Despite record low temperatures recorded in Toronto this February, home sales increased by 11.3 per cent on an annual basis, according to the Toronto Real Estate Board (TREB). A total of 6,338 home sales were registered through the TorontoMLS system and increases were seen across most major housing types.

The latest Housing Trends and Affordability Report from RBC Economics found that the Canadian home ownership dream became slightly less affordable in the fourth quarter of 2014. Between November and December of last year, resale activity fell 5.6 per cent, the sharpest month-over-month decline recorded in four and a half years.

According to a report from Sal Guatieri of BMO Financial Group, the number of unsold condo units in Toronto soared to levels not seen in 21 years this January. Guatieri, a Senior Economist at BMO, predicts that the rise in unsold condos, which reached 1,602 units, will slow the increase of new condo prices.

A three-building condominium development, including Ottawa's tallest building to date, was approved by Ottawa City Council last week. The proposed development, which includes an 18-storey tower, a 45-storey tower and a 55-storey tower, will be collectively known as “The Sky.”

The Real Estate Investment Network of Canada (REIN) recently listed Hamilton, Ont. as one of Ontario’s top real estate investment markets and developer Sonorak Corporation (Sonorak) plans to take advantage of that with a new condominium development on the city’s waterfront.

Sequel 138, a 97-unit affordable housing development located at 138 Hastings St. in Vancouver, B.C., has entered construction. The project offers low to moderate-income families and individuals access to affordable condominiums and rental apartments.

Construction of the 35-acre CIBC Pan Am/Parapan Am Athletes' Village, known as the Canary District, is now complete and ready to house a total of 10,300 Pan American and Parapan American Games athletes and officials. When the Games begin in July 2015, the Village will feature a YMCA, banks, a coffee shop, a general store, a dining tent, a prosthetic and wheelchair repair centre, and an 18-acre park.

According to the Building Industry and Land Development Association (BILD), sales of new homes and condominiums in the Greater Toronto Area were just above the 10-year average in January. In the high-rise sector, a total of 825 new condo sales were tracked for the month.

Karl Lagerfeld, a German designer, artist and photographer based out of Paris, France, has partnered with CD Capital Developments and Freed Developments to design two lobbies in the new Art Shoppe Lofts + Condos mixed-use development in Toronto, Ont. The condominium will be the first project in North America to involve Lagerfeld’s influential and creative direction.

Reflections Condominium (Reflections), a 12-storey condo development in Toronto's North York region, has earned a LEED Gold certification from the Canada Green Building Council (CaGBC). A joint venture project by FRAM Building Group and Cadillac Fairview Corporation, the 106-unit residential development was recently completed and is one of a few condo developments to receive the Gold certification.

Developers of a mixed-use project, featuring a 42,000-square-foot Mountain Equipment Co-op (MEC) store, at 784 Sheppard Ave. in Toronto, Ont. have received approval from the Ontario Municipal Board (OMB) to add a 50-unit stacked townhouse complex to the site and construction is now underway.

National home sales fell 3.1 per cent from December of last year to January 2015, according to the latest month-over-month analysis from the Canadian Real Estate Association (CREA). Although fewer sales were recorded in approximately 60 per cent of all housing markets, the country’s weakest markets altered national totals significantly. These regions included Edmonton, Sask. and Calgary, Alta.

According to the Greater Montreal Real Estate Board (GMREB), condominium sales in the Montreal region fell nine per cent, year-over-year, in January. In fact, with the exception of plexes (two to five units), all property types registered decreased sales when compared with January 2014 statistics.

When compared with statistics from January 2014, residential property sales in the Ottawa region increased 6.8 per cent in January, according to recent data released by the Ottawa Real Estate Board (OREB). This included 114 condominiums which sold for an average price of $250,406. On a month-to-month basis, new residential and condo property listings more than doubled those registered in December.

Across all housing types, January sales were 35 per cent lower than the 10 year average in Calgary, Alta., due to weakened economic conditions and a resulting lack of consumer confidence. At the same time, new listings rose 39 per cent, year-over-year, greatly impacting inventory levels.

On Feb. 2, members of the Toronto Real Estate Board (TREB) met with the City of Toronto’s Budget Committee to discuss affordable housing in the Greater Toronto Area and make recommendations on the region’s Land Transfer Tax (LTT), implemented in 2008. In order to better meet the needs of prospective homebuyers requiring affordable housing options, TREB suggested that the City’s Budget Committee increase the maximum rebate for first-time homebuyers and adjust the LTT to reflect ongoing inflation.

According to Toronto condominium market analysts Urbanation Inc., a total of 21,605 new condominium apartments were sold in the Greater Toronto Area last year, making 2014 the third best year on record for new condo sales. The number represents a 51 per cent increase over 2013. Sales of existing condos grew 14 per cent, year-over-year, to a record 17,819 units.