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Toronto condo average resale prices increase 31.85 per cent in May over last year at $446,600, now the fastest growing home type in Canada

Toronto condo average resale prices increase 31.85 per cent in May over last year at $446,600, now the fastest growing home type in Canada

Despite a year-over-year drop in number of listings and actual sales, Toronto condominium prices rose more than any other home type. In Canada, the overall aggregate composite MLS price rose 17.9 per cent in May 2017 from April 2017 — the first reporting month since the Ontario government announced new measures to cool the market….

Real estate affordability one of top five political issues: 60 per cent of first-time buyers more likely to support a political party that promotes affordability

Real estate affordability one of top five political issues: 60 per cent of first-time buyers more likely to support a political party that promotes affordability

Affordable housing may not top the list, but it’s certainly one of the top five political issues for millennials, with 60 per cent of prospective first-time buyers “likely to support a political party” that moves the agenda of “housing affordability.” According to a new poll for the Ontario Real Estate Association (OREA), 37 per cent…

Proposed Toronto rules may help condos manage disruptive short-term rentals such as Airbnb

Proposed Toronto rules may help condos manage disruptive short-term rentals such as Airbnb

Toronto is finally moving to curb short term rentals with new proposed licensing. The sudden rise of short-term rentals — personified in Airbnb — has created “coping issues” in condominium communities. Disruptive short-term renters tend not to respect the community common areas, amenities and rules.     At Condo.ca we’ve reported on several complaints from…

TD Economists like “soft landing prospects” in Toronto market, on track for slight 4 per cent decline next year

TD Economists like “soft landing prospects” in Toronto market, on track for slight 4 per cent decline next year

“Tighter housing policies have helped to kick-start a soft landing in the GTA housing market, while gradually rising interest rates later this year are likely to help solidify it.” — TD Bank Economists Michael Dolega and Diana Petramala     The “soft landing” was the elusive goal of the Ontario government sought with new “Fair Housing” rules…

Cooling not chilling: Toronto market soft landing? May prices up year over year but market down on sales volume — except for condos

Cooling not chilling: Toronto market soft landing? May prices up year over year but market down on sales volume — except for condos

May is normally hot market time. To see a year-over-year sales drop of —20.3 percent (year over year) would have been a shocking development prior to the Ontario Government’s “Fair Housing” rules. Prices, on the other hand, increased, in part due to a shortage of listings on a year over year basis. Significantly, though, on…

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Although some recent reports show a drop in actual resale sales — in the short-term dramatic double digit drops according to some brokers — prices are showing no sign of dropping on new homes.[1] The Building Industry and Land Development Association recently released data detailing rising costs for new detached and semi-detached homes, as well…

The Greater Golden Horseshoe could become greater, golder, and greener: Ontario updates land use plans

The Greater Golden Horseshoe could become greater, golder, and greener: Ontario updates land use plans

In an effort to improve livability in the Greater Golden Horseshoe, while protecting the environment, Ontario has passed updated land use plans intended to encourage sustainable communities. The plans were released on May 18, 2017 after two years of review.     These include updates to the Greenbelt Plan, the Growth Plan for the Greater Golden…

Sellers rushing to cash out? Listings up 32% April while prices increased Nationally an average of 10 % over the last year

Sellers rushing to cash out? Listings up 32% April while prices increased Nationally an average of 10 % over the last year

The impact of the Ontario Government “Fair Housing” rules is starting to be felt, manifesting in the move of some sellers to list their properties – likely to “beat” the  anticipated moderation of prices. Based on Vancouver’s experience with similar rules, economists aren’t expecting a major cool down, and almost certainly a short one.  …

15 percent non-resident speculation tax becoming reality for Ontario; may help temper “frantic” real estate market “without unintended consequences”

15 percent non-resident speculation tax becoming reality for Ontario; may help temper “frantic” real estate market “without unintended consequences”

As expected, Kathleen Wynn moved to cool down the sizzling hot GTA real estate market with a bundle of measures, led by new 15 percent non resident speculation tax. Investors who are residents are exempt, although separate “policies” may also target locals. Expanded rent controls are also certain. “When I talk about the frenzy in…

Sousa again promises action in GTA real estate market and rent controls in “coming week”

Sousa again promises action in GTA real estate market and rent controls in “coming week”

In another of several announcements promising action on the Ontario housing market — this one promising “in the coming week” — Ontario’s Finance Minister Charles Sousa revealed more details of the pending plan to rein in speculative market pricing in the GTA area. A combination of low supply and excessive demand has thrust house pricing…

Ontario to target real estate "scalpers" with "responsible reforms" to help cool rises in home prices

Ontario to target real estate "scalpers" with "responsible reforms" to help cool rises in home prices

As expected, Finance Minister Charles Sousa announced that pending Ontario government intervention will target speculators — an attempt to help ordinary buyers and sellers. He emphasized that the Ontario government would not be targeting real estate agents who facilitate bids. In his remarks to journalists at Queen’s Park, he compared speculators to “scalpers” who grab…

Home starts in Toronto at 253,720, highest level since September 2007

Home starts in Toronto at 253,720, highest level since September 2007

Against projections of 215,000 housing starts in Canada, the actual rate for March 2017 landed at 253,720 (seasonally adjusted.) This is considerably up from projected numbers, and significantly up from 214,253 in February, as reported by the Canada Mortgage and Housing Corporation CCMHC).[1] Previous years seasonally adjusted annual rates were 197,915 for 2016 and 195,535 for 2015….

Calls for policy change as Toronto real estate market soars in March

Calls for policy change as Toronto real estate market soars in March

Looking at March resale numbers for detached homes in the GTA one might be left with the impression that the market is in pretty good shape. A total of 5,887 single detached homes were resold, representing an increase of almost 20 per cent year over year. Other than in the condo resale market, where the…

RECO announces new education provider for Ontario realtors

RECO announces new education provider for Ontario realtors

The Real Estate Council of Ontario (RECO) has announced the winner of its RFP for a new Registration Education provider. The regulatory body will inaugurate its new program for salespersons beginning in 2020, ending its long-standing relationship with the Ontario Real Estate Association (OREA) which has provided the service through its Real Estate College for…

Real estate commissions discussion gets nasty with attacks on agents’ integrity, ethics

Real estate commissions discussion gets nasty with attacks on agents’ integrity, ethics

Many real estate companies offering consumers alternative ways to buy and sell residential real estate have sprung up in recent years. Most take aim at the traditional commission-based model, promising to cut or eliminate it altogether, using some form of fee-based model instead. One example promises that you can sell your home, if it sells…

New database lets consumers check up on dishonest mortgage brokers

New database lets consumers check up on dishonest mortgage brokers

In an industry that deals in hundreds of billions of dollars each year, there are bound to be a few actors who will try to get a little more than they deserve. They may succumb to the temptation to put their own interests ahead of those of their clients. Mortgage brokers with a certain weakness…

Mortgage lenders report declining business as new regulations take effect

Mortgage lenders report declining business as new regulations take effect

For several years now, well before the latest federal government moves to restrict Canadians’ access to residential mortgages, observers, including the International Monetary Fund, have worried that cracking down on Canada Mortgage and Housing Corporation insured mortgages would simply push Canadians into the uninsured mortgage market. While uninsured mortgages are perfectly legal—a buyer must have…

Mortgage brokers want more incentives, fewer restrictions on new home buyers

Mortgage brokers want more incentives, fewer restrictions on new home buyers

Canada’s mortgage brokers claimed a victory of sorts when the federal government introduced no new mortgage rule changes in last week’s budget. Now they are hoping for similar success with the Ontario provincial government, which is expected to introduce its own budget in coming weeks. In a presentation to the standing committee on finance on…

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