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Thursday , 28 July 2016

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

Canada’s housing markets a little more problematic than in spring: CMHC

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Canada Mortgage and Housing Corporation’s housing market assessment chart is gradually turning an alarming red. Compared to the last assessment, which came out in April and had ten red blocks, the latest one, just released, has thirteen. What it means is that evidence of “problematic conditions” in Canada’s main housing markets has increased, especially in the areas of overvaluation and overbuilding. Vancouver is the only city of the fifteen measured to have moved from an overall moderate rating of problematic conditions to a strong one, turning from yellow in April to red in July. Toronto, on the other hand, did not change in any of the four categories measured. Conditions ... Read More »

Canadian commercial real estate remains attractive to foreign investors: Morgard

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Strong foreign investment in residential real estate in Vancouver prompted the BC government to announce yesterday that it would impose a 15 per cent property tax on foreign buyers to make it more difficult for them to enter the market. No such tactic is likely to be used in the commercial real estate sector however. Foreign investors, mainly Asians, spent $1.3 billion buying Canadian commercial real estate in the first half of the year and will probably continue to do so. Canada, with its stable property sector and low dollar, is an attractive market for foreign capital investment. Toronto, Vancouver, and Montreal are the primary markets attracting foreign investment, according ... Read More »

BC government to impose 15 per cent tax on foreign-bought Vancouver real estate

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After months, even years, of talking about the growing unaffordability of housing in Vancouver and other parts of BC, the provincial government announced today that it would impose a 15 per cent property transfer tax on foreign nationals who buy residential real estate in Vancouver. The tax on a $2 million home would be $300,000. In just one month, from June 10 to July 14, according to reports, foreign nationals spent more than $1 billion on BC property, most of it in the Lower Mainland area. Approximately 5 per cent of homes sold in the area in that period went to foreign buyers, i.e. buyers who are not Canadian citizens ... Read More »

New home inventories plunge while prices soar in June

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The price of a new low-rise home in the GTA in June was more than twice as much as it would have cost ten years ago, according to the Building Industry and Land Development Association (BILD). Back in 2006, that new home would have cost a buyer $393,398; today it has a price tag of $887,543. In just the last twelve months, BILD says, average prices for low-rise homes, including detached, semi-detached and townhomes, rose by more than $100,000. The vice president of Marketing and Communications for BILD, Michelle Noble, said prices had grown “exponentially as supply has dropped.” That supply is short, to say the least, especially for single ... Read More »

Strong Q2 sales in Toronto’s condo segment; lack of new listings leads to sellers’ market conditions

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Double-digit increases in sales no longer raise any eyebrows among observers of Toronto’s real estate scene, so today’s announcement that sales of condominiums in the second quarter of the year were up 17.4 per cent compared to a year ago is really just business as usual. It’s a pretty significant number nonetheless. In the months of April, May and June, 8,965 condominium sales were processed by the Toronto Real Estate Board. That is almost one hundred sales every day of the week over the three months. TREB member realtors are involved in all aspects of the condo market, from pre-construction sales on brand new projects to resales of existing properties, ... Read More »

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