Real Estate in the News

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Real estate news stories that we’ve been following this week.

GTA Realtors Release Mid-Month Resale Housing Figures
Mid-May resale housing figures released show a 9.6% year-over-year increase in the Greater Toornto Area reports The Toronto Real Estate Board. “It is clear that demand for ownership housing remains very strong in the GTA. So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May,” said Mr. Etherington. Also read “GTA sales achieve new high“.

Average cost of a home in Canada is $448k, up 9.5% from 2014
The supply of homes for sale across the country was up 0.1% in April compared to March and big sales gains were seen in Toronto and Greater Vancouver reports the CREA.

Housing crunch looms for low-income renters amid real estate boom
One third of Canadian households rent and as rental unit housing starts continue to decline there is a looming housing problem on the horizon. Also read “Rising rents won’t push renters to buy” and “Canada’s Most, Least Affordable Housing Markets, According To Desjardins“.

Joe Oliver tells realtors Ottawa will stay out of housing market because no bubble seen
Canadian Finance Minister Joe Oliver is confident the housing market is not experiencing a “bubble” and Ottawa continues to monitor market activity.

RECO’s 2015 Industry Director Nomination Voting Results Are In!
Meet the new RECO Industry Directors.

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