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…

GTA HOUSING MARKET MONTHLY RESALE FIGURES

TORONTO, June 3, 2016 – Toronto Real Estate Board President Mark McLean announced that there were 12,870 home sales reported through TREB’s MLS® System in May 2016. This result represented a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of…

Toronto remains red-hot

In a statement on Thursday (March 3), the Toronto Real Estate Board (TREB) said that transaction volume in what is considered Canada’s largest housing market went up by 21.1 per cent in February compared to last year. This figure represented 7,621 dealings in that month alone, prompting realtors to conclude that a recent hike on…

Foreign investors driving up housing prices

The substantial amount of foreign capital flowing into the U.S. real estate market has proven to be a windfall for enterprising sellers, but this has also lead to a steady rise in prices that have made homes unreachable for many middle-class American households, analysts said. In addition, observers said that investments made by foreign nationals—and…

Open houses: The pros and cons

Hosting an open house when selling a home is a tried-and-true real estate technique. But it can be a real hassle for the homeowner. An open house will undoubtedly get people in the door, but is it really necessary if you’re trying to sell a home? If you are honest with your client, you will…