Shane Madhani's blog

For a very long time, the Toronto real estate market was very consumed with condominiums. The views of the city usually included a crane or some sort of construction project. During the pandemic, there was change. The development of these condos slowed down. The sales activity stayed moderate but the prices of these units declined. This was because the demand for them took a turn. People were leaving the city and up-sizing their property by moving into detached or semi-detached homes.

A popular topic during this pandemic is the real estate market and how it has changed. The Toronto rental market is fairly low compared to the pre-pandemic pricing. There are many factors that may bring the rental price point back up. Some potential changes may be when the border opens up, immigration will start back again, people start travelling, then some long-term leases with a return to being Airbnb rentals, international students will return to the city.

The new mortgage stress test can have a big impact on the market, and specifically, a person’s buying power. It is important to understand what the stress test is to begin. Rather than being a specific test, it is more of a set of rules banks use to determine whether or not you qualify for a mortgage, and how much you can borrow. Confusion is continuing to grow, as rules for the stress test continue changing, with one of the most recent changes occurring for insured mortgages on April 6th, 2020 according to MoneySense.

The condo market is particularly high in Toronto. With this pandemic, it is hard to say what will happen to the demand for condos.

Read along to understand the housing prices in Canada for 2021.

The housing market can be very unpredictable, especially during a global pandemic. Toronto has always maintained a high average home value. Follow along to see what changes have happened and how we can use that to predict the future.

The Canadian Housing Market continues to perform. This video helps to explain why.