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Sunday , 26 March 2017

Monthly Archives: June 2015

Tight market conditions continue in May, home prices soar

The condominium remained the home of choice for those buying in the city of Toronto in May, outselling detached, semi-detached, and townhouses in the 416. Over one-fifth (21.5 per cent) of all sales in the GTA were condos; 1,762 buyers chose this type of home in the city. Altogether, 2,519 condos changed owners in the GTA. May sales set another record, according to the Toronto Real Estate Board data released today. Sales in May were up 6.3 per cent over last year and 3.5 per cent over April. A total of 11,706 homes were sold. Sales were up for all housing types, though detached home sales dropped in the 416, ... Read More »

GTA low-rise housing shortage a matter of serviced land inventory

A Ryerson researcher says he has the solution to the problem of Toronto’s chronic shortage of affordable low-rise homes, and it has been there all along. If municipalities, and the provincial government itself, only followed existing legislation, the apparent shortage of land needed for building ground-related homes would disappear. All that is needed is for municipalities to maintain a pre-determined three-year supply of serviced lots for housing, as the province already requires them to do. Homebuyers in the GTA, especially those looking to buy a low-rise home, have been increasingly perplexed by the relative lack of product available, and the high costs of new homes. Month after month we’ve seen ... Read More »

Ontario to ban door-to-door energy sales

Ontario is banning the door-to-door selling of consumer energy contracts. Following a review of retail energy markets in the province, the Ontario Energy Board (OEB) has released a report, “Consumers Come First,” in which it proposes fourteen measures that it says will give energy consumers greater protection. At the top of the list is a recommendation making it illegal for salespersons to go door to door selling energy contracts to consumers who are often ill-informed and unsure of what they are signing. The vast majority of energy consumers in Ontario buy their energy from a utility like Toronto Hydro. Since 2002, however, it has been possible to buy electricity from ... Read More »

Toronto of the Future a vision of where the city is going

Predicting the future isn’t an exact science. Last year, the Urban Land Institute and PWC’s “Emerging Trends in Real Estate” report predicted that Calgary would remain the strongest market in Canada in 2015, with robust growth in the office building segment, and a high level of confidence among developers. Hopefully for Calgary, that will still come about, but not so far, thanks to the unpredictable wild card of global oil prices. For Toronto, the same report pointed to a number of trends, one of which, touch wood, is proving to be true: that the condo market in this city would remain strong and stable. That strength is part of a ... Read More »

More consumers using mortgage brokers: CMHC survey

Canada’s mortgage brokers are no doubt delighted to see that more Canadians than ever are using their services when shopping for a mortgage. According to the latest Canada Mortgage and Housing Corporation annual survey of mortgage consumers, the mortgage broker market share is trending upward. It rose from 32 per cent just three years ago to 42 per cent in 2015. More than half (55 per cent) of first-time buyers, up from 48 per cent, and one-third of refinancers, used a broker. Mortgage lenders also have reason to be satisfied. Canadian mortgage consumers are very loyal: 86 per cent of them stayed with their existing lender when renewing a mortgage. ... Read More »

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