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Saturday , 30 May 2015

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

CMHC proud of its declining mortgage business

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Not many corporations would boast that their business was shrinking, but Canada Mortgage and Housing Corporation (CMHC) is not your typical publicly traded Bay Street entity. CMHC is a Crown corporation, its “shareholders” are the taxpayers of Canada, and it reports to them (us) through Parliament. The corporation released its first quarter financial report today and happily reports that the total amount of insurance-in-force decreased by $4 billion. It expects the decline to continue, gradually, as normal mortgage repayments continue to offset new insurance written. The reason for the satisfaction with the reverse growth is simple. The corporation’s government masters ordered it. The legislated limit to the mortgage insurance that ... Read More »

CMHC sees relief from home price growth

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Expect to see more condominium construction in the GTA over the next two years or so. This is not a forecast likely to catch many off guard, about as startling as “and the sun will rise in the east tomorrow.” Nevertheless, Canada Mortgage and Housing Corporation (CMHC) tells it like it is, and it is their projection that high-rise starts will increase over the next couple of years, the result of strong pre-construction sales that began trending up in mid-2013. The corporation says that housing starts are set to reach 32,400 units in both 2015 and 2016. Less demand for increasingly unaffordable new low-rise homes will also be a factor. ... Read More »

More records set in new-home market in April

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April will surely go down as a landmark month for Toronto real estate, with records, not all of them good, set in several areas. First we had the record-breaking resale numbers for the month, with 11,303 sales reported by the Toronto Real Estate Board, an increase of 17 per cent over the previous year. Now the Building Industry and Land Development Association (BILD) has released sales numbers for new homes, and they are impressive. Sales of new detached, semi-detached and townhouses were up 38 per cent compared to one year ago, and 39 per cent above the ten-year average. A total of 2,612 new low-rise homes were sold in April, according ... Read More »

Condo owners survey adds to understanding of investor activity

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The second Canada Mortgage and Housing Corporation (CMHC) Condominium Owners Report focused on the most “accessible” group of real estate investors, ordinary homeowners who live in the city where they own one or two properties. In this case, the city is either Toronto or Vancouver. The survey shows that just under one in six condo owners in the two markets (16.2 per cent) own at least one secondary condo unit in addition to their primary residence. While generating rental income is the most common reason (53.9 per cent) for purchasing a secondary condo, another common reason is family use. Unfortunately, due to several factors, including cost considerations, the survey did ... Read More »

More high-end sales send detached home prices soaring in May

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May is on course to break another sales record in the Toronto resale housing market, says Toronto Real Estate Board (TREB) President Paul Etherington. The realtors group released its sales numbers for the first half of the month and they show a 9.6 per cent increase over the same period last year. In the first fourteen days of May, 5,655 sales were reported, compared to 5,160 sales in 2014. “It is clear that demand for ownership housing remains very strong in the GTA. So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record ... Read More »

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