New condominium sales in the Greater Toronto Area declined in the second quarter of 2022 as prices climbed to a record high in April, May, and June.

The data collected in a recent market research study by Urbanation Inc. showed that 6,792 units were sold in Q2, marking a drop of 19 per cent from the first quarter and 24 per cent year-over-year.

At the same time, prices for those new units rose to a historic $1,453 per square foot, which the firm says is partly the result of an increase in inventory in higher-priced projects in the city.

Read More: https://www.cp24.com/mobile/news/new-toronto-condo-sales-slump-but-prices-keep-climbing-survey-1.6010807

Residential mortgage debt grew last year by the fastest pace since 2008 says a new report from Canada Mortgage and Housing Corp.

The federal housing agency says that mortgage debt grew by nine per cent for the year, and topped 10 per cent in the early months of this year before rising interest rates started to slow the market.

“The levels of investments of households are quite high. So it is a source of vulnerability,” said Tania Bourassa-Ochoa, a senior economist at CMHC and co-author of the report on mortgage trends.

Read More: https://www.cp24.com/mobile/news/cmhc-says-residential-mortgage-debt-grew-last-year-by-fastest-pace-since-2008-1.5976834

Greater Toronto Area (GTA) new condominium sales totaled 6,792 units in the second quarter, declining 19% from the first quarter and 24% year-over-year but remaining above the 10-year average of 6,302 sales. Activity was supported by the launch of 9,924 new presale condos in Q2, which represented the third highest volume of new units brought to market on record, exceeding the 10-year average (6,937) by 43%. The absorption rate for new projects launched in Q2 declined to 57% — down significantly from the 81% rate recorded during both the previous quarter and in the same quarter last year but only slightly below the 10-year average of 60%.

At 11,703 units, the number of unsold new condominiums in the market rose 36% from the 18-quarter low in Q1 (8,630), although declining 6% annually and remaining 20% below the 10-year average (14,579).

New condo prices for available units continued escalating to reach a record-high average of $1,453 psf in Q2-2022, up 4% quarter-over-quarter and 20% year-over-year, partly the result of an increase in inventory at higher-priced projects. As developers grapple with quickly rising construction costs, labour shortages, large increases to development charges, higher interest rates, and lengthy approval timelines, there appears to be little, if any, room for new condo prices to adjust lower in the current environment. Furthermore, the mild decline in condo resale prices thus far, which decreased 4.9% from a high of $988 psf in Q1 to $940 psf in Q2, and still low inventory levels aren’t creating an urgency for price reductions for new units.

Read More: https://www.urbanation.ca/news/351-gta-new-condo-sales-slow-q2#:~:text=Greater%20Toronto%20Area%20(GTA)%20new,year%20average%20of%206%2C302%20sales

Several Calgary-based tech companies are planning to hire more people and expand their office space as hundreds of millions of dollars flow into the sector.

Through the first half of the year, Alberta has attracted nearly $500 million in investment, according to briefed.in.

“We’re growing very, very quickly,” said Nic Beique, the founder of Calgary-based Helcim, which offers online payment services for small businesses across Canada and the United States.

The company recently received $16 million in venture capital funding from investors in Toronto and New York.

“We’ve doubled our business in the past six months alone, so our investors are already quite happy with that progress,” Beique said from the company’s headquarters in Eau Claire.

Read More: https://www.cbc.ca/news/canada/calgary/venture-capital-funding-tech-alberta-calgary-1.6542798

The cost of building housing in Toronto will soon rise by tens of thousands of dollars per unit as the city hikes development charges by nearly 50 per cent.

The fees, which are charged to developers and help pay for the associated capital investments required to support new development, are evaluated every five years using a long-standing formula.

City officials maintain that even with the increases, Toronto will still have cheaper development charges than several neighbouring municipalities, including Markham, Mississauga and Vaughan.

Read More: https://toronto.ctvnews.ca/toronto-is-in-the-midst-of-a-housing-crisis-why-are-development-fees-set-to-go-up-by-nearly-50-per-cent-1.5981630#:~:text=%E2%80%9CWe%20do%20want%20to%20ensure,new%20developments%2C%E2%80%9D%20he%20said

Read More: https://www.ctvnews.ca/canada/the-world-s-most-liveable-cities-for-2022-1.5959453

Read More: https://www.ctvnews.ca/canada/the-world-s-most-liveable-cities-for-2022-1.5959453

Read More: https://apple.news/A2Oaooj1xSym_1OaY7Rr_bg

Read More: https://globalnews.ca/news/8942057/canada-housing-supply-affordability-cmhc

Read More: https://globalnews.ca/news/8942057/canada-housing-supply-affordability-cmhc