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Thursday , 18 September 2014

Category Archives: Market News

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

National home sales, prices continued to rise in August

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Home sales have remained strong in Canada’s main cities through the summer, prompting the Canadian Real Estate Association (CREA) to issue an update of its forecasts for 2014 and 2015. A surge in sales occurred in the spring market of May and June, in which properties were “snapped up” following an “extraordinarily bleak” winter. Those sales have yet to show signs of cooling, CREA says. The realtor group therefore revised its forecast for 2014 from 463,400 to 475,000, an increase of 3.8 per cent over 2013. The revised forecast reflects stronger than expected sales in recent months, it says. Sales activity for 2014 remains “broadly” in line with the ten-year ... Read More »

Condo market a story of permits and starts

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Even Hollywood star Denzel Washington seemed surprised. Answering a reporter’s question as he did the red carpet at TIFF, Washington said with amazement, “There are condos everywhere!” Not quite everywhere, but maybe by the next time he comes to town. For the number of building permits issued in Canada in July, and specifically in Toronto, was at an all-time high. Across the country, the value of permits issued was up 11.8 per cent, to $9.2 billion. Of that, $5 billion was for residential buildings. As Statistics Canada explains, multi-family dwellings—condos—accounted for most of the increase, which was mainly seen in Ontario and British Columbia. The value of building permits issued ... Read More »

Mortgage brokers do well matching clients with suitable mortgages

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Canadians who are in the market for a home mortgage but unsure of the best mortgage available to them can take comfort in knowing that the country’s mortgage brokers are, for the most part, doing their jobs. The body that regulates mortgage brokers, the Mortgage Broker Regulators’ Council of Canada (MBRCC), had made mortgage suitability a priority for the industry, and recently conducted a survey to find out how brokers were doing on that score. The regulators concluded that most brokers were in fact working to direct their clients toward suitable mortgages. The reason the mortgage regulators made suitability a priority is the “devastating” consequences that can ensue when borrowers ... Read More »

Condos a stabilizing force keeping real estate affordable

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Real estate associations like the Toronto Real Estate Board (TREB) and the Canadian Real Estate Association (CREA) frequently remind buyers and sellers alike that all real estate is local. No matter what you may read about “average” prices in Vancouver or Toronto or Montreal, the price of a home in your town, on your street, will likely be quite different. It’s a simple reality of arithmetic that widely different values among elements skew averages. But a new commentary from CIBC economist Benjamin Tal maintains that what he calls the “multi-dimensional nature” of Canadian housing “goes way beyond geography.” What he sees is that price increases for more expensive homes are greater ... Read More »

Luxury condo market will continue to boom in GTA: Sotheby’s

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Toronto’s luxury home market outperformed the rest of the country in the first half of this year and will continue to do so right into 2015. So says Sotheby’s International Realty Canada, specialists in “top-tier” real estate. Sales of luxury homes in Toronto, meaning those priced over $1 million, increased significantly in the first half of 2014, and sales growth was substantial in every category: single-family homes, attached homes (townhouses, semis and duplexes), and condominiums. Toronto was, in fact, the only Canadian city where big growth was seen in every home category. Compared to 2013, sales in the luxury home market rose 40–53 per cent in the first half of ... Read More »

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