Category: Real Estate News

New rules for condos in Ontario to take effect this fall.

TORONTO, New protections for condo owners and rules for managers and directors in Ontario are taking effect this fall. Government and Consumer Services Minister Tracy MacCharles says more than one in 10 people in the province live in a condo and more than half of the new homes under construction are condos. Starting this fall,…

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…

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…

Record Sales in April 2015

— Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17 per cent increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings…

Comments on Bank Of Canada Rate Hold

– Bank of Canada last met in January 2015 and reduced the Prime Rate from 3.00% to 2.85% – Bank of Canada met again this morning to discuss further changes to rates and decided to leave interest rates unchanged – there is the possibility of another rate cut in the coming months, maybe as soon…

Strong Start to 2015

— Toronto Real Estate Board President Paul Etherington announced a strong start to 2015, with robust year-over-year sales and average price growth in January. Greater Toronto Area REALTORS® reported 4,355 home sales through the TorontoMLS system during the first month of the year. This result represented a 6.1 per cent increase over January 2014. During…

80 Rejane Crescent, Thornhill Home For Sale

Price: $599,000.   Well Maintained Home In The Heart Of Thornhill. Bright Functional Layout. Finished Basement With Separate Entrance. Walking Distance To The Promenade Mall, Wal-Mart, Shops, Bus Terminal, Places of Worship. Minutes To Schools And Community Center.