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Friday , 25 April 2014

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

Americans, Canadians share growing faith in real estate

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Canadians and Americans have much in common, and a few big differences. One of the commonalities has always been the dream of home ownership. Two recent polls, one by RBC in this country, the other by Gallup in the US, show that that faith in real estate remains high. Though the two polls took slightly different approaches to the subject—the RBC survey wanted to know if Canadians planned to buy a home in the next two years, while the Gallup poll asked the broader question of what would be the best option for long-term investment—they show that a positive view of real estate has been growing in both countries. Asked ... Read More »

Home renovating fastest growing segment of housing industry

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The home renovation industry is growing faster than the home building industry in Canada. The total value of residential housing in Canada in 2013 was $128 billion, according to a new Scotiabank Industry Trends report on housing. The biggest share of that, 45 per cent, came from new home construction, followed by renovation spending at 37 per cent. The remaining 18 per cent was transfer costs, consisting of the fees and taxes associated with real estate transactions. But it was the renovation segment that showed the fastest growth from 2000 to 2012.  Money spent on renovations during that time increased by 6 per cent annually; this was twice the rate ... Read More »

Strong condo sales lift early April market in GTA

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News of an impending slowdown in Canada’s housing market has evidently not reached Toronto home buyers, or if it has, they are ignoring it. Sales in the re-sale market for the first two weeks of April shot up by 10.8 per cent year over year, the Toronto Real Estate Board (TREB) reports today. The “robust” increase in sales amounted to 4,541 homes sold, putting the sales total within a handful of the level reached for the same period in 2012, the year with the highest sales of the three previous years. In the city of Toronto, the condo sector had the highest sales, with 676 units changing hands. This was a ... Read More »

Condo sales, rentals showed strong growth in first quarter of 2014

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Large numbers of first-time buyers as well as many “seasoned home owners” continued to choose condominiums to meet their changing housing needs in Toronto in the first three months of 2014. The Toronto Real Estate Board released its quarterly report on condo sales in the GTA, and TREB president Dianne Usher said that home buyers “remained confident in purchasing condominium apartments.” The strong sales growth translated into a robust increase in the average selling price, she said. The number of sales was up an impressive 9 per cent compared to the same period one year ago: 4,454 condominium apartments sold compared to 4,085 sales reported in Q1 2013. The average ... Read More »

Strong March sales in Toronto housing market

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Toronto’s housing market clearly left 2013 behind in March as sales jumped 7.2 per cent year over year. The Toronto Real Estate Board reports today that 8,081 sales were recorded in March, compared to 7,537 in March 2013. This was enough to put the first quarter of 2014 up by 3 per cent over Q1 2013. The quarter began with flat sales compared to 2013—down 2.2 per cent in January, up 2.1 per cent in February. TREB president Dianne Usher noted that while sales activity accelerated in the GTA, and more buyers found “affordable home ownership options,”  low inventory continues to drive buyer competition and rising home prices in some ... Read More »

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