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Wednesday , 29 March 2017

Category Archives: Market News

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

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. The poll revealed that more first-time buyers intended to buy this year than did so last year, TREB reported. A condition that is not likely to change in the coming months is the shortage of available homes for sale. The number of active listings at year end was the lowest since the year 2000, and ... Read More »

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 price growth in the national housing market, which Canada Mortgage and Housing Corporation calls “elevated,” CMHC says that without Ontario included, price growth for the third quarter of 2016 was actually flat. With Ontario included, that growth was 7 per cent, thanks to intensified price growth in Toronto and other cities, including Hamilton (10 per ... Read More »

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 the latest numbers from Altus Group for the Building Industry and Land Development Association (BILD). In all, 47,161 new homes were sold in the GTA, of which 62 per cent (29,239 units) were condos, and the remainder low-rise homes. This was the highest level of new home sales in fourteen years, 12 per cent above ... Read More »

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 that sales of existing condos in Toronto were up 22.3 per cent in the final three months of 2016, compared to the previous year, with 6,831 condos changing owners. At the same time, however, the number of new listings for condos fell 13.4 per cent. The question is, how long can double-digit increases in sales ... Read More »

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 neighbours experience a “spillover” effect from what goes on in the Toronto market, and nowhere is it more evident than in Hamilton. Like Toronto, Hamilton is now showing signs of overvaluation. For better or for worse, Hamilton and the other cities in the outer reaches of the GTA can thank Toronto for their rising home ... Read More »

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