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Wednesday , 29 March 2017

Monthly Archives: July 2016

New home inventories plunge while prices soar in June

The price of a new low-rise home in the GTA in June was more than twice as much as it would have cost ten years ago, according to the Building Industry and Land Development Association (BILD). Back in 2006, that new home would have cost a buyer $393,398; today it has a price tag of $887,543. In just the last twelve months, BILD says, average prices for low-rise homes, including detached, semi-detached and townhomes, rose by more than $100,000. The vice president of Marketing and Communications for BILD, Michelle Noble, said prices had grown “exponentially as supply has dropped.” That supply is short, to say the least, especially for single ... Read More »

Strong Q2 sales in Toronto’s condo segment; lack of new listings leads to sellers’ market conditions

Double-digit increases in sales no longer raise any eyebrows among observers of Toronto’s real estate scene, so today’s announcement that sales of condominiums in the second quarter of the year were up 17.4 per cent compared to a year ago is really just business as usual. It’s a pretty significant number nonetheless. In the months of April, May and June, 8,965 condominium sales were processed by the Toronto Real Estate Board. That is almost one hundred sales every day of the week over the three months. TREB member realtors are involved in all aspects of the condo market, from pre-construction sales on brand new projects to resales of existing properties, ... Read More »

More Toronto renters chasing fewer apartments: commercial vacancy hits new low

The big word in Toronto real estate these days, on both the commercial and residential side, is rent. For renters looking for a place to live in the city, condominiums continue to provide a major source, though the number of condos listed in the second quarter declined slightly. At the same time, the number of purpose-built rental buildings is increasing. For business renters in the city, space is getting more and more scarce, as Toronto’s office vacancy rate dropped below 5 per cent, the lowest downtown vacancy rate in a major North American market. Industrial space is also getting scarce as Toronto now has the third lowest availability rate in ... Read More »

Builder’s failure another reminder to home buyers: check your builder’s record, reputation

When any business fails, big or small, people get hurt. Jobs are lost, bills go unpaid, dreams crumble. In the real world, no one starts a business with the intention of failing. In the case of Toronto home builder Urbancorp, it appears that to some extent the company may have been a victim of its own success, or at least ambitions, growing too fast, borrowing too heavily, stretching itself too thin. Details of the company’s financial affairs have not yet been made public. The company has been a presence in Toronto since 1993, and has built dozens of condos and many freehold townhomes in the city. However, according to a ... Read More »

Gas prices rising again, but Canadians still have it relatively good

In Venezuela they basically give it away. In Hong Kong the prices are downright extortionate. In Kuwait it’s cheap and the citizens guzzle it like North Americans, but there’s a real danger the government could squander its massive savings on the subsidies that keep it cheap. Canadians pay more for it than our North American neighbours, but far less than in most other countries. And now Bloomberg says that gas prices are rising again, up 5 per cent globally over the past three months. The price of gas at the pump varies enormously from country to country, depending on taxes and subsidies. European countries generally have the highest prices for ... Read More »

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