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Welcome to my wall. What you will learn about here is what has been happening in the Toronto and Vancouver housing markets. Due to the prices increasing in the past year, sales have gone down. With prices expected to go up again, what can we see as affordable and the safest opinion for first time buyers and those hoping to make an investment in a home.

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Website #1 - Prices are Rising and Sales are Dropping

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Website #1 - Prices are Rising and Sales are Dropping

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The prices for houses and condos in Toronto and Vancouver have gone up and sales have gone down. In Toronto, prices for house have gone up an average of 12.8% while condos have jumped up 23.1%. In Vancouver, the prices of condos rose 25.9% and detached homes were up 7.9%. Even though condos have skyrocketed in price, they are in a much higher demand than detached homes. Could it become more common for buyer to rent rather than buy due to the increases in price or could the tide move towards a higher percentage of purchases in houses due to the prices of condos being so high?

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TORONTO/VANCOUVER (Reuters) - Home sales in Canada's two largest housing markets dropped in 2017, as government measures to cool skyrocketing prices in Toronto and Vancouver restrained demand, but prices kept rising particularly in the strong condo segment.

In Toronto, sales of detached homes fell 23 percent, accounting for much of the 2017 drop, while condo sales pulled back a more muted 9.6 percent, according to a report from the Toronto Real Estate Board (TREB).

The average sale price, meanwhile, jumped 12.7 percent from 2016 to C$822,681 ($657,146), with condo prices jumping 23.1 percent and detached homes climbing 12.8 percent, TREB said.

In Vancouver, the market was also split, with surging condo demand in stark contrast to slower sales of detached homes, according to a report from the Real Estate Board of Greater Vancouver (REBGV).

Overall, sales dropped 9.9 percent compared to 2016, with the typical price of a home in the Vancouver region rising 15.9 percent to C$1,050,300. Condo prices jumped 25.9 percent, while detached homes rose 7.9 percent.

In both cities, the pace of sales picked up near the end of 2017, in part as buyers accelerated home purchases to beat new mortgage stress test requirements that started on Jan. 1.

Together, Vancouver and Toronto account for about half of house sales by volume in Canada.

Vancouver's market staggered in 2016 after the government introduced a foreign buyers tax, but the less-expensive condo market has bounced back as investors continue to fuel demand. Toronto, hit by a similar tax in 2017, is showing a similar pattern, with detached sales swooning but the condo market showing more strength.

The real estate boards said the outlook for 2018 was unclear. They said consumer sentiment could be influenced by rising interest rates and new rules around mortgage qualifications.

Reporting by Nichola Saminather in Toronto and Julie Gordon in Vancouver; Editing by Lisa Von Ahn and David Gregorio

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Toronto, Vancouver home sales fall in 2017 as prices jump

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TORONTO/VANCOUVER (Reuters) - Home sales in Canada's two largest housing markets dropped in 2017, as government measures to cool skyrocketing prices in Toronto and Vancouver restrained demand, but prices kept rising particularly in the strong condo segment.

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Renting versus buying has been up for debate for quite a while. As a first time owner, it can be quite frightening to choose whether to buy a house as an investment or start out by renting. What are you looking for? A full time investment? Only planning to stay for a few years and then move? Are you planning to start a family? Or starting a new career?

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Website #2 - Average Cost for Renting in Ontario

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Website #2 - Average Cost for Renting in Ontario

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Even though this website only shows the average prices for cities across Ontario, it helps give an idea as well as a number that can be expected when you are looking to rent. Many variables can easily change the price that is to be paid. The number of bedrooms, bathrooms, location, space, etc. I found it interesting that cities such as London and Windsor were some of the lower priced cities for renting.

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How much does it cost to rent an apartment in Ontario?

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The cost of renting an apartment or house depends on the size (number of bedrooms) and neighbourhood where it is located, and the age and condition of the apartment or house.

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Yes, there are many houses for sale, however, not as many are actually being sold. If you are looking to sell your home, what can you do to bring more interest into your property? Could you lower the price to start a bidding war which could ultimately help you sell it for what it is worth or more? Invest in upgrades that not many other houses in your area have?

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Video #1 - Understanding what you can afford in 2018

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Video #1 - Understanding what you can afford in 2018

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Many are still misunderstanding what they can get for a certain price in the housing market. Costs have been going up and a house that was once affordable for a family is over budget now. Condos have become more popular cost-wise due to the price increase is attached and detached homes. A hope for 2018 that the prices become more reasonable for houses and more options in houses as well.

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What’s in store for Toronto real estate market in 2018?

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The prices on houses have gone up and people are still buying. Now buyers are having a harder time finding suitable housing with their budget due to prices and bidding wars in the housing market. What was once affordable could have easily gone up $300’000 in a manner of months. Even though renting is also an option for many Canadian’s, buying a house is seen as a better investment as well as a safer one. If the prices keep going up, will the housing market still be prosperous?

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The Anna Oliver Group - Sotheby's International

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Real Estate interview with Anna Oliver, Sales Representative for Sotheby's International Realty Canada on the state of the housing market in Toronto and what to expect going forward. Prices are at record highs! Are we in a bubble? 5 min.