TORONTO _ Strong sales in the condo and higher-density low-rise markets helped drive home prices in the Greater Toronto Area higher last month, compared with a year ago. The Toronto Real Estate Board says the average sale price was $807,340 in October, up 3.5 per cent from $780,400 year-over-year. Adjusted seasonally, the average selling price […]
Toronto homeowners are reportedly turning to private lenders for mortgage loans, due to increasing interest rates and tougher lending standards implemented by most banks and conservative lenders. According to Toronto brokerage Realosophy and property data provider Teranet, 20% of refinancing for mortgage deals in the second quarter was facilitated by private lenders. This marked a […]
A recent report revealed that, despite admitting to making some compromises, most modern families in key urban areas throughout Canada are satisfied with their property purchases. In a recent report released by Mustel Group and Sotheby’s International Realty Canada on home ownership trends among modern families, 82% of families surveyed believed that they made some […]
Major cannabis producers and sellers are struggling to keep up with the enormous demand for the plant after it was legalized last month. Canadians’ craving for the herb was such that shortages have become all too apparent in the few short weeks after October 17. “The response has been pretty unbelievable,” Canopy Growth Corp. CEO […]
According to a report released this week, private lenders funded 20% of mortgage refinances in the second quarter of this year, highlighting how profitable mortgage investment is becoming. The joint report between Teranet and Realosophy also revealed that private mortgages during Q2 2018 jumped 67% compared to the same period two years ago. While much […]
A real estate agent in New Zealand has gained worldwide attention for an unusual listing. Kelli Milmine of One Agency in Oamaru is handling the listing of a village that has been mostly abandoned since 1989 after its main employer, a dam, was automated. Lake Waitaki near Canterbury on the South Island includes eight 3-bedroom […]
A decision to put the brakes on mandatory home energy audits has been welcomed by Ontario Realtors. The government’s decision to repeal the Green Energy Act 2009 is good news for home sellers who would have been required to include results from the audits on their listings. David Reid, president of Ontario Real Estate Association […]
Pay checks for non-unionized Canadian workers should grow slightly more in 2019 than they did this year. A new report from the Conference Board of Canada forecasts an average 2.6% year-over-year increase in wages next year, up from 2.4% in 2018. Those working in the food, beverage, and tobacco products industry should lead the wage […]
Condo prices continue to rise in the Greater Toronto Area even as new supply eases inventory pressures. The average selling price of actively-marketing projects in the third quarter of 2018 was $745 per square foot, up 11% year-over-year. For unsold units, asking prices gained 19% to $972 psf on average. Urbanation’s Q3 2018 condo market […]
Often blamed for overheating in major markets, flippers actually represented only a minor proportion of home transactions in Toronto and Vancouver, according to a Bloomberg analysis that looked at Teranet Inc.’s land and housing registry. In Toronto, flipped condos represented just 1.8% of total sales for that housing type as of June 2018. This was […]
Housing affordability issues south of the border have driven down sales of newly built homes across the US. Figures released Wednesday by the HUD and US Census Bureau shows a 5.5% decline in new home sales in September compared to August (which was revised downwards) – a seasonally adjusted annual rate of 553,000 units. Only […]
Owners of commercial real estate are carrying a disproportionate property tax burden across Canada according to a new report. The Altus Group’s analysis in association with the Real Property Association of Canada (REALPAC) looks at property tax rates in 11 major urban centres across the country. The report reveals that in eight of the 11 […]
There was an improvement in sales of newly-built homes in the Greater Toronto Area last month. Data from the Building and Land Development Association (BILD) shows that 1,747 new homes were sold in September, up sharply from the 974 in August. There was an improvement in sales of newly-built homes in the Greater Toronto Area […]
The Bank of Canada’s decision to increase interest rates to 1.75% Wednesday was not a surprise to many, but an omitted word is perhaps more so. Dr Sherry Cooper, chief economist of Dominion Lending Centres says it was interesting that Governor Stephen Poloz did not continue to say that rates would rise “gradually”. “Market watchers […]
A new domain name suffix will be opened up to all in November following a pre-registration period for Realtors. The .realtor designation will be available through around 20 domain registrars including GoDaddy and get.realestate and unlike the .realtor top level domain it is available to anyone from November 26. As an international recognized and descriptive […]
Staff at Avison Young will join together for the firm’s fifth annual global Day of Giving on Thursday. The Toronto-based real estate firm’s initiative began in 2014 and this year will take place across 84 offices as part of the company’s global citizenship strategy. Each Avison Young office has chosen its own community volunteer project […]
A new scheme aims to create affordable rental housing in Alberta with plans for similar projects nationwide. The Alberta Rural Development Network’s (ARDN) Sustainable Housing Initiative (SHI) will see the development of at least 8 energy-efficient affordable housing shipping container projects with the first phase seeking to create up to 467 rental units over the […]
Sales of homes in the $1-2 million price range are the focus of a new report from RE/MAX. It found that sales of luxury condos have increased in 2018 compared to 2017, especially in Canada’s large urban areas. In Toronto there was a 2% rise in luxury condo sales while Vancouver posted a 6% gain, […]
The new trilateral trade deal between Canada, the US, and Mexico has prompted a rise in confidence among Canadian consumers. The weekly Bloomberg/Nanos Research Canadian Confidence Index has increased to 57.43 compared to 55.65 four weeks ago and is up more than a point from last week. The sub-index tracking sentiment surrounding personal finances and […]
A Korean real estate fund manager has made its first large loan secured on Canadian commercial real estate. KTB Asset Management has originated a C$165 million non-recourse, 5-year fixed-rate loan secured by Hotel X Toronto. The 404-guest-room hotel is located within the city’s Exhibition Place and had a soft opening in April 2018. The hotel […]
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