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Saturday , 1 August 2015

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

Orderly adjustment called for as TD assesses Toronto housing market

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It isn’t easy to predict with certainty how markets, including housing markets, will perform over the long term. The difficulty can be seen in comments made by the governor of the US Federal Reserve, Susan Bies, in October of 2006. She told the British Bankers’ Association that the US housing market was going through a “fairly orderly” correction, as investors in that market tried to sell, and excess demand had turned to excess supply. She added that she could not rule out a “more disorderly correction” in the US housing sector. More disorderly indeed. In some US cities, property values plummeted by 60, even 70 per cent over the next ... Read More »

Record second quarter for residential real estate investment

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The number of residential real estate deals done in Toronto set a new record for the commercial real estate sector in the second quarter of the year. Residential land purchases topped all other categories, including industrial, retail and office, both in the number of transactions—143—and in dollars: $976 million. This was 27 per cent of total investment volume in commercial real estate and land investment in the quarter, and a 64 per cent increase over the same period one year ago. According to the latest data from RealNet Canada, it was the best quarter ever for residential land sales in Toronto. Research manager for RealNet, Richard Vilner, said that the ... Read More »

High demand, low inventory in new homes market

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New homes in the GTA are being snapped up as soon as they are brought to market, according to the Building Industry and Land Development Association (BILD), with demand outpacing supply. That supply, including detached, semi-detached and townhomes, reached a record low in June. The number of low-rise homes sold in June (2,381) exceeded the number brought to market that month. June low-rise sales were up 14 per cent over the previous year. Sales for the year to date reached 11,889, a ten-year high that is 25 per cent over the ten-year average. The average price of a new low-rise home, according to the RealNet Price Index, was $785,800, up ... Read More »

Bank rate cut does not necessarily mean lower mortgage rates

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The day after one of the country’s biggest real estate companies advised against it, the Bank of Canada has cut its overnight rate by 0.25 per cent, lowering the key rate to 0.5 per cent. The Bank said that Canada’s economic growth has been below expectations, largely because of faltering growth in the United States and China. While the US economy is expected to rebound as the year progresses, China’s is not. The weaker Chinese economy is depressing certain Canadian commodity prices, the Bank says, though financial conditions in major economies around the world remain supportive. The Bank continues to forecast a return to stronger growth in the coming months, ... Read More »

Real estate market has no need for rate cut: Royal LePage

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Real estate in Canada almost seems to be operating in its own universe, detached from and outperforming the larger economic world where the country’s economy has not been performing up to expectations so far in 2015. This is especially true in Toronto and Vancouver, where housing prices have seen above-average increases throughout the second quarter of the year. Real estate is on track, says Royal LePage in its House Price Survey and Market Survey Forecast, for a record year. Nationally, prices increased by between 3.9 per cent and 7.5 per cent in the second quarter, and the real estate market remained healthy. The robust national price increases reflect what is ... Read More »

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