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Wednesday , 25 May 2016

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

New home supply down, prices up in GTA as April sets new records

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April was a record-breaking month for the new homes market in the GTA, though the records broken were not necessarily signs of market strength. The number of new low-rise homes available for purchase dropped to its lowest level ever, while prices for these homes hit new highs, according to the Building Industry and Land Development Industry (BILD). On April 30, there were in total 2,751 new detached, semi-detached and townhomes available in builders’ inventory, just over half as many as one year ago (5,171). Prices, it goes without saying, also hit new highs: the average price of a new low-rise home in the GTA reached $864,181 in April, 11 per ... Read More »

Busiest April on record for home sales in Canada: CREA

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April was the second-busiest month for homes sales in Canadian history. Sales across the country were up 10.3 per cent year over year and 3.1 per cent compared to March. Higher sales numbers were recorded in about 70 per cent of all local markets. According to the Canadian Real Estate Association (CREA), it was the busiest April on record, with sales 16.5 per cent above the ten-year average. The average price of a home in Canada reached a new high as well, hitting $508,097. This was 13 per cent higher than one year earlier. Removing Toronto and Vancouver from the calculation, the national average price drops to $369,222 and the ... Read More »

Tax real estate speculators who flip properties: CIBC economist

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The one certainty about how much foreign investment there is in Canadian real estate is that nobody knows for sure. Benjamin Tal, deputy chief economist at CIBC World Markets, can always be counted on to take things down a level or two when the rhetoric gets too hysterical, and he is doing so again on this question. We don’t know how much foreign investment there is and, while the same discussions about it are going on in Australia, New Zealand and the UK, “policy makers are as confused about the issues as we are,” he said. So, even as MaClean’s talks about a “frenzy” of Chinese buying in Vancouver and ... Read More »

Shortage of luxury homes keeps Toronto among hottest world markets

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Toronto has lost its crown as the world’s hottest luxury real estate market. Toronto is now number two on the top ten list of cities where homes priced at $2.2 million and up are bought and sold by the dozen. Auckland in New Zealand overtook Toronto in 2015. That does not mean that things slowed down in Toronto. On the contrary, Toronto experienced “extraordinary” growth in its luxury housing market, which grew 48 per cent compared to the previous year. The average for the 100 markets included in Christie’s International Real Estate’s Luxury Defined 2016 report was 8 per cent growth. In fact, Toronto, along with Paris, was the only ... Read More »

Fewer singles and multis take housing starts lower in April

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In the ebb and flow that is the Canadian new housing market, April was more of an ebb month, a month of moderation. The number of single-family homes started in April fell to its lowest level in a year, after several months of gains. And, following a couple of months of exceptional increases, the number of multi-unit starts also subsided. At an annualized rate, total housing starts were down 5.4 per cent in Canada. to 191,512. Ontario, usually the outlier in recent months for bucking national trends, had a decline of 26 per cent, seasonally adjusted, the lowest number of starts since January. The April decline, says Canada Mortgage and ... Read More »

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