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Tuesday , 30 June 2015

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

Nothing average about Canada’s real estate market

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Benjamin Tal is not your average kind of economist. For one thing, the CIBC World Markets real estate specialist doesn’t like averages, at least not in the context of Canadian real estate. Real estate in Canada is far too multi-dimensional to be reduced to averages and generalities, he insists. With all of the different trends occurring in real estate in different provinces and cities, using blanket national averages is “useless.” How can an average that includes downward-moving prices in Calgary and upward-moving prices in Toronto and Vancouver, while prices in the rest of the country are more or less in line with inflation, be meaningful? He also has a problem with ... Read More »

Cottages remain part of the Canadian dream for many

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Canadians really love their cottages. A Leger-RE/MAX survey about recreational property found that two-thirds of Canadians would rather spend a long weekend in the summer at the cottage than in the city. That love of cottaging extends to people of all ages, in all regions of the country, from Whistler BC to PEI. Having a cottage of one’s own is a dream for many, and it’s a little surprising to see what some would be prepared to give up in order to afford one. Giving up “destination vacations” is one sacrifice many would make. Many would even consider downsizing their principal residence in order to purchase a cottage or ski ... Read More »

Home affordability up and down in first quarter: RBC

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For the past four years, owing a single-detached home in Ontario has become less and less affordable, while the “weight” of owning a condominium has remained fairly constant. To quantify that, the affordability index for bungalows and two-storey homes rose by 0.3 percentage points, while the index for condo ownership edged lower by 0.2 percentage points. In other parts of the country, housing became more affordable in the first quarter of 2015. Nothing too surprising to Toronto homebuyers in that brief summary of RBC’s latest housing affordability report. They have seen the price of a single detached home rise to over $1 million in some areas, and they have seen ... Read More »

New home sales soar, but BILD concerned about prices

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The record level of activity in the Toronto resale home market in May was largely mirrored in the new home sector, except for the condominium category. Sales of new low-rise homes rose 28 per cent over the previous year, with 2,442 homes sold. That was enough to push May sales 34 per cent above the ten-year average of 1,829, according to RealNet Canada, and establish a new record for the month of May. Sales to date are also on track to surpass previous years. Until the end of May, 9,499 new low-rise homes had been sold, an increase of 22 per cent over the same period last year, and 21 ... Read More »

More record sales in June housing market

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Homebuyers have continued to be extremely active in Toronto’s resale real estate market during the first half of June, but average prices in some categories were down compared to one month ago. The Toronto Real Estate Board (TREB) reports that 5,661 home sales took place between June 1 and June 14. This was an increase of 15.7 per cent compared to the same period last year and represents a record pace of sales for the period. The year 2015 could set a new record for sales if this pace continues. As is now the norm in this market, the strongest sales growth was in the condo sector. In the city ... Read More »

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