Fall forecast – mainly sunny
With the summer season behind us we’re looking forward to fall with renewed hope for a prosperous home-selling season. So what can we expect in the upcoming months?
Statistically speaking, September and October have proven to be strong real estate months and mortgage rates during this time of year should remain comfortably affordable. The Bank of Canada announced that interest rates won’t deviate from 1%, therefore, buyers eyeing more expensive homes will be happy to hear that the low interest rates will pave their way to get approved for large mortgage amounts. Read More.
‘Flippers’ and bubble fears: Toronto scares off big U.S. home builder
The CEO of a U.S. luxury home builder says his company considered expanding into Toronto’s condo market but was scared off by the high number of investors buying real estate in the city. Read More.
Doug Ford says he’ll push to cut land-transfer tax if elected mayor
Doug Ford (open Doug Ford's policard) says his first order of business, if elected mayor of Toronto, will be to push to cut the lucrative municipal land transfer tax. Read More.
Real estate market on pace for hot start to autumn
That is based on data that some local real estate boards have released in recent days about how their housing markets fared last month. The number of existing homes that changed hands in Toronto was up 10.9 per cent from a year earlier, in Calgary it was up almost 12 per cent, and in Vancouver 17.7 per cent. And that’s in comparison to a reasonably strong month: sales in September, 2013, were slightly above the 10-year average for that month. Read More.
Toronto’s real estate market is now leading in something else
A study from Oxford Properties, a subsidiary of the Ontario Municipal Employees Retirement System and one of the largest landlords in Canada, finds the city is leading the pack in LEED certified buildings. Read More.
New in Toronto real estate: Gloss Condos
Gloss Condos is a 24-storey development on Richmond Street West, that will sit right next to the more daringly designed Picasso condos. Developer Greenpark had a bit of trouble getting this one through the approvals process, but the project is now officially in pre-construction after being scaled back a bit from its first proposals. Read More.
Low mortgage rates will continue to fuel Toronto home sales
Toronto’s sizzling summer real estate market appears set to remain hot right through the fall.
John Andrew, a professor at Queen’s University, is watching with interest for the August numbers that the Canadian Real Estate Association will report in the coming days. Read More.
Toronto condo sales down last month
Toronto’s once-booming condominium market sagged last month, leading a drop in real estate action compared with a year ago, the Toronto Real Estate Board said on Friday. Monthly numbers released by TREB outlined a 1.5 per cent slip in home sales in July compared to the same month in 2011. Read More.
Toronto Condo Sales Drop Off Sharply, After Months of Warnings
Last month, Finance Minister Jim Flaherty said he was tightening mortgage rules to take out some of the steam in some of Canada’s frothier real-estate markets, naming in particular–and several times–Toronto’s condo market. Read More.
Habitat for Humanity gets a hand up from Greater Toronto realtors
MESSAGE FROM TREB PRESIDENT: As current president of the Toronto Real Estate Board, it was an honour to present a family with the key to their new home at a Habitat for Humanity Toronto dedication ceremony in April. I was touched to see close to 100 people, including sponsors, local politicians and sponsor families, at the ceremony, which took place at the development site located at 4572 Kingston Rd. near Morningside Ave. Read More.
Mortgage Rules To Be Tightened Further By Ottawa
Finance Minister Jim Flaherty singled out what he said was the overheated Toronto housing market when he moved again Thursday to take some of the steam out of mortgage lending. Read More.
CREA says home prices, sales activity to be stronger than previously forecast
The Canadian Real Estate Association said Friday that national home price and sales activity this year will be higher than previously forecast, following a strong spring.
It now forecasts 475,800 homes will be sold in 2012, up 3.8 per cent from 2011, compared with earlier expectations of a gain of 0.3 per cent. Read More.
Toronto Mayor Rob Ford hopes to phase out land transfer tax
Mayor Rob Ford can’t say when he will fulfill his 2010 campaign promise to scrap the land transfer tax.
In a speech to the Toronto Real Estate Board, he said he wanted to start phasing out the tax at the end of his inaugural four-year term in 2014, but he couldn’t say how quickly. Read More.
Toronto, Calgary lead home price hikes
Toronto and Calgary led the country in rising home prices last month, according to the Canadian Real Estate Association.
The MLS® Home Price Index stood at 154.7 in April, up 5.2 percentage points nationally from a year ago and up 1.18 points from March. Read More.
No Real Estate Bubble Here!
The head of Canada’s biggest bank and one of the country’s leading developers said the housing market is not in a bubble, even as one economist said Toronto is caught in a “condo craze.”
Canadian housing starts rose to the highest since September 2007 last month, led by multiple-unit projects, Canada Mortgage & Housing Corp. said yesterday. The annual pace of home starts rose 14 percent to 244,900, Ottawa-based CMHC said. Read More.
Toronto leads gains in home price index
A report by the Canadian Real Estate Association finds that home prices crept higher in March. The association says the increase came as gains in and around the Vancouver area slowed, offset by an acceleration in Calgary, Toronto and Montreal. Read More.
Donald Trump cuts ribbon on Toronto's Trump Tower
Real estate mogul Donald Trump was in Toronto Monday to officially open a 65-storey luxury tower near the heart of the city's financial district. The 900-foot Trump International Hotel and Tower, at 325 Bay St. just north of King Street, is part hotel and part condominium building. It has 261 hotel rooms and 188 condo units. Read More.
Toronto condo starts show no sign of cooling
Figures released Wednesday showed the number of condos starting construction in the city in March rose at almost twice the pace of the Canadian average for all homes as buyers ignored government warnings about the risks of excessive personal debt and high prices. Read More.
Real estate values on the rise
Ottawa realtor® Paul Rushforth sometimes senses a hesitation in homeowners who'd like to sell their homes. They're worried that potential buyers are afraid that real-estate prices are about to fall, just as they have fallen, drastically, over the past few years in the United States... Read More.
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