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Sunday , 23 November 2014

Category Archives: Market News

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

Strong new home sales in October, prices at record high

The headline on the new home sales press release talks about record-high prices, but the October sales numbers are high as well. The price of a new low-rise home in the GTA hit $694,629 in October, “eclipsing” the previous record, set in September. The number of new low-rise homes sold in October was 1,886, an increase of 27 per cent compared to last year. That number, which includes detached, semi-detached and townhomes across the GTA, is 19 per cent above the ten-year average (1,586). The strong October sales bring the year-to-date total for new low-rise homes to 15,579, an even more impressive increase of 52 per cent over 2013. The ... Read More »

CMHC survey shows housing market in good shape for most

In its latest detailed survey of the Canadian housing market, Canada Mortgage and Housing Corporation (CMHC) presents a mostly positive picture of how Canadians are doing in terms of basic housing needs: homeownership rates among immigrants are strong; housing starts are broadly in line with demand; Canadians’ ability to service their mortgages has improved; the incidence of core housing need in Canada fell; sustainable housing in Canada is readily achievable. All of these points are positive and show that for the most part, Canadians’ housing needs are being met. Most people are doing pretty well. One troubling exception stands out, however, in that problematic area of core housing need. A household is ... Read More »

Immigration more important for housing market than believed: CIBC

Canada receives more immigrants aged 20–44 years than most other developed countries, and this influx of people in the key, household-forming demographic is supporting the housing market in a major way. While the real estate development industry has always known that immigration is a big source of demand for new housing, economist Benjamin Tal at CIBC World Markets says immigration may be even more important than widely believed. Not only do new immigrants lift demand for housing, but his research, released in a new report titled “Foundations of Canadian Housing Better than Advertised,” shows that official population projections understate the actual number of non-permanent residents in Canada by “close to ... Read More »

November home sales stay hot in Toronto

There has been no let-up in sales activity in Toronto’s real estate market so far in November. The Toronto Real Estate Board released its sales numbers for the first two weeks of the month, and they are higher by 8.3 per cent than in the same period one year ago. TREB President Paul Etherington said there were 3,350 sales in the first fourteen days of November. New listings were up as well, though by only 2.2 per cent. Since May, home sales in every month of 2014 have been at four-year highs, and that trend appears likely to continue as the year winds down. The condo segment led sales in ... Read More »

Canadian home buyers “remarkably confident” and responsible: CAAMP

Almost every discussion of the housing market in Canada for the past four or five years, whether the discussion is about sales numbers. affordability or the role of the Canada Mortgage and Housing Corporation, includes some variation of the notion that low interest rates are the critical factor in keeping the real estate market afloat. Most often, the reference to interest rates includes the warning that they will inevitably rise. “Then what?” is the implicit scary message. Many surveys have been done in which mortgage holders are asked how they would fare if their mortgage rate rose by, say, 2 per cent. And many have answered that such a rise ... Read More »

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