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

Foreign ownership low in Canada’s condo markets: CMHC

Foreign ownership low in Canada’s condo markets: CMHC

Canada Mortgage and Housing Corporation says that the question of foreign ownership in Canada’s housing markets is an important one, but the number of foreign owners is quite low. Most of them are concentrated in Toronto, Vancouver and Montreal, but the highest percentage in 2016 was just 2.3 per cent, in Toronto. This was lower…

Toronto Real Estate Board to fight proposed new land transfer tax

Toronto Real Estate Board to fight proposed new land transfer tax

The City of Toronto is talking taxes these days. One of the more contentious is the first ever road toll in Canada, proposed by the mayor. It would cost drivers two dollars each time they took the Don Valley Parkway or the Gardiner Expressway. Hotel tax, alcohol tax, and the return of the vehicle ownership…

New GTA home prices down in October, inventory up

New GTA home prices down in October, inventory up

For the first time in many months, the price of a new low-rise home in the Greater Toronto Area went down rather than up, while the available supply of homes for sale went up, not down. The increase in supply was called “modest,” the decrease in price “slight,” but if it proves to be the…

Technology disruptors more important than ever in real estate industry: report

Technology disruptors more important than ever in real estate industry: report

There are plenty of global uncertainties to make investors nervous, from Brexit to Trump, from the refugee crisis in Europe to terrorism. It’s a volatile, unpredictable world out there. But despite the worrying global political and economic uncertainties, Canada’s real estate market has delivered “few surprises.” Investors continue to believe that these same uncertainties, with…

CMHC says it’s solid come earthquakes, global recession or massive housing correction

CMHC says it’s solid come earthquakes, global recession or massive housing correction

Now that Canadians are becoming more familiar with the concept of stress testing as a way of preparing for worst-case financial scenarios, the national housing agency, Canada Mortgage and Housing Corporation, has released the results of its own internal modeling. Taxpayers can take comfort in knowing that, to paraphrase the old song, “the Rockies may…

CMHC says it's solid come earthquakes, global recession or massive housing correction

CMHC says it's solid come earthquakes, global recession or massive housing correction

Now that Canadians are becoming more familiar with the concept of stress testing as a way of preparing for worst-case financial scenarios, the national housing agency, Canada Mortgage and Housing Corporation, has released the results of its own internal modeling. Taxpayers can take comfort in knowing that, to paraphrase the old song, “the Rockies may…

Record Canadian home sales in October despite stricter mortgage rules

Record Canadian home sales in October despite stricter mortgage rules

More Canadians sold their homes in October than did so in September, says the Canadian Real Estate Association (CREA). In fact, a new record was set for the month of October. Sales were up both on a monthly basis—2.4 per cent from September to October—and on a yearly basis, rising 2 per cent compared to…

Ontario, Toronto buck downward trend in national housing starts: CMHC

Ontario, Toronto buck downward trend in national housing starts: CMHC

The number of new housing units started in October declined in many parts of Canada, the greatest drop occurring in Vancouver and the province of British Columbia. Despite the decline in actual starts, the six-month moving average, or trend measure, used by Canada Mortgage and Housing Corporation, was “essentially unchanged” in October. The seasonally adjusted…

Strong October home sales, price growth despite new mortgage rules

Strong October home sales, price growth despite new mortgage rules

Speculation that stricter mortgage eligibility rules introduced in mid-October would dampen the fevered activity in Toronto’s residential real estate market has not yet been borne out in actual sales numbers. In fact, October, like almost every other month so far in 2016, was another record-breaking month for sales. The Toronto Real Estate Board released its…

Many domestic investors, few foreign buyers in Toronto condo market

Many domestic investors, few foreign buyers in Toronto condo market

We are learning more about how many foreign buyers and domestic investors are active in the Toronto condominium market. Condo research firm Urbanation, which conducted a survey of developers and brokers to gather the data, says the role of foreign buyers is “rather limited,” accounting for just 5 per cent of all sales within projects…

Overvaluation in some housing markets will lead to moderation: CMHC

Overvaluation in some housing markets will lead to moderation: CMHC

Despite the somewhat alarming headlines about more of Canada’s housing markets being overvalued, the forecast for the coming year and into 2018 is for moderation rather than sharp decline. The rapid growth in home prices seen over the past few years is likely to slow, sales of existing homes will also slow, and housing starts…

Real estate market outlook optimistic, but supply problem will have to be addressed: report

Real estate market outlook optimistic, but supply problem will have to be addressed: report

Optimism is the predominant attitude regarding the Toronto real estate market, though it is tempered by a measure of caution. The residential real estate market has remained strong, with high sales volumes and prices, supported by a strong local economy, steady immigration and low interest rates. Barring an unforeseen catastrophe—a sudden interest rate hike, an…

Toronto condo sales, rental stats show tightening, under-supplied market

Toronto condo sales, rental stats show tightening, under-supplied market

It is clear that the rental market in Toronto is frustratingly tight. Bidding wars among would-be tenants have become common, and rents for condos, which are becoming an increasingly essential part of the rental stock available, are skyrocketing. Depending on whose numbers one accepts, the average one-bedroom condo rent was $1,777 per month in the…

New home sales, mostly condos, soared in September, and so did prices

New home sales, mostly condos, soared in September, and so did prices

A new record for new home sales in the GTA could be set this year. As of the end of September, total new home sales for 2016 stood at 34,736, beating the previous record (34,413 in 2007) and well above the ten-year average (27,871). Of those, 14,140 were low-rise homes, the third highest number in…

Luxury home sales surging in Toronto, but are they foreign buyers?

Luxury home sales surging in Toronto, but are they foreign buyers?

Since early August, when Vancouver imposed a 15 per cent tax on foreign buyers of residential real estate, there has been a lot of speculation about where those foreign buyers would go, assuming they would flee the Vancouver market. Toronto, naturally, is one option, but there has been scant data so far to confirm any…

Mortgage brokers want exemptions, changes to new eligibility rules

Mortgage brokers want exemptions, changes to new eligibility rules

Canada’s mortgage brokers are hopeful that the minister of finance, Bill Moreau, will take heed of their concerns and recommendations regarding the new mortgage eligibility rules that went into effect today. The Canadian Mortgage Brokers Association (CMBA) issued a statement earlier this month expressing its concern that the new rules would disqualify many preapproved mortgage…

CREA warns of cascade effect as first-time buyers may be priced out of housing market

CREA warns of cascade effect as first-time buyers may be priced out of housing market

How short is the supply of resale housing in the GTA? At current rates of sales activity, all available housing inventory would be “liquidated” in less than a month. The Canadian Real Estate Association says that this “tight balance” between housing supply and demand in the Toronto area is “without precedent.” In the wider Greater…

National housing markets healthy pending changes to mortgage eligibility rules

National housing markets healthy pending changes to mortgage eligibility rules

Recently announced government measures to rein in Canada’s residential real estate market have not yet had much impact on the way the market has performed, both in terms of sales numbers and prices. The latest Royal LePage House Price Survey shows that nationally, the price of a home in Canada in the third quarter increased…

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