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Market News

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

Condominium developers in the GTA have reason to be happy; low-rise home builders not so much, for August was a month of records for new home sales, not all of them good. High-rise homes are riding high, with 1,880 new units sold in August for a year-to-date total of 17,949. This was the highest number…

Americans positive about home buying but ill-informed about down payments

Americans positive about home buying but ill-informed about down payments

The majority of Americans believe that now is a good time to buy a home, and that belief increases with age. While 62 per cent of people younger than 34 believe this, 78 per cent of those over the age of 65 believe it. The strength of the conviction also depends on household income (which…

High-end housing market heating up in Toronto, cooling in Vancouver

High-end housing market heating up in Toronto, cooling in Vancouver

There are more signs that Vancouver’s high-end real estate market is beginning to cool, while Toronto’s is taking up the slack. Average home prices for detached properties in Vancouver were down 11.6 per cent in August compared to July, according to an update from Sotheby’s International Realty Canada. In the million-dollar-plus category, sales in Toronto…

Now that Toronto is hottest market in Canada, is it time to sell?

Now that Toronto is hottest market in Canada, is it time to sell?

It’s a race we’d probably rather not have won, but Toronto has been declared Canada’s hottest housing market. There was only one other runner, of course, Vancouver. According to TD Bank economist Diana Petramala, Vancouver is now in correction mode, with home prices expected to fall a modest 10 per cent. Toronto, in contrast, has…

New home construction drops in August with fewer condo starts

New home construction drops in August with fewer condo starts

After a couple of months on a strong upward trend, housing starts declined in Canada in August, Canada Mortgage and Housing Corporation reports. Both the six-month trend measure and the seasonally adjusted annual rate (SAAR) were down significantly. The standalone monthly SAAR for Canada was 182,703, compared to 194,663 in July. CMHC chief economist Bob…

Shortage of listings does not prevent record home sales in August

Shortage of listings does not prevent record home sales in August

Two extra working days in August helped push Toronto real estate sales into new record territory, the Toronto Real Estate Board reports today. MLS sales for August reached 9,813, an increase of 23.5 per cent over the previous year. The biggest gain was in the condo sector. In the City of Toronto, nearly two thousand…

New Real Estate Sector debuts on world stock exchanges tomorrow

New Real Estate Sector debuts on world stock exchanges tomorrow

As of tomorrow, September 1, real estate companies, which are currently listed on stock exchanges under the Financials Sector, will have their own Real Estate Sector. The real estate sector now has market capitalization of $1.48 trillion, according to the Wall Street Journal, and accounts for 3.5 per cent of the global equities market. Also,…

Sustained soft landing for Vancouver, Toronto, if bond yields rise: TD

Sustained soft landing for Vancouver, Toronto, if bond yields rise: TD

Despite numerous predictions to the contrary, there has been no “soft landing” in Canada’s housing market. Rather, “runaway” price growth in Vancouver and Toronto have dominated the discussion, and will continue to do so, according to a regional housing report from TD Economics. But TD is still betting that the soft landing will occur in…

Toronto realtors: condo demand outpaces supply, foreign investors playing bigger role in market

Toronto realtors: condo demand outpaces supply, foreign investors playing bigger role in market

Several Toronto realtors have weighed in with their thoughts on the city’s real estate scene, releasing statements in which they give their perspective on the strong sales, high prices and the apparently insatiable demand for housing in this city. They all agree that foreign buyers are having a greater impact on the market than ever…

Except in Toronto and Vancouver, home affordability near normal in Canada

Except in Toronto and Vancouver, home affordability near normal in Canada

Rapidly escalating homeownership costs in Vancouver and Toronto caused the highest quarterly jump in the national affordability index in six years, says RBC in its second quarter Housing Trends and Affordability Report. Even though affordability was close to historical norms in most of the country, even improving in a couple of cities, those two hotspots…

Second quarter “steady” but future uncertain for economy: CMHC

Second quarter “steady” but future uncertain for economy: CMHC

The national housing agency, Canada Mortgage and Housing Corporation (CMHC), earned a profit of $338 million in the second quarter of 2016, its second lowest in the last eight quarters. CMHC attributes the drop in revenues to lower parliamentary spending on housing programs, which fell by $17 million in the quarter. The agency continues to…

Second quarter "steady" but future uncertain for economy: CMHC

Second quarter "steady" but future uncertain for economy: CMHC

The national housing agency, Canada Mortgage and Housing Corporation (CMHC), earned a profit of $338 million in the second quarter of 2016, its second lowest in the last eight quarters. CMHC attributes the drop in revenues to lower parliamentary spending on housing programs, which fell by $17 million in the quarter. The agency continues to…

New home inventories at record lows in July, prices hit new highs

New home inventories at record lows in July, prices hit new highs

July was an off month for the new low-rise home industry in the GTA. Sales were down by 32 per cent from one year ago and down 25 per cent compared to the ten-year average. Just 905 new ground-related homes sold in July. One year ago, according to the Building Industry and Land Development Association…

National home sales fall in July on Vancouver declines: CREA

National home sales fall in July on Vancouver declines: CREA

The national home sales story this month from the Canadian Real Estate Association (CREA) Is all about Vancouver. Nationally, sales fell 1.3 per cent in July, the agency reports. It is the third consecutive decline in sales since a record was set in April. In Greater Vancouver and the Fraser Valley, however, sales dropped 6.7…

Housing market “madness” more than simple problem of supply and demand

Housing market “madness” more than simple problem of supply and demand

It seems the builders and the bankers agree. The scarcity of available land is driving home prices higher in the GTA. The opening sentence of Benjamin Tal’s latest look into the GTA housing market could have been written by the Building Industry and Land Development Association. Tal, an economist at CIBC Economics, says that “a significant…

Housing market "madness" more than simple problem of supply and demand

Housing market "madness" more than simple problem of supply and demand

It seems the builders and the bankers agree. The scarcity of available land is driving home prices higher in the GTA. The opening sentence of Benjamin Tal’s latest look into the GTA housing market could have been written by the Building Industry and Land Development Association. Tal, an economist at CIBC Economics, says that “a significant…

Canada housing starts in July reflect demographic demand

Canada housing starts in July reflect demographic demand

Last month’s surge is this month’s drop in the endlessly rolling sea that is Canada’s new homes market. In June, housing starts were up at an annualized rate of 17 per cent compared to the previous month; in July, starts are down by almost exactly the same amount, 16.3 per cent. The drop in July…

Multi-family building permits down, single-family up in June: Statistics Canada

Multi-family building permits down, single-family up in June: Statistics Canada

Fewer builders applied for permits to construct condominiums, apartment buildings and institutional buildings in June than did so in May, says Statistics Canada. The value of building permits issued in June was $6.4 billion, of which $4.1 billion was for residential buildings. This was a drop of 5.5 per cent from May and was the…

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