There were 940 total new home sales in December 2018, with 136 Low Rise sales, down -5% from December 2017 (down -78% from 10yr avg) and 804 High Rise sales, down -1% from December 2017 (down -33% from 10yr avg). The New Home Benchmark Price tracks the average Low and High Rise home or unit […]
The total value of building permits issued by Canadian municipalities was up 6% (month-over-month) in December to $8.8 billion, with multifamily and commercial intentions taking the lead. Statistics Canada says that the multifamily sector was up 11.1% to post a record high of $3.3 billion. It was the fourth consecutive monthly gain for the sector […]
Here’s a bit of a surprise: The busiest shopping centre in North America isn’t in New York or L.A., as one might expect. It’s in Toronto — the iconic Eaton Centre. That’s just one tidbit of information from the Retail Council of Canada’s recent report, which shows Canadian malls are beating their U.S. counterparts on […]
TransUnion has launched a new solution to enable lenders to offer a fully digital lending experience by SMS text message. As part of its Mobile Offers Now product, users can walk through the borrowing process entirely with text messages thanks to verified prefill capabilities. Starting with a text to a shortcode, customers are shown relevant, […]
The City of Toronto wants to buy the 16-hectare (40-acre) Hearn site from Studios of America, which bought it last fall from provincially owned Ontario Power Generation in a controversial $16-million deal. City council voted 20-2 on Thursday to direct city staff to start discussions with Studios of America, the longtime tenant that bought the […]
Immigrants are not as enticed by single-detached residences as their Canadian-born counterparts, fresh numbers from Statistics Canada indicated. From 2016 to 2017, immigrants accounted for 46% of Toronto’s population total, and 41% that of Vancouver. The cohort accounted for 43% of residential ownership in Toronto, and 37% in Vancouver. However, the proportion of single-detached homes […]
Ottawa should lengthen mortgage amortization periods to 30 years and reconsider the strict stress tests introduced last year, the home building industry says. The recommendations by the Building Industry and Land Development Association (BILD) comes as it released its annual report Friday showing that new-construction home sales hit a near 20-year low last year in […]
New home buyers finally reached their limit in Toronto last year. After years of frenzied price increases, sales of new homes in Canada’s biggest city sunk to the lowest in almost two decades in 2018 and the supply of unsold condos piled up, according to a pair of new reports released Friday. “Greater caution” should […]
TORONTO — Ontario is considering allowing realtors to tell prospective home buyers the prices of other offers in bidding wars. The government launched a consultation Thursday looking at the Real Estate and Business Brokers Act, and that’s one rule they’re looking at changing. Currently, if there are multiple bids on a home, the seller’s broker […]
City council has voted in favour of a plan to make 11 surplus parcels of land available for the development of affordable housing despite criticism from some councillors who say the initiative doesn’t go far enough. In a 21-4 vote on Wednesday afternoon, council approved the framework for Mayor John Tory’s “Housing Now” program, in […]
Looking for a pad within walking distance of Toronto’s subway system? Good call. You’ll get around the city a lot cheaper and faster than you would by taking a car—you just may have to pay a bit more for your home upfront. Real estate brokerage and data provider Zoocasa just broke down how much it […]
As the U.S. grapples with a housing affordability crisis, a new analysis by Zillow shows 38 percent of homebuyers earned more than $100,000 in 2017. That’s up 8 percentage points from 2012 and reflects the fact that home values have risen at a much faster clip than wages, making purchases accessible only to those at […]
At a time when they were already suffering from Target’s failed Canadian expansion and the seemingly unstoppable growth of online shopping, the loss of the once-mighty Sears chain felt like yet another body blow for shopping malls in this country. After all, the departure of an iconic brand — and its large stores in prime […]
Icing isn’t just something that happens in winter storms or hockey games. It’s the term used when internal combustion engine (ICE) cars park in spaces reserved for charging electric vehicles, thus “icing” out their environmentally friendly counterparts. It can be the source of heated arguments and it’s just one of the challenges facing managers of […]
On the shoulders of higher interest rates, Canadian housing affordability continued to worsen in the closing quarter of 2018, according to National Bank’s Housing Affordability Monitor. To measure housing affordability each quarter in 10 major markets, National Bank looks at how long it would take a typical household to save for a downpayment on median-priced […]
Ontario Premier Doug Ford is pushing to eliminate housing shortages in Canada’s largest province, as policy makers seek to deflate pricey markets in places like Toronto without triggering a correction. Ford’s housing minister, Steve Clark, began consultations this month on proposed reforms that would give local governments more control over their own housing mix to […]
TORONTO — Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said. Officials from the country’s finance ministry, financial regulator, central bank and federal housing agency have discussed […]
Although it may seem counterintuitive, cash flow is not the be all and end all of investing in real estate. “Everyone has such a cash flow mindset, and don’t get me wrong, cash flow is amazing and will help support a different lifestyle eventually, but making those dollars year-over-year is where the wealth comes from,” […]
Rising interest rates and strict mortgage qualification resulted in fewer Canadians seeking homeownership than rental accommodations last year, and 2019 will bring more of the same. “It’s going to continue,” said Marcus & Millichap’s Vice President and Broker of Record Mark Paterson. “People will continue renting rather than dealing with residential mortgages. The rental market […]
Ontario Premier Doug Ford is pushing to eliminate housing shortages in Canada’s largest province, as policy makers seek to deflate pricey markets in places like Toronto without triggering a correction. Ford’s housing minister, Steve Clark, began consultations this month on proposed reforms that would give local governments more control over their own housing mix to […]
Maziar Moini, Broker of Record - Home Leader Realty Inc.
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