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

Ontario Real Estate Association facing serious challenges

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…

Gap widens between low-rise, high-rise home prices, availability

Gap widens between low-rise, high-rise home prices, availability

The gap between the average cost of newly built low-rise and high-rise homes in the GTA got wider again in January. A new single-detached home now costs twice as much as a stacked townhouse or condominium: $1,026,395 to $507,551. The single-detached price is up 25 per cent compared to a year ago; the condo price…

Healthy or hot, experts differ on where Toronto's housing market is headed

Healthy or hot, experts differ on where Toronto's housing market is headed

Rising housing prices in Toronto and the surrounding area bring out a wide range of opinions and explanations from observers such as bankers, ratings agencies, politicians and urban planners. Everyone agrees that home prices have gone up rapidly, but that is about all they agree on. An economist at BMO says the city is in…

Slight dip in national home sales in January, supply critically short in Toronto

Slight dip in national home sales in January, supply critically short in Toronto

Home sales across the country were down slightly in January compared to December, reports the Canadian Real Estate Association, dropping by 1.3 per cent. Actual sales, however, were up compared to a year ago in most markets, including the GTA. There was a significant decline in new listings, with 6.7 per cent fewer homes available…

Toronto realtors warn against foreign tax, forecast another hot year in market

Toronto realtors warn against foreign tax, forecast another hot year in market

Expect another very strong year in the Toronto housing market. The Toronto Real Estate Board forecasts that home sales will once again come in at around 110,000 in 2017, just shy of the 113,133 sales reported for 2016. The forecast is based in part on an Ipsos poll of buyers’ intentions conducted late last year….

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada’s housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

Strong evidence of overvaluation, overpricing in Canada's housing markets: CMHC

In Canada’s current housing market, Ontario is the pivot. East of Ontario, there is little evidence of strongly “problematic” conditions or imbalances, such as overheating and overbuilding, in any major markets. West of Ontario, there is plenty, with “strong” evidence of such problematic conditions found in cities from Regina to Vancouver and Victoria. When assessing…

2016 another record year for housing, land sales, though inventory near “crisis” levels

2016 another record year for housing, land sales, though inventory near “crisis” levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

2016 another record year for housing, land sales, though inventory near "crisis" levels

2016 another record year for housing, land sales, though inventory near "crisis" levels

The number of new homes sold in the GTA in 2016 is notable for one reason: more condominiums were sold last year than in any previous year on record, an amazing 30 per cent more than in the previous year. Condo sales were up in every region, even doubling in the Durham Region, according to…

Tighter conditions in Toronto condo market for buyers and renters: TREB

Tighter conditions in Toronto condo market for buyers and renters: TREB

Home buyers, particularly first-time buyers, continue to face challenging conditions in Toronto. The assumption that newcomers to the city, downsizers, and first-time buyers will find the home they are looking for in Toronto’s thriving condominium market is being put to the test as never before. The latest numbers from the Toronto Real Estate Board show…

Toronto spillover effect drives housing prices in surrounding cities: CMHC

Toronto spillover effect drives housing prices in surrounding cities: CMHC

All relationships have their ups and downs. For the past thirty-five years, Toronto’s relationship with surrounding municipalities has shown a certain level of consistency, but there have been blips that would strain any relationship, notably the recession of 2008. According to Canada Mortgage and Housing Corporation, for the relationship in question concerns housing markets, Toronto’s…

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

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…

National home sales up in December as supply tightens

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…

Condo rents rising fast in undersupplied Toronto market

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…

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

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…

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

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….

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

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….

Housing starts exceeded expectations in December

Housing starts exceeded expectations in December

The year 2016 ended on an upbeat with a surge in new home construction in Canada. The number of new homes, seasonally adjusted, rose 10.5 per cent from November to December, with increases in Ontario, Quebec and the Prairies. Multi-unit construction slowed for the third consecutive month, according to Canada Mortgage and Housing Corporation, while…

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