Wahi’s Weekly Roundup of Top Real Estate Stories

Home sales, market outlook, landlord ratings, and more.

By  Jared Lindzon | 2 minute read

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

Spring Has Sprung (For Real This Time) 

After a few false starts a new report by the Toronto Regional Real Estate Board (TRREB) confirms that the spring market has sprung in the GTA. According to the Board,  April sales jumped 9.2% month-over-month. At the same time new listings were down by over a third compared to April 2022, and nearly equal to last month. That means competition is increasing, and with it, prices. The average selling price in the GTA was up 4% in April compared with March, reaching an average of $1.15, but remains 7.8% below April 2022’s average of $1.25 — at least for now.  

Toronto Condo Sales Were Not Immune to the Q1 Slump

Another report by TRREB last week confirmed what we already assumed about the city’s condo market. Like the Canadian and GTA housing markets as a whole — and even the country’s luxury market — GTA condo sales saw a huge drop in transaction volume at the start of 2023, but are poised to rebound. The first three months of the year saw 4,519 condo sales, down almost 43% compared to the same period in 2022. As with other markets, TRREB expects conditions in the GTA’s condo market to change, thanks to population growth and a tight rental market.

Current Correction Won’t Reach Pre-Pandemic Prices     

The recent market downturn is expected to reverse course before it reaches pre-pandemic levels. According to the Canada Mortgage and Housing Corporation’s Housing Market Outlook the recent drop won’t make up for the pandemic buying frenzy that pushed home prices to new extremes. Their forecast suggests a likely maximum of a 9% drop compared with 2022, keeping averages 14% above 2020 prices, before ticking back up. Even if inflation and interest rates remain high for longer than expected, CMCH suggests it would only make up 5% of the gap. Either way, the correction will stop well short of pre-pandemic prices. 

Toronto May Be Forced to Face its Fear of Multiplexes     

Finding a multiplex in Toronto is like spotting a unicorn in the wild, but that could change. Last week Toronto’s Planning and Housing Committee approved a proposal to allow four-until homes in every neighbourhood, exempting them from FSI Provisions that made them a rare sight. It’s a response to the population boom, housing shortage, and housing market resiliency. Historically residents worried a multi-unit dwelling in their single-family neighbourhood would adversely affect property values but now it’s hard to imagine anything making a real dent. The plan goes up against the city’s NIMBY tendencies via a City Council vote in May.

New Website Offers Landlord Ratings, Hilarious Horror Stories      

Renting in Toronto can be like a box of chocolates, but a new website hopes to shed some light on what you’re going to get. Built by two anonymous Ontarians who had suffered under unruly landlords themselves, Rate the Landlord offers renters what Glassdoor offers job seekers; honest insight from those who have been there before. Reviews are anonymous, searchable, and stretch from coast to coast. The website is already getting viral attention online, with thousands of reviews attracting would-be renters, those looking to commiserate, and some who just appreciate entertaining landlord horror stories (of which there are many).