Latest news with #BenjyKatchen
Daily Mail
5 days ago
- Business
- Daily Mail
The $1 million price drop - bustling metropolis sees property prices take a huge dip
Home values have dropped by millions of dollars over the last three years in the Greater Toronto Area, a new analysis found. Ten neighborhoods saw the median sale price of a single-family home fall by 40 percent or more since 2022, according to new research by Wahi, a Canadian real estate listing website and app. Houses in Canada reached their peak values in April 2022, after two years of historically low supply and rock-bottom interest rates spurred by the COVID-19 pandemic. 'Prices for single-family homes have held up better than condos, but Wahi's latest analysis shows how much market trends can vary from neighborhood to neighborhood,' Wahi CEO Benjy Katchen said in a statement. Four neighborhoods in Brampton, the third largest Toronto suburb, were in the top ten in terms of largest percentage drops in value. They included Huttonville (-53 percent), Vales of Humber (-50 percent), Northwood (-44 percent), and Westgate (-40 percent). These areas are among the hardest hit, but the downward trajectory is widespread, with 289 of the 344 neighborhoods that Wahi analyzed having lower prices this year than in April 2022. Windfields, an upper-middle class area northeast of downtown Toronto, had the biggest home price decline as a raw number. The median sale price of a Windfields home declined by $3.1 million since 2022, when a property cost a whopping $6.3 million. Windfields saw a $1 million bigger drop than Wanless Park, the next biggest loser at a $2.2 million decrease over the same period. Some experts view these price cuts as the market coming back down to earth from an artificial pandemic-era boost caused by quantitative easing. Between 2020 and March 2022, home values across the nation surged by about 65 percent. This didn't last because the Bank of Canada, like the US Federal Reserve and most other central banks around the world, raised interest rates to stifle inflation. Higher interest rates make it harder for home buyers to obtain favorable mortgage terms, while also incentivizing home owners to stay in their current residence. Although Canada has been gradually lowering rates since June of last year, the market is not expected to experience same historic levels of price growth as it did in the pandemic, according to a report from the Bank of Montreal. In March 2025, Bank of Montreal Senior Economist Robert Kavcic said that even though resale prices have found a floor in many markets, it will take years before homes return to their 2022 peak values. Assuming there is a stable economy, steady wage growth and neutral interest rates, the investment bank predicts the market will return to 2022 highs in 2029. A recent report from TD, the second largest consumer bank in Canada, offered a rosier outlook on the housing market going into 2026. 'There's been a cloud of uncertainty that has contributed to the negative buying sentiment that's weighed on the housing market,' TD Economist Rishi Sondhi said. 'TD Economics thinks some of that uncertainty should wane in the back half of this year and dissipate even further into 2026.' Sondhi acknowledged that condos in Toronto have declined and said they will likely continue to do so through to the end of the year. The bank forecasts that condo prices will have dropped by 15 to 20 percent since 2023. The ebb in prices doesn't have to be a bad thing, Sondhi added, saying it could be a signal for a resurgence just around the corner. 'Affordability in the GTA condo space has improved because we have seen declining prices since the third quarter of 2023,' he said. 'So, as prices have come down, affordability has improved, which could help the condo market get off the ground a little bit more in 2026.' All data included in Wahi's analysis is sourced from the Toronto Regional Real Estate Board and Information Technology Systems Ontario.
Daily Mail
5 days ago
- Business
- Daily Mail
Report: Home values drop by millions in Greater Toronto Area
Home values have dropped by millions of dollars over the last three years in the Greater Toronto Area, a new analysis found. Ten neighborhoods saw the median sale price of a single-family home fall by 40 percent or more since 2022, according to new research by Wahi, a Canadian real estate listing website and app. Houses in Canada reached their peak values in April 2022, after two years of historically low supply and rock-bottom interest rates spurred by the COVID-19 pandemic. 'Prices for single-family homes have held up better than condos, but Wahi's latest analysis shows how much market trends can vary from neighborhood to neighborhood,' Wahi CEO Benjy Katchen said in a statement. Four neighborhoods in Brampton, the third largest Toronto suburb, were in the top ten in terms of largest percentage drops in value. They included Huttonville (-53 percent), Vales of Humber (-50 percent), Northwood (-44 percent), and Westgate (-40 percent). These areas are among the hardest hit, but the downward trajectory is widespread, with 289 of the 344 neighborhoods that Wahi analyzed having lower prices this year than in April 2022. Windfields, an upper-middle class area northeast of downtown Toronto, had the biggest home price decline as a raw number. The median sale price of a Windfields home declined by $3.1 million since 2022, when a property cost a whopping $6.3 million. Windfields saw a $1 million bigger drop than Wanless Park, the next biggest loser at a $2.2 million decrease over the same period. Some experts view these price cuts as the market coming back down to earth from an artificial pandemic-era boost caused by quantitative easing. Between 2020 and March 2022, home values across the nation surged by about 65 percent. This didn't last because the Bank of Canada, like the US Federal Reserve and most other central banks around the world, raised interest rates to stifle inflation. Higher interest rates make it harder for home buyers to obtain favorable mortgage terms, while also incentivizing home owners to stay in their current residence. Although Canada has been gradually lowering rates since June of last year, the market is not expected to experience same historic levels of price growth as it did in the pandemic, according to a report from the Bank of Montreal . In March 2025, Bank of Montreal Senior Economist Robert Kavcic said that even though resale prices have found a floor in many markets, it will take years before homes return to their 2022 peak values. Assuming there is a stable economy, steady wage growth and neutral interest rates, the investment bank predicts the market will return to 2022 highs in 2029. A recent report from TD , the second largest consumer bank in Canada, offered a rosier outlook on the housing market going into 2026. 'There's been a cloud of uncertainty that has contributed to the negative buying sentiment that's weighed on the housing market,' TD Economist Rishi Sondhi said. 'TD Economics thinks some of that uncertainty should wane in the back half of this year and dissipate even further into 2026.' Sondhi acknowledged that condos in Toronto have declined and said they will likely continue to do so through to the end of the year. The bank forecasts that condo prices will have dropped by 15 to 20 percent since 2023. The ebb in prices doesn't have to be a bad thing, Sondhi added, saying it could be a signal for a resurgence just around the corner. 'Affordability in the GTA condo space has improved because we have seen declining prices since the third quarter of 2023,' he said.
Cision Canada
24-07-2025
- Business
- Cision Canada
Young Canadians Feel the Most Pressure to Buy Property, Wahi Survey Finds
Societal expectations are driving homebuying stress for Gen Z and millennials TORONTO, July 24, 2025 /CNW/ - A new national survey from Canadian real estate platform Wahi reveals that young Canadians are feeling significantly more pressure to purchase property than previous generations — and that pressure is comparable to societal expectations around marriage and having children. Wahi's 2025 Homebuying Pressure Point Survey, a new survey among Angus Reid Forum members, found that 54% of millennials and 41% of Gen Zers have been under pressure to own a home — well above the national rate of 34%. In contrast, only 30% of Gen Xers and 13% of baby boomers (the groups with the highest homeownership rates) say the same. "As Canadian home values have increased over the decades, so has the pressure to own real estate," says Wahi CEO Benjy Katchen. "While buying a home can be a smart long-term decision, it's critical for Canadians to take their time, do their research, and buy based on personal readiness — not pressure." Other survey findings include: Millennials are most likely to self-identify as the generation to face the most pressure to own property (47%), followed by Gen Z (40%), Gen X (39%), and baby boomers (36%). Societal expectations are the top source of pressure for Gen Z (59%) and millennials (55%) compared to Gen Xers (33%) and baby boomers (33%). Gen Z feels equal pressure to buy a home as they do to have children (43%) or get married (43%); For millennials, the pressure to have children (53%) was about as widespread as the pressure to own property (54%), while the pressure to get married was less (43%) Pressure to buy is lowest in Quebec (26%) and Atlantic Canada (29%), and highest in Alberta (41%) and B.C. (39%). 81% of boomers and 74% of Gen Xers own property in Canada, versus 61% of millennials and 21% of Gen Z. 55% of non-owners are unhappy with not owning a home. 50% of Canadians believe renting is viewed unfavourably. 62% of respondents underestimate Canada's homeownership rate, believing it's 50% or less. Wahi's survey uncovers a generational divide in attitudes toward homeownership, revealing that societal expectations continue to shape the way young Canadians approach major life milestones — including buying a home. See the complete 2025 Homebuying Pressure Point Survey results.
Calgary Herald
17-07-2025
- Business
- Calgary Herald
Calgary led resale growth for past 3 years, now it's Edmonton's turn
Edmonton and Calgary outpace the Canadian average for home sales growth. Photo by Shaughn Butts / Postmedia Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Alberta remains a strong resale real estate market, especially compared with Ontario and British Columbia, yet the province's previous growth leader, Calgary, is taking a back seat to another city. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors 'Edmonton is seeing more growth,' says Benjy Katchen, president and chief executive officer of RPS-Wahi about its recent report on its House Price Index findings for May, published in late June. 'All things being relative, Calgary went up more before, so maybe it's just Edmonton catching up.' Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again Nationally, the index increased one per cent year over year as of May 31. Edmonton and Calgary outpaced the Canadian average up 10 and five per cent, respectively. In contrast, Canada's largest markets saw declines year over year. Toronto's index price fell three per cent, and Vancouver's was down four per cent. 'We're seeing a similar phenomenon in Quebec, where Quebec City is performing better than Montreal,' whereas it has previously been the inverse, Katchen says. The index shows that Montreal saw eight per cent growth year over year and Quebec City led the nation at 14 per cent. The index also reveals a trend of Calgary price growth slowing and remaining robust for Edmonton. Since the start of the year, Edmonton has outpaced Calgary for price growth, percentage-wise. Previously, Calgary saw more price growth for several months, the Wahi report shows. Local statistics show that Edmonton still has a way to go to catch up price-wise, but data also reveals softening conditions for both with Calgary seeing significant supply increases. Calgary Real Estate Board statistics from June reveal that the benchmark price — or typical price — for all housing types was $586,200. That's a decrease of nearly four per cent year over year. At the same time, sales fell nearly 17 per cent. Both metrics have been trending downward for several months. Supply, in contrast, has been rising with inventory up more than 83 per cent year over year. In Edmonton, the benchmark price of a home — all housing types — was $439,700, an increase of almost eight per cent versus the same month last year. As well, sales grew nearly four per cent. Pressure is easing in Edmonton as well though; inventory grew 15 per cent year over year.
Toronto Sun
04-07-2025
- Business
- Toronto Sun
Lower cost condos bringing back first-time home buyer
Homebuyers are taking advantage of cooler conditions in the GTA's condo market to purchase units at a lower price than they could a year ago, says Wahi CEO Benjy Katchen. Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Lion's share of under $500K condos can be found in Halton and Peel regions This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Much ink has been spilled about the Greater Toronto Area's soft condo sector, but that doesn't tell the entire story. According to an analysis by Wahi, sales of GTA condos — which include townhouses with maintenance fees — in the $400,000 and $499,999 price range increased by 20 per cent year-over-year in the first quarter of 2025, while those priced between $300,000 and $399,999 surged by 55 per cent (from 62 to 96 in transactions). The one caveat, however, is that this segment of the market only comprises 12 per cent of total condo sales. Regardless, Wahi believes these statistics bear significance for arguably the most challenged cohort of buyers in the GTA. 'Some homebuyers are clearly taking advantage of cooler conditions in the GTA's condo market to purchase units at a lower price than they could have even a year ago,' says Wahi CEO Benjy Katchen. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Further, with investors mostly absent from the market today, 'These are a lot of first-time buyers,' says Katchen, adding that, 'about 80 per cent are buying as a co-buyer, as in they're buying with their partner.' And although Katchen says some of those sales can be found in Toronto, which he surmises are mostly, if not all, studio units — the lion's share are in Peel and Halton Regions — 'but in the further reaches of those two regions,' he clarified. Wahi further notes that condos in the $400,000-$499,000 range took an average of 38 days to sell up from 35 days last year, while units in the $300,000-$399,000 bracket spent an average of 43 days on the market, compared to 34 days in the first quarter of 2024. Dil Banga, a broker with RE/MAX Excellence, has developed a niche helping entry-level buyers find these bargain units, particularly in Brampton. This advertisement has not loaded yet, but your article continues below. This subset of his clientele is predominantly the young couple trying to gain a foothold in the housing market so they can build equity and climb the housing ladder as their families grow. And while the units are typically decades old, Banga says they're fortuitously located in Brampton, where a dedicated LRT track is being built along Highway 10 from Shopper's World in Brampton to Lakeshore Road in Mississauga's Port Credit district. Banga says these units are ideal for first-time buyers because they will, despite their age, appreciate nicely as the LRT nears completion. 'The key isn't just finding these condos, it's finding the right ones that help entry-level buyers build enough wealth to keep climbing the ladder,' Banga said. 'Many of the sellers are upsizing to their second home. It's as if the torch is being passed from one entry-level owner to another.' Investors remain active in Brampton, Banga says, including, but not limited to, recent immigrants co-purchasing investment properties, and not exclusively for sub-$500,000 units. 'I have one investor client who only purchases these low-priced units now, provided they're located around strong fundamentals like transit,,' Banga said. 'But right now, it's end users who have come out of the woodwork.' World Editorial Cartoons Toronto & GTA Toronto Maple Leafs Toronto & GTA
