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Friday , 27 February 2015

Category Archives: Market News

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

The Bay announces $3.4 billion commercial real estate joint venture


What does a giant retailer with over three centuries of history behind it do when its real estate assets are worth more than the company itself? It separates its assets from its operations, of course. In the case of Canada’s iconic Hudson’s Bay Company (HBC), whose extensive real estate holdings are reportedly worth $9.2 billion, the retailer enters into  joint ventures with two of the biggest real estate investment trusts (REITs) in Canada and the US, creating two new companies worth $3.4 billion, in the process bringing in about $1.1 billion in cash to reduce debt. The announcement of this arrangement was delightful enough to investors to lift HBC’s share ... Read More »

Good start to 2015 for GTA new home sales: BILD

The new home industry started off 2015 with healthy home sales in January, the Building Industry and Land Development Association (BILD) announced. Sales of new homes and condominiums in the GTA were just above the 10-year average in the first month of the year. This was consistent for both high-rise and low-rise sectors, which were tracked at 825 and 1,114 sales respectively. While new condo sales were above the ten-year average, they were down 25 per cent compared to one year ago. That year, however, was a record breaker for new condo sales, with sales reaching a ten-year high of 1,093. Prices for new condos remained relatively unchanged. BILD president ... Read More »

Canada’s housing markets mostly reasonable, balanced: BMO

There’s nothing like a banker to put things in perspective. A new “special report” from BMO Capital Markets has the somewhat misleading title Canadian Housing Market: A Winter Chill. This title may lead one to expect a lot of bad news and gloomy forecasts about where the market is headed, but that isn’t exactly what Sal Guatieri ends up giving us. Instead, he sketches a real estate landscape in which most markets are balanced and housing prices are, on the whole, “reasonable.” Yes, sales have slowed in Alberta and Saskatchewan, and demand is weak in Quebec, but BC and Ontario are doing fine. In a listing of major cities rated ... Read More »

Cold February weather no deterrent to Toronto home buyers

The Toronto resale housing market continues to operate with apparent indifference to what happens in the rest of the country. While the Canadian Real Estate Association (CREA) reported that national home sales were down 3.1 per cent in January compared to the previous month, sales in Toronto continued to rise in January and the first two weeks of February. The Toronto Real Estate Board’s mid-month report for February shows sales up 14.9 per cent compared to last year at the same time. Despite record-breaking cold weather in February, 3,120 Torontonians braved the elements to look for, and purchase, a new home. They had a little more choice to tempt them, as new ... Read More »

Housing starts, especially condos, up sharply in January: CMHC

So far, 2015 has been very much a high-rise year in Canada. The housing starts numbers from Canada Mortgage and Housing Corporation (CMHC) are out and they show that the number of new high-rise units was up, while low-rise starts were down. Across Canada, the seasonally adjusted number of starts rose to 187,276, up from 179,637 in December. The ratio of multi-units to single detached homes was 2:1, with 115,008 multiples and 57,314 singles. In Ontario, the number of housing starts was 3 per cent above levels at this time last year, mostly due to activity in the GTA and southwestern centres. “All of the increase in starts occurred in ... Read More »

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