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Friday , 29 April 2016

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

CMHC concerned about overvaluation, overbuilding in Canada’s housing markets

Every discussion of the housing market in Canada inevitably distinguishes between the Toronto-Vancouver reality and the rest of the country. Housing prices are famously higher in Vancouver than anywhere else in Canada, followed by Toronto. Prices rise faster in Vancouver than anywhere else, followed by Toronto. But Toronto is considered a less balanced market than Vancouver, at least by Canada Mortgage and Housing Corporation. CMHC says Toronto shows “strong” evidence of problematic conditions, while in Vancouver the evidence is only “moderate.” CMHC defines problematic conditions as imbalances caused by overheating, too rapid price acceleration, overvaluation, and overbuilding. Both Toronto and Vancouver are considered to be strongly overvalued, the only “red” ... Read More »

Demand for condo ownership and rentals outpaces supply: TREB

Demand for condominiums in the Toronto market has more than kept up with supply, according to the Toronto Real Estate Board’s latest condo market figures for the first quarter of 2016. In that period, 5,974 condominium sales were recorded through TREB’s MLS system, an increase of 21.2 per cent over last year. Most, approximately 70 per cent, were in the City of Toronto. The number of new listings of condominiums for sale was down 1.7 per cent for the same period. Said TREB president Mark McLean, “It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. ... Read More »

Spillover effect lifting home prices outside Toronto, Vancouver: RE/MAX

The heat from Canada’s two most fiery real estate markets is spreading out to the regions that lie around them. Victoria, Hamilton/Burlington, Barrie and other communities in the orbits of the blazing hot stars are seeing double-digit price gains in their housing markets in a “spillover effect,” the result of buyers moving farther afield in search of affordable single-family homes, real estate firm RE/MAX said today. The average price of a Vancouver home rose 24 per cent compared to one year ago, with singles in the city now costing more than $2 million. In Toronto, the price gain was 14 per cent, while the average home price in the GTA ... Read More »

BC realtors to vote on amalgamation of province’s real estate boards

Realtors in British Columbia will vote in June on a proposal to abolish the province’s eleven separate real estate boards and replace them with a centralized organization to be known as Realtors of BC. The new entity would have a number of chapters and six branch offices across the province. A central service centre would handle back-office operations, MLS management, and other services currently provided by local boards. Chapters may be based in an actual physical location, or they may be virtual. Chapters could also be developed to specialize in certain areas of real estate such as condominiums or commercial, according to the Realtors of BC website. The proposal to ... Read More »

Industrial real estate experiencing record growth, increasing demand

It seems that falling oil prices and a weak Canadian dollar really are good for the country’s exporters. A report from Cushman & Wakefield, the global real estate services firm, says that industrial markets in Canada, especially Toronto, have experienced “explosive” growth and shrinking vacancy rates, moving from just average to record-setting performance. The report exclaims that industrial real estate in Canada has entered a “new era” as demand for more space accelerates. So great has been the “expansionary momentum” that there is now a shortage of good industrial space available. Toronto, the third-largest industrial market in North America according to the Cushman & Wakefield report, has 778 million square ... Read More »

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