page contents
Saturday , 25 March 2017

Category Archives: Market News

Feed Subscription<

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

Single family home starts up in Toronto, condos down in February: CMHC

One can’t read too much into one or two months’ activity, but perhaps there is hope on the horizon for Toronto buyers looking for those scarce single detached homes. Builders of this type of home had a busy February in Toronto, and in Ontario generally, according to the latest statistics from Canada Mortgage and Housing Corporation. The actual number of singles started in Toronto in February (790) was up 8 per cent compared to a year ago; to date this year, the number of new singles is up 21 per cent, compared to the same period last year. Seasonally adjusted, the number is 17,225, the highest level for February in ... Read More »

Banks, mortgage professionals urge government to hold off on further changes to lending

The government of Canada’s role in housing is clear: it’s to promote housing affordability and choice, to facilitate access to financing for home buyers, and to keep the housing sector strong. This is all laid out in the National Housing Act. In support of these objectives, the government extends low-cost funding to mortgage lenders. At present, mortgage insurance backed by the government covers 100 per cent of lender claims for mortgages that default. The government has been exploring ways to reduce that 100 per cent guarantee and spread some of the risk to the lenders. One way it has proposed is through some form of deductible scheme. The lenders, mainly ... Read More »

Calls for government action to balance homes market as prices, sales soar in February

The president of the Toronto Real Estate Board has once again called on all three levels of government to turn their attention to the supply of homes for sale in the Toronto area in order to bring the market back into balance and moderate price growth. Larry Cerqua wants governments to revisit existing land-use designations in built-up areas, streamline development approvals and look for ways to incentivize landowners to develop their land. The call for action comes in the monthly summary of home sales and prices in the GTA. In February, sales in the resale market were up 5.7 per cent compared to a year ago. The average selling price ... Read More »

New advice for homebuyers from CMHC in revised step-by-step guide

For anyone planning to enter today’s real estate market, any sound advice on how to proceed and what to expect should be helpful. There’s a lot to learn, and for those who have never bought a home before, it can be a little confusing, not to say intimidating. According to the Real Estate Council of Ontario, one-third of Ontarians lack confidence in their understanding of the buying and selling process. Which is why it’s welcome news that the country’s authority on housing, Canada Mortgage and Housing Corporation, has updated its guide for homebuyers, saying it seeks to “demystify” the process of buying a home in Canada. The Homebuying Step by ... Read More »

Ontario Real Estate Association facing serious challenges

The association that represents realtors at the provincial level in Ontario appears to be facing an existential moment of truth. For decades, the Ontario Real Estate Association (OREA) Real Estate College has been authorised by the Real Estate Council of Ontario (RECO) to provide realtor education in the province, but that could be ending. RECO has reportedly decided to end its contract with the college as of 2020. Since that arrangement accounts for two-thirds of OREA’s annual revenue, $38 million in 2015, losing it would be a major blow to the organisation. Even before this potential crisis emerged, the organisation was engaged in some serious soul searching. Last year OREA ... Read More »

Scroll To Top