Quarterly report CMHC

Economic growth was soft in 2016, according to the Crown Corporation, dragged down by weak business investment. “On the positive side, consumer spending growth picked up, while residential investment continued to increase,” CMHC said in its report. “Overall, the Canadian economy managed an increase of 1.4% in 2016. Real GDP is forecast to expand at…

Record-breaking condo sales in the GTA.

And other highlights from a busy day of stats releases in Toronto real estate. All industry eyes are keenly fixed on the Toronto real estate market following last month’s reveal of Ontario’s new housing plan; and while it’ll still take a few months to see how it all shakes out, early stats are already in.…

The measures announced by the government to curb the rising house prices in the Greater Toronto Area will have more “meaningful impact” than those already implemented in Vancouver.

That’s the view of ratings agency Fitch which believes that policies including a tax on foreign buyers, rent controls and other proposed measures, are likely to lead to a correction in prices and slowing of sales activity. It highlights a 3 per cent drop in Vancouver house prices following the introduction of a 15 per…

According to the CMHC : “strong evidence of problematic conditions”

A cross-Canada glimpse into the state of various housing markets. Overall, CMHC rates Canada’s housing market as showing “strong evidence of problematic conditions” due, in large part, to strong evidence of overvaluation at the national level. However, all local markets are unique; so we’ve broken down the ratings highlights by province. British Columbia Both Vancouver…

Finance Minister urging gov’t officials to address Toronto ‘bubble’ concerns

In missives sent to Toronto mayor John Tory and to Ontario finance minister Charles Sousa last week, federal finance minister Bill Morneau expressed concern over “dramatic house-price increases will have long-term implications for housing affordability and housing-market stability,” and encouraged these officials to moderate outsized housing activity in Toronto. Morneau’s letters, which requested policy meetings…

‘Trapped Wealth’ Drives Toronto’s Speculative Real Estate Dilemma

Toronto’s housing boom is unrelenting. Prices in Canada’s largest city surged more than 20 percent over the past year, the fastest pace in three decades, data released last week show. Some of the city’s neighboring towns are posting even bigger gains. It’s become a matter of considerable alarm. Stability is one concern: if the market…

Strong evidence of problematic conditions persists in real estate market: CMHC

Canada’s federal housing agency says strong evidence of problematic conditions continues to exist in the national housing market. Canada Mortgage and Housing Corporation says the most prevalent issues it has observed in the 15 markets it monitors are overbuilding and overvaluation, which occurs when house prices outpace economic fundamentals such as income and population growth.…

Ontario Helping First-time Homebuyers

Province projected to balance budget next year Ontario will help more people purchase their first home through a proposal to double the maximum Land Transfer Tax refund for eligible first-time homebuyers to $4,000. The proposed increase is detailed in the 2016 Ontario Economic Outlook and Fiscal Review presented today by Finance Minister Charles Sousa. The…

The hazards of buying without a property survey

With cottage buying season underway, now is a good time to recall that a property survey is the single most important document in the whole process. If the cottage building is sitting on land owned by the Crown or a local municipality or a neighbour, the otherwise proud owner is going to be extremely unhappy and…