Home sales in the Greater Toronto Area (GTA) were down 15.7 percent from December 2020, while new listings were down by 11.9 percent with a total of 5,174. The price of detached homes was up 15 percent year-over-year with an average price of $1,698,178. The biggest increase year-over year was in the condo category with an average price of $730,792.

One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8 percent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 per cent). The marked recovery in the condominium apartment…

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OREB Members sold 862 residential properties in December through the Board’s Multiple Listing Service system (MLS), compared to 997 in December 2020, a decrease of 14 percent. Bungalows saw a 17 percent increase in price year-over-year with an average sales price of $669,750, while two-storey homes averaged $736,137 - a 16.8% increase year-over-year.

Six hundred new listings entered the housing stock in December, a 58 percent decrease from November. December’s resale market performed as expected, with a marked decrease in sales from November.

OREB members assisted clients with renting 4,8133 properties since the beginning of the year, compared to 3,364 in 2020.

Read more about the Ottawa December 2021 Market Report…

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Real Estate Advice for Foreign Buyers

The real estate market in Canada has drawn international attention for years, as a market in which foreign investors can make strong returns and receive solid rental income.

Canada is also a popular country for immigration, and many immigrants plan to purchase their future home in Canada. However, before investing in Canadian real estate, it is important to look at what you need to know as a foreign buyer.

Residency Statuses

Citizens, are those who are either granted citizenship or are naturalized.

Permanent Residents, are people who have been granted permission to live and work in Canada permanently and have access to similar social benefits as citizens, however, they may not hold a Canadian…

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