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Sunday , 29 March 2015

Category Archives: Market News

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

National condo markets balanced in 2015, except in Alberta: report

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The condominium markets in Canada’s main cities for the remainder of 2015 will perform according to the overall economic conditions in those cities. Calgary and Edmonton will experience weak economic growth because of the collapse of global oil prices, and can expect their condo markets to drop off sharply in terms of sales. Toronto and Vancouver, however, will see strong GDP growth and corresponding strength in condo sales. Overall, the outlook for Canada is “balanced,” according to a new report on the market from Genworth Canada and the Conference Board of Canada. There is significant variation in the health of condo markets from region to region, said Conference Board economist ... Read More »

Nice work if you can get it: $1,000 an hour for real estate agents?

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A provocative headline and an even more provocative statement from an online real estate company is sure to have many Toronto real estate agents seeing red. TheRedPin released a statement with the headline: Is Your Real Estate Agent Making $1,000 an Hour? It follows this with the sub-head: Over 8,000 GTA Realtors® Did in 2014. How did they do it? They were lucky enough to have one of the 2,826 Toronto/GTA homes that sold in just one day, or the 8,477 homes that sold in three days or less. TheRedPin estimates that would come to fifteen hours of work, and, with commissions, would work out to a “remarkable” $1,000 per ... Read More »

GTA new home sales in 2015 “stable” but affordability a concern: BILD

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New home sales in the first two months of 2015 are being described as “stable” and in line with ten-year averages. The Building Industry and Land Development Association’s (BILD) sales numbers for January and February show 4,800 new homes sold. This was 3 per cent over the ten-year average. For the first time since 2012, new low-rise homes outsold condos. This is attributed to several “strong” project launches across the GTA in February. BILD Chairman Steve Deveaux called the sales figures “encouraging.” In February, 1,465 new low-rise homes were sold, an increase of 17 per cent compared to February 2014. New high-rise (condo) sales totaled 1,333, a monthly increase of ... Read More »

Mortgage rates are low, but watch for those penalties

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When Bank of Montreal cut its five-year fixed-rate mortgage to a record low 2.79 per cent this week, it was merely following long-established tradition in preparing for the spring real estate surge. While there are lower rates available in the mortgage market, this is the lowest five-year rate ever offered by a federally regulated lender, according to Penelope Graham of RateSupermarket.ca. The opportunity to lock into a fixed rate of 2.79 per cent for five years may appear to be good news for first-time buyers, but some mortgage experts suggest consumers should take a hard look at what is really being offered in a mortgage. Specifically, they warn that mortgage ... Read More »

Sales, and prices, march on in Toronto resale market

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The headline news a couple of weeks ago was that average Toronto home prices had broken the $1 million barrier. The average selling price of a detached house in the 416 at the end of February was $1,044,018. Such is the pace of the market these days, however, that it won’t be long before that million-plus price tag begins to look positively affordable. “Remember when you could pick up a nice little house for just over a million, right in the city?” people of the future—about three months from now—will muse nostalgically. For the latest resale numbers from the Toronto Real Estate Board show that at mid-March, that same single ... Read More »

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