Wahi’s Weekly Roundup of Top Real Estate Stories

GTA rent costs, new home sales, Toronto supertalls, and more.

By  Jared Lindzon | 2 minute read

Every Friday, Wahi brings you the most important real estate stories from the past week.

CREA Cracks Down on Unlisted Properties with New “Duty of Cooperation”

The newest addition to the Canadian Real Estate Association’s REALTOR® Code requires residential listings be added to the Multiple Listing Service (MLS®®) within three days of any public marketing. The new “Duty of Cooperation” was voted in by delegates during last week’s Annual General Meeting and goes into effect on January 3, 2024. The CREA says the change is intended to curb the “rising misuse of marketing tactics that were keeping listings off the MLS® System, limiting the exposure of available properties.” Sellers can keep their listing private but will first need to provide written confirmation that they understand the disadvantages. 

GTA Rents Reach New Heights

Toronto area rental fees have reached a new level of ridiculousness, so brace your eyes for some serious rolling. According to a new report by Urbanation the average rate for purpose-built rental units in the GTA surpassed a record-breaking $3,000 per month in the first quarter of 2023, up nearly 14% from a year ago. Two bedrooms are averaging over $3,100, but downsizing won’t save you much; units under 500 square feet are up 21%, with studios averaging over $2,100 and one-bedrooms reaching almost $2,500 a month. Even micro-units of 350 square feet are hovering around the $2,000 mark (insert eye-roll emoji).  

The Confusing State of New Home Sales     

New home sales in the GTA are up, sort of. On Monday the Building Industry and Land Development Association (BILD) reported 1,277 new home sales in March, nearly 40% more than in February. That figure, however, remains 70% lower than last March, and 65% below the 10-year average. The study also notes that inventory levels are gradually recovering from last year’s record lows, leading BILD President & CEO Dave Wilkes to speculate that the new home market is, “poised for an upswing.” Given the relatively slow start to the year, however, that remains to be seen.

Another Spring Mirage     

Like the weather in Toronto the housing market looked as though it may skip ahead to sunnier days, before hitting us with a dose of more seasonally appropriate reality. The early start to the spring market was similarly chilled by the reality that, despite not being raised since January, interest rates remain at their highest level since 2008. Furthermore, while the economy hasn’t completely bottomed out, recent turmoil in the global banking sector has added some economic uncertainty. Now housing market watchers at the Globe and the Star are suggesting, despite some warmer days in early April, the winter chill remains.  

Toronto’s Skyline Makeover      

Believe it or not, Toronto doesn’t currently have any buildings that fall into the Council on Tall Buildings and Urban Habitat’s “supertall” category, but that’s about to change. According to the global authority on all things building height, the CN Tower doesn’t count because its low occupancy rate makes it more of a giant antenna than a real building. The next in line, First Canadian Place, stands at 298 meters — two shy of the “supertall” designation. Now, seven new projects in development will break the 300 meter barrier. Perhaps the extra length will help Toronto overcome some of its insecurities.