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Tuesday , 6 October 2015

Category Archives: Market News

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News with a focus on real estate, finance and the marketplace

First-time buyers help keep home market strong: survey

September’s record-high home sales in the GTA are likely due in part to first-time buyers entering the market, according to a survey done by RE/MAX Hallmark in late September. Among those who intend to buy a home in the next eighteen months, almost one-third will be doing so for the first time. These buyers are prepared to make the leap into the housing market despite “challenges” in terms of affordability and availability for entry-level purchasers, according to RE/MAX. A “healthy first-time buying segment” is the underlying strength of the overall market in the GTA, the survey revealed. Despite the negative influences that could dampen the real estate market—stock market volatility ... Read More »

September resales reach new high, could hit 100K by year end

Home resales in September were so strong that the Toronto Real Estate Board is talking about the possibility of reaching a new landmark, 100,000 sales in a year, something that has never happened before. In September, 8,200 condos, detached and semi-detached homes, and townhouses changed owners, a new record for the month. September sales were up 2.5 per cent compared to one year ago. Sales to date for 2015 stand at a record 80,331. This is 9.5 per cent higher than for the same period in 2014. TREB president Mark McLean commented that we are likely to reach the 100,000 mark this year “barring a drastic shift in the economy ... Read More »

Uneven world housing markets reflect economic conditions

The Irish economy, particularly its housing market, is the very definition of volatility, and at the moment it is “on a tear.” The Irish finance minister said the economy could “take off like a rocket” with GDP forecast to rise 6.2 per cent this year. With unusual candour, the minister admitted that he was surprised by this. GDP is now 5.7 per cent higher than it was pre-recession, and at that time it was being referred to as the “Celtic Tiger.” By 2009 the country was nearly bankrupt. Since 2006 and throughout the subsequent global recession, the prices of homes in that country have shown more variability than anywhere in ... Read More »

ACMO conference to address changes to Condominium Act

Is it yet another sign of the vitality of the condominium industry in Toronto that the exhibitors’ floor at the upcoming Association of Condominium Managers of Ontario (ACMO) Condominium Conference is already sold out? The conference, officially announced today, does not take place until mid-November, but floor space for the two-day event at the Toronto Congress Centre is gone. This will be the nineteenth annual version of the conference, which is designed for professional condominium managers, directors and others working in the industry. According to an ACMO release, discussions this year will focus on topics such as the changes to the Ontario Condominium Act, insurance issues, manager relations, and governance. ... Read More »

Global commercial real estate industry lags in IT use: survey

The exact number of foreign investors who own Canadian residential real estate property remains unknown. Until now, no one has kept track of this with any accuracy. The exact number of foreign commercial real estate properties held by Canadian investors is clear, however. In New York City, the latest statistics show, Canadians make up the largest foreign investor group, buying US $3.85 billion in Manhattan property assets this year alone, twice as much as last year. Canada’s big pension plans are some of the biggest buyers. Canadians now own some of New York’s most iconic properties, according to Bloomberg, including the headquarters of Rupert Murdoch’s 21st Century Fox. Commercial real ... Read More »

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