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“buying an apartment is a major decision to give buyers access to information so that they can have confidence in their new house,” Lisa Thompson, director of government and consumer services, said in a press release.
The provincial government’s new apartment guide contains up-to-date information on apartment ownership and the apartment purchase process. We are committed to ensuring that apartment buyers have access to the information they need so that they and their families can make the right decisions. “
The guide was developed by the Ontario apartment Authority (CAO) and approved by the Government and the Director of Consumer Services in consultation with key stakeholders and the public.
According to data released by the provincial government, there are currently about 900000 condos and more than 11000 apartment companies in Ontario.
According to the 2016 census, about 13% of households in Ontario live in apartments.
About 55 per cent of new buildings under construction in Ontario are apartments, according to (CMHC), a Canadian mortgage and housing company.
Now, 2020 is a thing of the past. And real estate analysts are reviewing the experience of the Toronto real estate market over the years: they are seeing explosive growth, whether they are in the midst of an epidemic or not.
The latest report from (TRREB), the Toronto Real Estate Bureau, shows that the number and average price of homes sold in 2020 are higher than in 2019, setting a record high for the second month in a row.
The average house price in the Greater Toronto area hit a new high of 929699 yuan, up 13.5% from a year earlier. In Toronto, house prices rose 11.6% to an average high of 986085 yuan.
Overall, home sales rebounded rapidly in the second half of 2020 after a sharp decline due to outbreaks in March and April.
Real estate agents in the Toronto area reported sales of 95151 units for the whole of 2020, an increase of 8.4% over 2019 and the third highest sales in a year on record.
December 2020 was even more impressive, with sales of a staggering 7180 homes and apartments, an increase of 64.5 per cent year-on-year.
“although the overall housing market recovered strongly in 2020, there is a big difference between the single-family housing market and the condo market,” said Jason Mercer, chief market analyst at the Toronto Real Estate Bureau. “
The supply of single-family homes is still limited, leading to fierce competition among buyers and double-digit increases in sales prices. On the contrary, the growth of the number of apartments far exceeds the growth of its sales. ” Mercer added.
Looking ahead, John DiMichele, chief executive of Toronto Real Estate, said: “the next 12 months will be critical for the real estate market because we will plan our path to recovery.” In particular, the impact of restoring migration and reopening the economy will be crucial. “