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Saturday , 30 August 2014

Category Archives: Market News

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

Affordability improved in Canada’s housing market: RBC

The affordability of housing in Canada improved a little in the second quarter of 2014, RBC Economics reports, mainly due to lower mortgage rates. The RBC Housing Trends and Affordability report says that housing became more affordable in “virtually all” major markets, even though prices continue to rise. Buyers were very active in the second quarter, with the resale market picking up 9.4 per cent. It was the strongest Q2 in nearly four years, one of the best on record. “Stats rolling in suggest that the upward momentum in Canada’s housing market is being sustained and further, that a sharp slowdown is not imminent,” said Craig Wright, chief economist at ... Read More »

New home sales up sharply in GTA

Booming home sales in Toronto and the GTA are widespread, not confined to resales and not limited to one type of home or another. Sales of new homes, both “ground-related” and high-rise, are continuing to show strength as the summer of 2014 progresses. The Building Industry and Land Development Association (BILD) and RealNet Canada, BILD’s official source for market intelligence, today released sales numbers for July, and they show that activity is up considerably. Low-rise sales for July totaled 1,226, a remarkable 50 per cent increase compared to one year ago. It was the best July for low-rise home sales in the last five years. New condo sales, meanwhile, jumped ... Read More »

National home sales, prices up in July

Data from the Canadian Real Estate Association (CREA) confirm that sales activity in the housing market in Canada is within ten-year averages. National home sales increased for the sixth consecutive month in July, rising by 0.8 per cent compared to June. On a year-over-year basis, the July increase in sales was 7.2 per cent. Both year-over-year and monthly increases were widespread, with the majority of local markets reporting gains, from Vancouver to New Brunswick. “On the surface, national sales activity in July was similar to what we saw in May and June,” said CREA President Beth Crosbie. “That said, July sales picked up in markets that struggled to gain traction ... Read More »

Country’s condo markets have reasonable outlook: report

“Reasonable” is the reassuring word for the Canadian condominium market’s outlook in the coming year or so. Two of Canada’s most trusted voices, the Conference Board of Canada and Genworth Canada, the latter being the country’s largest private residential mortgage insurer, teamed up to produce a report on the eight largest condo markets in Canada, and they see mostly smooth sailing ahead. There may be “pockets of higher risk,” but the condo market is no bubble, and there will be no “broad-based national housing downturn.” The reasons for the “relative optimism” of the report are familiar. The economy, though not performing brilliantly in the past two years, is expected to ... Read More »

Credit changes could let millions into US housing market

The average consumer who pays his bills and uses credit wisely will have a pretty good credit score, though he may not know exactly what it is or even what that means. One’s credit score is like one’s overall health: one doesn’t notice it until there’s a problem. In Canada, a score of 700 is considered average. A perfect score is 900. Anything in between would be acceptable for most borrowing scenarios, but your score would need to drop down to about 620 before you would have real trouble getting a bank loan. You could probably find a willing lender, but you’d pay a premium. This can be illustrated using ... Read More »

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