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Sunday , 25 September 2016

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


Condominium developers in the GTA have reason to be happy; low-rise home builders not so much, for August was a month of records for new home sales, not all of them good. High-rise homes are riding high, with 1,880 new units sold in August for a year-to-date total of 17,949. This was the highest number of new condo sales ever for the usually slow month of August, according to Altus Group, the market intelligence provider for the Building Industry and Land Development Association (BILD). But sales of new low-rise homes also hit a record low, with just 491 sales in August, a drop of 44 per cent from last year. ... Read More »

Americans positive about home buying but ill-informed about down payments


The majority of Americans believe that now is a good time to buy a home, and that belief increases with age. While 62 per cent of people younger than 34 believe this, 78 per cent of those over the age of 65 believe it. The strength of the conviction also depends on household income (which tends to correlate with age). Altogether, adjusting for regions and ages and incomes, 71 per cent of Americans think now is a good time to buy. Conversely, 29 per cent do not believe this is a good time to buy a home. Then why are so few younger Americans buying that first home? What troubles ... Read More »

High-end housing market heating up in Toronto, cooling in Vancouver


There are more signs that Vancouver’s high-end real estate market is beginning to cool, while Toronto’s is taking up the slack. Average home prices for detached properties in Vancouver were down 11.6 per cent in August compared to July, according to an update from Sotheby’s International Realty Canada. In the million-dollar-plus category, sales in Toronto in July and August were up 55.2 per cent, but down 44.3 per cent in Vancouver, compared to one year ago. Sotheby’s CEO Brad Henderson said that sales were already slowing in Vancouver in July, even before the new 15 per cent foreign-buyer tax took effect on August 2. That tax, Henderson said, “stunned” the ... Read More »

Now that Toronto is hottest market in Canada, is it time to sell?


It’s a race we’d probably rather not have won, but Toronto has been declared Canada’s hottest housing market. There was only one other runner, of course, Vancouver. According to TD Bank economist Diana Petramala, Vancouver is now in correction mode, with home prices expected to fall a modest 10 per cent. Toronto, in contrast, has “picked up steam.” Average home prices grew by 18 per cent over last year, exceeding Vancouver’s, and existing sales hit a new record in August. So far, Petramala says in a Globe and Mail piece, there’s little to slow the market’s momentum in the near term. Interest rates are staying low, economic fundamentals are sound, ... Read More »

New home construction drops in August with fewer condo starts


After a couple of months on a strong upward trend, housing starts declined in Canada in August, Canada Mortgage and Housing Corporation reports. Both the six-month trend measure and the seasonally adjusted annual rate (SAAR) were down significantly. The standalone monthly SAAR for Canada was 182,703, compared to 194,663 in July. CMHC chief economist Bob Dugan said in a release that the decline was largely the result of fewer multi-unit dwellings, especially in Alberta and Manitoba. The decline in multiple urban building starts, including condominiums, is the market’s response to increasing levels of supply, said Dugan. “Multi-unit inventories are above average in several major markets across the country.” The decline ... Read More »

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