It will take Torontonians making a median annual income about 25 years to save for a down payment on a house, according to a new housing affordability report. But, the report also notes the real estate market is seeing improvement in affordability.
Last year marked the first time that more than half of investors in newly-completed Greater Toronto Area condos were losing money on their rental properties, and authors of the report that reached that conclusion expect the trend to persist.
Toronto's housing market continued to tighten last month as prices edged up four per cent from March and sales moved closer to the level they were at last April, the Toronto Regional Real Estate Board revealed Wednesday.
The Canada Mortgage and Housing Corp. says the average home price will not revert to pre-pandemic levels in 2023 because the recent declines in prices are tapering off in many markets and are expected to bottom out this quarter before starting to rise again.