‘No one is going to steal your house’: A report by the Canadian Real Estate Association
A report from the Canadian real estate association suggests that the number of people buying properties in Canada has declined from 7.8 million in 2008 to 6.8 in 2016, according to a new survey by the CREA.
The number of new condo projects in Canada fell from 5.9 million in 2016 to 4.6 million in 2018, according a CREF survey conducted in May.
This represents a decline of nearly a quarter.
The survey also found that only 37 per cent of condo projects were completed in the first half of 2017.
The majority of condo developments in Canada were completed by the end of 2018, with the average price of a unit in condos jumping to $1.1 million in July 2018.
The CREO report notes that the current economic climate may have had a “devastating effect” on demand for housing in the country.
“While we know that some housing prices are still going up, there are now fewer projects under construction, meaning there are fewer people looking to purchase,” the Creditors Association of Canada says in a press release.
“It’s a real concern, and the report provides more information about the challenges that exist.” “
Crediting Ontario’s housing sector as one of the most efficient in the world, the Crescendo report found that in 2017 the average residential construction cost per square foot of a new project in Ontario was $1,095. “
It’s a real concern, and the report provides more information about the challenges that exist.”
Crediting Ontario’s housing sector as one of the most efficient in the world, the Crescendo report found that in 2017 the average residential construction cost per square foot of a new project in Ontario was $1,095.
The report also notes that in Toronto, average construction costs per square feet were $2,851 in 2017, with an average of $1 million more than the provincial average.
While the Cretin, Ont.-based real estate market is undergoing a “disappointing” downturn, it may have already begun to shift away from condo projects.
The average price per square metre of condo units in the GTA dropped from $2.2 million in 2013 to $2 million today.
This may suggest that condo sales are “tipping over,” said Credited Ontario’s Credentials for Growth report, which estimates that in the near future, the average new condo project in the province will cost $1 billion.
It also found, however, that this is likely to change.
The new Cretins report found there are more than 1,000 condos in the Toronto area, with one million condos in Toronto alone.
“Toronto is a fantastic location for the development of new condos and it’s a great place to live,” said Pasternack.
“I know people are starting to move out of Toronto, but there are still lots of places that people can live in.”