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Monday , 21 April 2014

Category Archives: Market News

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

Condo sales, rentals showed strong growth in first quarter of 2014

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Large numbers of first-time buyers as well as many “seasoned home owners” continued to choose condominiums to meet their changing housing needs in Toronto in the first three months of 2014. The Toronto Real Estate Board released its quarterly report on condo sales in the GTA, and TREB president Dianne Usher said that home buyers “remained confident in purchasing condominium apartments.” The strong sales growth translated into a robust increase in the average selling price, she said. The number of sales was up an impressive 9 per cent compared to the same period one year ago: 4,454 condominium apartments sold compared to 4,085 sales reported in Q1 2013. The average ... Read More »

Strong March sales in Toronto housing market

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Toronto’s housing market clearly left 2013 behind in March as sales jumped 7.2 per cent year over year. The Toronto Real Estate Board reports today that 8,081 sales were recorded in March, compared to 7,537 in March 2013. This was enough to put the first quarter of 2014 up by 3 per cent over Q1 2013. The quarter began with flat sales compared to 2013—down 2.2 per cent in January, up 2.1 per cent in February. TREB president Dianne Usher noted that while sales activity accelerated in the GTA, and more buyers found “affordable home ownership options,”  low inventory continues to drive buyer competition and rising home prices in some ... Read More »

Modest rise in condo starts now that market has adjusted: report

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Has any sector of the Canadian economy been more scrutinized than the housing market? Reports are churned out almost weekly, by both foreign and domestic bodies with an interest in the homes Canadians are buying, and how much they’re paying for them. Condominiums are of particular interest. For some observers, the condo market is a disaster waiting to happen. Not so for the players in that market, including many real estate brokers, the big banks, and the mortgage lenders, like Genworth Canada. Genworth just released, with the Conference Board of Canada, a new report on the condo market in several Canadian cities. The country’s largest private mortgage lender takes the ... Read More »

Condo market could gain from single-family shortage in Toronto

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Measured by rising prices, global property markets are recovering well. Improving economic conditions, including low borrowing costs, are buoying confidence in the real estate sector around the world. Scotiabank’s latest survey of international house prices finds that prices rose in two-thirds of the markets looked at. In last year’s survey, prices had risen in just 40 per cent of markets. Canada is near the top of the rising house prices chart, posting an 8 per cent year-over-year gain in the final quarter of 2013. Only China, Peru and Colombia had stronger price gains. The Scotiabank Economics report says that Canada’s housing sector is now moving onto a “more sustainable trajectory,” with lower ... Read More »

BMO’s cut-rate mortgage shows lack of worry about housing market

Interest rate cut

Is it a coincidence that the Bank of Montreal cut its five-year fixed mortgage rate back to the same level—2.99 per cent—that earned it a rebuke from the then-Minister of Finance, Jim Flaherty, just a week after that minister stepped down? It is, according to BMO. The bank cut the mortgage rate because bond yields have fallen and the busy spring real estate market is underway. A bank has to stay competitive. BMO is the first of the big banks to offer this rate on a five-year fixed mortgage. Jim Flaherty’s successor, Joe Oliver, didn’t seem overly bothered by the bank’s move. He said today that he would continue to ... Read More »

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