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Friday , 30 January 2015

Category Archives: Market News

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

In US, wooing first-time home buyers with 3 per cent down payment

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As Canadians wait to see what will happen to mortgage rates now that the Bank of Canada has lowered its key rate to 0.75 per cent, the Americans are hoping that the millennial generation will help make 2015 a better year for mortgage lenders, and for first-time home buyers, than 2014 was. Last year was a bad year for the mortgage market in the US. Home lending fell 36 per cent, according to the Mortgage Bankers Association, with some lenders seeing mortgage loans down more than 50 per cent. But many feel the worst is over now, and that mortgage bankers will have reason to feel better by the end ... Read More »

Banks say no rate cuts coming, but do they mean it?

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Canada’s banks don’t change their prime lending rate often. The current prime rate of 3 per cent has been in place for more than four years. Now that the country’s central bank has surprised everyone and cut its overnight rate by 25 basis points, to 0.75 per cent, the big question is whether the charter banks will follow suit. The banks have admitted to being blindsided by the Bank of Canada’s move. All talk for the past two years or more had been of an inevitable rate hike. The CEO of the Royal Bank of Canada said in the Financial Post that he, “like the others,” was “completely caught off ... Read More »

Strong housing market translates into good jobs: BILD

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The Building Industry and Land Development Association (BILD) is emphasizing the job-creation benefits of Toronto’s current housing market strength. With sales of new low-rise and condo homes reaching close to 40,000 in 2014, the home-building industry created thousands of new jobs and paved the way for job retention “for years to come.” As BILD president Bryan Tuckey put it in a statement, “Sales of homes today translate into the jobs of tomorrow.” According to Tuckey, the major economic engine that is the building and development industry in the region creates “approximately 200,000 well-paying jobs in construction and related fields every year.” To put that in perspective, he said that each ... Read More »

Price gap widens between low-rise housing and condos

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Affordability continues to dominate discussions of Toronto real estate as RealNet Canada releases a Strategic Review of the 2014 new home market in the GTA. It comes just a day after TD Economics released its own highly critical analysis of the area’s real estate market. George Carras, president of RealNet, said that the 2014 results reported in his study were “ten years in the making,” a reference to the policy decision made by the provincial government a decade ago. “The desire to curb sprawl and encourage intensification has led to the continued condominium boom in the 416, spiking home prices and a widening price gap between low rise and high ... Read More »

Affordability, lack of diversity key challenges to GTA housing: TD report

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Housing booms do not last forever, says TD Economics in a new special report, even though Toronto’s has now lasted for more than a decade and shows little sign of ending. A case in point:  the Toronto Real Estate Board released its statistics on home sales for the first half of January, and to no one’s surprise the numbers were higher than for the same time last year. Not just a little higher: almost 10 per cent higher. (The average selling price was down slightly, but that was explained as being the result of a “different mix” of homes on the market.) The stakes are high for the Toronto housing ... Read More »

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