Home prices: Latest News

CMHC, as those boxed out of an unaffordable housing market compete for a limited supply of rental homes.Canada Mortgage and Housing Corp.’s new housing outlook released Thursday warns that rental market conditions in Canada are “expected to further tighten,” raising rents in major markets such as Toronto, Vancouver and Montreal.The existing rental supply is already low, CMHC pointed out in the report, and competition for these units is only getting hotter amid strong immigration levels in Canada.Data from rentals.ca shows that the average rent in Canada was just over $2,000 in March, up 10.8 per cent from the same month last year. The average monthly rent for a one-bed apartment in Toronto rose 22.2 per cent annually.Bob Dugan, chief economist at the CMHC, told reporters on Thursday that the short supply of rental homes is especially evident when units turn over in markets such as Toronto.Last year, the average rent for a Toronto unit that changed hands soared 29 per cent from the previous tenant’s rates, compared with a typical increase of around two per cent year-over-year for renters who stayed in their units, he said.“That’s because there’s not enough supply.

Despite a sizeable drop in home prices over the past year and a slew of federal government measures aimed at addressing housing affordability, a new poll suggests Canadians are no more encouraged about breaking into the housing market.

Canada’s housing market showed signs of life in February following a year of cooling off, but experts are watching the typically busy spring season to determine whether the correction has hit its bottom.

The Bank of Canada held its benchmark interest rate steady on Wednesday — a decision real estate players and economists say will have major implications for the Canadian housing market.

Signs that the Canadian housing market might be cooling are coming too late for many prospective homebuyers, as their ability to save for a home is dampened by inflation and rising interest rates limit their ability to catch up the high home prices marked by the COVID-19 pandemic.

What you can buy in housing markets across Canada for $500K, $1M and $1.5M National statistics show the average national home price is now more than seven times the average household income, according to data from the Canadian Real Estate Association and Statistics Canada.The average home price isn’t a perfect measure of what homebuyers are facing in the real world, as the metric can be swayed by variations in types of homes sold in a given period.