher in February. Positive price growth news didn’t just end there though, as the market actually saw annual growth accelerated. Oddly enough, this occurred as inventory levels improved dramatically. More inventory but higher price growth. That doesn’t happen often, and when it does it typically doesn’t persist long.

Toronto Real Estate Prices Soared $80k Higher Last Month

Greater Toronto new home prices are seeing growth accelerate even faster as inventory pressure releases. The price of a typical home across TRREB reached $1,340,000 in February, up 6.36% ($80,100) from a month before. Annual growth works out to 35.87% ($273,663) higher. Even with inventory improvements, the annual growth rate has reached a new record high, and with a massive monthly leap.

Read More: https://betterdwelling.com/city/toronto/toronto-real-estate-prices-rose-80000-last-month-as-sellers-surged-78-higher/

Canada’s inflation rate hit 5.1 per cent in January, its highest level since 1991.

Statistics Canada reported Wednesday that if volatile items, like food and energy, are stripped out of the numbers, the cost of living went up at a pace of 4.3 per cent. But even that toned-down figure is the highest dating back to 1999.

Grocery bills continue to rise quickly, with the price of food purchased at stores up 6.5 per cent in the year leading up to January. That’s the fastest pace since 2009.

Read More: https://www.cbc.ca/news/business/canada-inflation-january-1.6353464

On the northwest corner of Bloor and Huron Streets in Downtown Toronto, the Bloor Street United Church, first constructed in 1886, is soon to be integrated into a high-rise redevelopment of the site. Collecdev’s Cielo Condos will rise 29 storeys above the church, bringing 284 units of high-rise density to the Annex neighbourhood.

The complex, designed by KPMB Architects with heritage specialists ERA Architects handling the restorative aspects of the project to handsomely incorporate the church, won a number of major awards at the Nationals 2022 New Home Sales and Marketing Awards, recently held in Orlando, Florida.

Read More: https://urbantoronto.ca/news/2022/02/collecdev-picks-seven-awards-cielo-condos

The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ½ % and the deposit rate at ¼ %. With overall economic slack now absorbed, the Bank has removed its exceptional forward guidance on its policy interest rate. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds roughly constant.

Read More: https://www.bankofcanada.ca/2022/01/fad-press-release-2022-01-26/?utm_source=twitter&utm_medium=social&utm_campaign=FADMPR220126

The price of goods and services in the US continue to rise at rates unseen in decades, jumping to 7% in December compared to the same month last year – the seventh consecutive month in which inflation has topped 5%.

The news represents a blow to the Biden administration and the Federal Reserve, which until recently have characterized soaring prices as a “transitory” phenomenon brought about by supply chain issues triggered by the pandemic.

On Wednesday, the labor department said the consumer price index (CPI) – which measures what consumers pay for a wide range of goods – rose 0.5% last month compared with November and 7% compared with December 2020.

Read More: https://www.theguardian.com/business/2022/jan/12/us-inflation-rate-december-2021

Canadian real estate prices show no sign of slowing down, even going into the winter. According to the Canadian Real Estate Association (CREA), prices jumped by tens of thousands in November. Not in one or two extraordinary markets either, but right across the country. Home prices have increased well over six figures since last year. Values are rising by more than the annual income of a typical family that lives in a typical home. 

Canadian Real Estate Prices Increased Over $20,000 Last Month

Canadian home prices are surging higher right across the country. A composite benchmark (a.k.a. typical) home reached $790,600 in November, up 2.7% ($20,785) from a month before. Compared to a year before, prices are now up a whopping 25.3% ($159,634). It was a record for both price and annual growth last month. Keep in mind that this is a typical home price across the country. Many individual markets are growing even faster.

Read More: https://betterdwelling.com/canadas-top-3-real-estate-markets-for-price-growth-each-climbed-over-250k/