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Website #1 - Toronto Regional Real Estate Board

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Website #1 - Toronto Regional Real Estate Board

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Using the TRREB website, you can access a wide variety of statistics relating to the current housing market in the GTA and surrounding regions. This website contains numerous charts and infographics showing statistics such as the average price of homes, the number of listings, and mortgage rates.

This website is extremely helpful as it allows the viewer to not only see the current market trends, but also a history of these trends throughout the years going back to as early as 1975. This allows for the ability to easily compare changes which have happened year-to-year. The information is laid out in a simple enough manner making it easy to navigate for anyone. This website taught me that there has been a 52.5% increase in the sale of homes in the past year.

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Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

GTA REALTORS® reported 10,970 sales through TRREB's MLS® System in February 2021 - a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the '416' and '905' area codes.

"It's clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It's also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022," said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

"In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year," said TRREB Chief Market Analyst Jason Mercer.

In conjunction with TRREB's redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

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Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

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Video # 1 - How to Buy a House in Canada

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Video # 1 - How to Buy a House in Canada

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This video gives a breakdown of how the home-buying process works in Canada from the search, to closing. Moaeez explains how down payments work as well as what the requirements are for the pre-approval process. He lays out some factors to consider when deciding whether you want to purchase an older or newer home, and which type of home you may want to consider buying. He even touches on how to go about choosing your realtor and the importance of differentiating your wants from your needs for your next home.

Moaeez explains the home-buying process in a manner that is easy to follow, using language that is easy to understand. His step-by-step approach gives the viewer the ability to have a foundational understanding of what to expect, so that they do not feel as intimidated or confused when approaching the home-buying process. From viewing this video, I learned that it is free to consult with a real estate agent, and I found it useful to be provided with a list of questions I could ask them during an interview.

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HOW TO BUY A HOUSE in CANADA| STEP by STEP GUIDE| How to buy Real Estate|Durham Region REAL ESTATE

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Image #1 - Change in Rent Prices (2020 vs 2021)

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Image #1 - Change in Rent Prices (2020 vs 2021)

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This is a chart showing the average rent prices of various build forms in 2020, and how they have changed in 2021.

I learned that there has been a significant decrease in all types of rentals this year, with the largest price decrease in condominiums.

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The Re/Max website has many features which are helpful for those who are looking for information regarding the housing market. This includes tips for buying and selling, real estate listings, access to real estate agents, and blog posts.
The link I have included is to a blog post created by Re/Max in July, 2020. The blog contains heat maps which show 'hot pockets' for home sales, highlighting the areas with the  highest number of sales.

There are various diagrams which provide region-based information allowing the viewer to easily see where in the GTA it may be currently smartest to buy. It also gives the viewer an idea of which areas would be more competitive due to their growing popularity. I learned from this blog that the supply of homes in June of 2020 was the lowest it has been since June of 2016.

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RE/MAX Hot Pocket Communities Report reveals double-digit detached price increases in 55% of Greater Toronto Real Estate Markets

Spring supply crunch drives strong price appreciation for single-detached homes across the board in the first half of 2020

Detached housing values have shown remarkable resilience in the first half of 2020, with 95 per cent of Greater Toronto real estate districts posting solid gains in average price, according to a report released today by RE/MAX of Ontario-Atlantic Canada.

The RE/MAX 2020 Hot Pocket Communities Report examined trends and developments in 65 Toronto Regional Real Estate Board (TRREB) districts, finding that a steep decline in the number of homes listed for sale during Ontario's State of Emergency contributed to a notable uptick in single-detached housing values. Active listings across Greater Toronto real estate markets hovered at 14,000 in June, the lowest level for the month since 2016 when active listings bottomed-out at 12,327. Average price was up in 95% of areas between January and June 2020, compared to the same period in 2019. Double-digit increases were reported in 60% of 416 districts and in 50% of 905 districts.

"Strong demand characterized much of the first quarter of 2020, setting the stage for a record-breaking spring market in the Greater Toronto Area - and then came Covid-19," says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. "In past downturns, a drop in unit sales has usually been followed by a significant upswing in the number of homes listed for sale. That didn't happen in this case as buyers and sellers paused in April, then cautiously resumed home-buying activity as COVID-19 cases dropped and local economies re-opened. With the easing of restrictions and the province moving into the third, and perhaps final phase, we anticipate that the housing market will likely accelerate."

The spring market that materialized in June is expected to remain robust throughout the summer months as pent-up demand, low interest rates, and limited inventory headline market drivers. "Virtually every housing category in the GTA, from starter homes to the luxury market, will be impacted by pent-up demand in the months ahead," explains Alexander. "Historically low interest rates - with five-year closed rates as low as two per cent - will also provide impetus for the foreseeable future."

Location will be top-of-mind for most homebuyers, as illustrated by this year's top five markets (two tied in second place). Of the 65 Greater Toronto real estate districts examined in the report, RE/MAX found that the strongest gains in average price occurred in areas in close proximity to Toronto's central core. Leading in terms of percentage increase in the average price of a detached home in the first half of 2020 is Yonge-St. Clair, Annex, Casa Loma and Wychwood (C02), where values c limbed 25.7% to $2,918,968. Move-up buyers were particularly active in this area, with a shortage of homes listed for sale, particularly in the Annex. In June, there were 28 active listings, and 17 average days on market, and the sale-to-list price ratio was 98%.

With an increase of 18.4% in average price, two markets straddling the lakeshore in the east and west ends of the city ranked second in terms of price appreciation. Swansea, Roncesvalles, South Parkdale and High Park (W01) saw detached housing values climb to $2,050,596, while Oakridge, Birchcliffe-Cliffside (E06) topped $1 million, settling in at $1,095,287. Young families were a major driver in both areas, with affordability and proximity to the Beach community drawing buyers to Oakridge, Birchcliffe-Cliffside, and close proximity to the downtown core and west-end shoreline attracting purchasers to High Park, Swansea, Roncesvalles, and South Parkdale.

While C03 is home to Forest Hill South and some of the most expensive real estate in the city, the area is also comprised of affordably priced hot pockets such as Oakwood-Vaughan and Humewood. The average price of a detached home in C03 is up 17.7% to $2,371,546, although a small bungalow in the aforementioned neighbourhoods can be purchased for just over $1 million. The same holds true for W08, home to the tony Kingsway South, but also offers up detached homes starting at just under $1 million in neighbourhoods such The West Mall. Average price in W08 was up 17% in the first half of the year, compared to the same period one year ago, rising to $1,693,382. Alderwood, Long Branch, New Toronto and Mimico in W06 have also been on an upward trajectory in recent, with the average price of a detached home rising 16.2% to $1,202,176.

While sales of detached homes were down overall, RE/MAX found several suburban/rural districts that bucked the trend, showing signs of growth. Most were located in more suburban/rural areas of the Greater Toronto Area, where the dollar stretched farther and listings were plentiful. Leading in terms of percentage increase in detached housing sales was the King area in York Region where 161 detached properties changed hands, up from 117 one year earlier, representing a 37.6% upswing in volume. Just under 200 active listings were available for sale in June, average days on the market hovered at 44, while the sales-to-list price ratio was 93%.

Bridle Path, Sunnybrook, York Mills, St. Andrew, and Windfields (C12), the only district in the 416 to post an uptick in sales, claimed second place for sales. The area, the most expensive in the GTA, experienced a 20.6% increase in sales between January and June 2020, with the number of detached homes sold rising to 76, up from 63 during the same period in 2019. Days on market were 19, with a sales-to-list price ratio of 94%. Close to 100 homes were listed for sale in June.

Affordability was the common denominator in the third, fourth and fifth place finishes, all with an average price between $600,000 and $650,000. Simcoe County's Innisfil posted strong gains, ranking third with a 14.4% increase bringing the number of sales in the area to 389, up from 340 in 2019. Days on market were 35, sales-to-list price ratio was 99%, and more than 220 active listings were available in June. Fourth place Oshawa, in Durham Region, also proved a hot spot for sales so far this year, with more than 1,053 single-detached homes sold in the first half of the year, a 10.8% increase over 2019. Detached homes are moving quickly, with average days on market at 16, the sales-to-list price ratio is 101%, and 200 active listing available for sale in June. Rounding out the top five was Georgina in York Region, with 373 detached homes sold in the first six months of the year, up 9.1% over the 342 sales reported during the same period last year.

"While the strength of the market is underscored by rebounding economic fundamentals, it's clear that we are not out of the woods yet, given what's happening around the world," explains Alexander. "Having said that, the manner in which government has handled Covid-19 has been exemplary, and while there may have been some missteps along the way, we have all benefitted from leadership at all three levels. I'm confident that under their continued guidance and direction, we will be able to navigate any and all stormy waters ahead, and that bodes well for the economy and the housing market overall."

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Greater Toronto Real Estate Market Report: RE/MAX Canada

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RE/MAX Hot Pocket Communities Report reveals double-digit detached price increases in 55% of Greater Toronto Real Estate Markets Spring supply crunch drives strong price appreciation for single-detached homes across the board in the first half of 2020 Detached housing values have shown remarkable resilience in the first half of 2020, with 95 per cent of

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This image provides a side-by-side comparison of average prices for different types of homes from 2011 to 2021.

I was surprised to see just how drastic the increase in detached home prices has been, and how most types of homes now cost double what they did 10 years ago.

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Video #2 - Durham Region Real Estate 2021 - What's Going On?!

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Video #2 - Durham Region Real Estate 2021 - What's Going On?!

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This video contains an up-to-date discussion regarding the housing market in Durham Region. Stephen focuses on the current state of supply verses demand, which is the greatest contributing factor to the soaring prices of homes in the Durham Region. He also provides the average home prices of homes in Durham in recent months, highlighting the sharp and sudden increase in 2021.

This video is very helpful in that it explains in very simple terms how lower interest rates are effecting the supply and demand of housing in this area. From watching this video, I learned that since 2016, the monthly inventory of homes in Durham Region has dropped from over 1,000 to under 400.

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Durham Region Real Estate 2021 - What's Going On?!

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Video #3 - The Outrageous Canadian housing Market Bubble Explained

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Video #3 - The Outrageous Canadian housing Market Bubble Explained

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This video highlights how outrageous the Canadian housing market has become, and provides some insight as to how it has ended up this way. The speaker discusses how mortgage, the pandemic, population growth and employment rates have affected supply and demand.

This video is a great resource for anyone who does not understand why homes are now so expensive, or who wants an explanation of what a 'bubble' is as it relates to real estate. I learned from this video that interest rates in Canada are currently the lowest they have ever been.

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The Outrageous Canadian Housing Market Bubble Explained

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Rate Hub is a website where Canadians are able to input the cost of a home along with the down payment they are hoping to put down for it. The website will provide the viewer with a calculation of what their potential mortgage payment and amortization period would be.

What is extremely useful about this website, is the viewer is able to easily obtain mortgage  pricing information, even if they are not great with math or know very little about how these calculations work. The best part is that the viewer can adjust the down payment or amortization period in order to see how this affects what their monthly mortgage price would be. By experimenting with this calculator, I learned just how much your down payment can effect the amortization period of a mortgage.

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Content last updated: January 7, 2021

Looking to take out a mortgage sometime soon? Know what you'll be signing up for with our mortgage payment calculator. Understanding how much your mortgage payments will be is an important part of getting a mortgage that you can afford to service long term.

The mortgage payment calculator below estimates your monthly payment and amortization schedule for the life of your mortgage. If you're purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. It also calculates your mortgage default insurance premiums and land transfer tax. Advertising Disclosure

Why use a mortgage payment calculator?

When planning to buy a home, it's easy to focus on the headline figures, like the final purchase price or your overall mortgage amount. But in many way, the most relevant number for your mortgage will be your regular repayments. After all, your mortgage payments are the amount that you'll need to take from your pay cheque each month to keep your mortgage under control.

Using a mortgage payment calculator like the one above takes the guess work out of your mortgage payments. Our calculator lets you understand how much you'll need to pay each month for any size of mortgage, with any rate. This means you can compare homes and mortgage products with confidence, all the while knowing exactly how much you'll be on the hook for in each scenario.

How to calculate mortgage payments

Calculating mortgage payments used to be complex, but mortgage payment calculators make it much easier. Our mortgage payment calculator gives you everything you need to test different scenarios, to help you decide what mortgage is right for you. Here's a little more information on how the calculator works.

The three numbers you'll need

There are several factors that go into estimating how much your regular mortgage payments will be. These 3 numbers are particularly important:

1. The total mortgage amount: This is the price of your new home, less the down payment, plus mortgage insurance, if applicable.

2. The amortization period: This is the total life of your mortgage, and the number of years the mortgage payments will be spread across.

3. The mortgage rate: This is the rate of interest you pay on your mortgage.

How to use the mortgage payment calculator

To use the calculator, start by entering the purchase price, then select an amortization period and mortgage rate. The calculator shows the best rates available in your province, but you can also add a different rate. The calculator will now show you what your mortgage payments will be.

By default, the mortgage payment calculator will show four different monthly payments, depending on the size of your down payment. It will automatically calculate the cost of CMHC insurance. You can change the size of your down payment and the payment frequency to see how your regular payment will be affected

Our calculator also shows you what the land transfer tax will be, and approximately how much cash you'll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments would be if mortgage rates go up, and show what your outstanding balance will be over time.

If you're buying a new home, it's a good idea to use the calculator to determine what you can afford before you start looking at real estate listings. If you're renewing or refinancing and know the total amount of the mortgage, use the "Renewal or Refinance" tab to estimate mortgage payments without accounting for a down payment.

How to lower your mortgage payments

There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period, or find a lower mortgage rate. Use the calculator to see what your payment would be in different scenarios.

Keep in mind that if your down payment is less than 20%, your maximum amortization period is 25 years. As for finding a lower mortgage rate, it's a good idea to speak to a mortgage broker for assistance.

Frequently Asked Questions

Is your mortgage payment calculator free?

Yes, our mortgage payment calculator is free. In fact, all of our calculators, articles, and rate comparison tables are free. Ratehub.ca earns revenue through advertising and commission, rather than by charging users. We promote the lowest rates in each province offered by brokers, and allow them to reach customers online.

Why does your monthly calculator have four columns?

We think it's important for you to compare your options side by side. We start the calculator by outlining the four most common options for down payment scenarios, but you are not limited to those options. We also allow you to vary amortization period as well as interest rates, so you'll know how a variable vs. fixed mortgage rate changes your payment.

How do payments differ by province in Canada?

Most mortgage regulation in Canada is consistent across the provinces. This includes the minimum down payment of 5%, and the maximum amortization period 35 years, for example. However, there are some mortgage rules that vary between provinces. This table summarizes the differences:

PST on CMHC insurance

Land transfer taxes

Land transfer rebate

What is CMHC Insurance?

CMHC insurance (or mortgage default insurance) protects lenders from mortgages that default. CMHC insurance is mandatory for all mortgages in Canada with down payments of less than 20% (high-ratio mortgages). This is an additional cost to you, and is calculated as a percentage of your total mortgage amount. For more information on mortgage default insurance rates, please read our guide to mortgage default insurance (CMHC insurance).

What is an amortization schedule?

An amortization schedule shows your monthly payments over time and also indicates the portion of each payment paying down your principal vs. interest. The maximum amortization in Canada is 25 years on down payments less than 20%. The maximum amortization period for all mortgages is 35 years.

Though your amortization may be 25 years, your term will be much shorter. With the most common term in Canada being 5 years, your amortization will be up for renewal before your mortgage is paid off, which is why our amortization schedule shows you the balance of your mortgage at the end of your term.

Learn more about the difference between mortgage amortization and terms here.

More mortgage calculators

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Mortgage Calculator Canada | Calculate Mortgage Payment

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Content last updated: January 7, 2021 Looking to take out a mortgage sometime soon? Know what you'll be signing up for with our mortgage payment calculator. Understanding how much your mortgage payments will be is an important part of getting a mortgage that you can afford to service long term.

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Video #4 - 2021 GTA Real Estate Forecast

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Video #4 - 2021 GTA Real Estate Forecast

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This video provides real estate insights into for the upcoming year in the Greater Toronto Area, whereas many of the other resources I found focused on the past and current states of the market. He discusses the best and worst possible scenarios that could potentially occur this year, as predicted by RBC.

I learned from the video that RBC is predicting the prices of homes in this area could drop 7% this year, and could likely stay reduced until 2023. I also found it interesting that since 2005 the prices of home here has increased 88%.

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Website #4 - Canada Mortgage and Housing Corporation

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Website #4 - Canada Mortgage and Housing Corporation

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The CMHC website holds a plethora of useful information and resources for those looking to buy or rent in Canada. There are insights and statistics relating to the housing market, rules for landlords and tenants, and applications for funding for new builds and renovations.

This website essentially contains any information a home buyer, renter, builder or landlord could need, all broken down in layman's terms. The website is laid out in a highly sensible and functional way, making it approachable and easy for the viewer to access the information they need. I learned that there is a Seed Funding program which provides interest-free loans for the development and maintenance of community housing.

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Canada Mortgage and Housing Corporation | CMHC

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National Housing Co-Investment Fund - New Construction Stream

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1. What did I learn about this topic that surprised me the most?
The most surprising thing I learned was that the biggest factor contributing to soaring home prices in the GTA is the low supply and high demand, which has resulted from low interest rates.

2. Provide a real-life example oh how this topic is relevant/interesting for me.
This topic is quite relevant to me right now, as my spouse and I are currently looking at rental properties in Toronto. In previous times, we could not afford the prices in Toronto. However, the pandemic's effect on the city and the ability to work remotely has led to many people fleeing the city.

3. If I could pass on my knowledge to a friend or family member, what would I think is the most important to pass on?

I think the most important information I came across in my research was that found in Video #1 which covered how to buy a house. I think many people my age are saving for a home, but don't know anything about how the home-buying process works. This video is a great first step in learning how to approach it.