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Monday , 23 January 2017

Category Archives: Market News

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

When considering a condo purchase, be sure to check out the builder

Conversations about the Toronto housing market invariably focus on a couple of key, related issues. Affordability is one, availability the other. Whether talking about the resale market or the new homes market, the high cost of housing tends to dominate discussions. One of the main reasons for the high cost is, of course, the lack of supply, or inventory. According to the Building Industry and Land Development Association (BILD), the “persistent” lack of homes, both high rise and low rise, has driven prices to unprecedented levels in recent months. Housing supply has plummeted to unprecedented levels. In November, available housing for sale reached its lowest level since 2000. So scarce ... Read More »

National home sales up in December as supply tightens

It is assumed that Canada’s housing markets will see a slowdown in activity this year as buyers adjust to the new realities of stricter mortgage rules, but then again, maybe not. In December, sales were up 2.2 per cent compared to the previous month, reports the Canadian Real Estate Association, after a sharp drop in November. That was the first full month in which the new rules were in place, and sales fell 5 per cent. December’s rebound, however, which was seen in 60 per cent of local markets, could indicate that Canadian homebuyers are prepared to shrug off the new rules and continue buying homes. CREA says the extent ... Read More »

Condo rents rising fast in undersupplied Toronto market

Toronto can’t build enough condominiums to satisfy the demand from both owners and renters. For the first time since 2011, the number of condos leased through the MLS system in 2016 declined by 2 per cent, says condo research firm Urbanation. The decline was the result of delays in condo completions, caused by labour disruptions last year, and an increase in resale activity. One sign of hope for renters is the rising number of applications by developers to build more purpose-built rental units. Even with a “surge” of newly completed condos in the final months of 2016, Urbanation reports, total rental listings were down by 8 per cent. In part ... Read More »

Home price growth to moderate in 2017, supply will remain key issue: Royal LePage

Home buyers in the Toronto area can take some slight comfort in the latest housing market forecasts from Royal LePage. If the realtor is right, home prices in the GTA will continue to rise throughout 2017, but not as steeply as last year. Royal LePage is calling for an aggregate price increase of 10 per cent in the GTA, putting that price at $793,000. In the fourth quarter of 2016, in contrast, the aggregate price rose by 16.1 per cent, to $720,761. Price gains were even greater when broken down by home type, the largest being 19.1 per cent year-over-year for a bungalow. According to a Royal LePage spokesperson, factors ... Read More »

Breakneck pace in Toronto’s luxury home market for 2016: Sotheby’s

All real estate, as the experts continually remind us, is local. It isn’t that the wider world has no influence on the local housing market; it’s a question of how much. And in the case of Toronto in 2016, local forces outweighed global ones, at least in the top-tier of real estate, the luxury market. Yes, there was global uncertainty over Britain’s leaving the EU, and over the election of Donald Trump, and over the slowing of China’s economy. Yet neither these “headwinds” in the global economy nor local attempts by governments to rein in market activity by means of taxes and regulations were strong enough to slow activity in ... Read More »

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