Real Estate in the News

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

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GTA Realtors Release Monthly Resale Housing Figures
June 2015 was a record month for home sales in the Greater Toronto Area (up 18.4% for a total of 11,992 homes sold) and the average selling price is up 12.3% to $639.184 over June 2014. Also read “Average Toronto home sale price hits new record“.

Bank of Canada survey points to regional divide in confidence amid low oil
The Bank of Canada reports a growing divide with confidence in the economy across the country ahead of next week’s rate setting policy announcement. Also read “Statistics Canada forecasts 4.9 per cent slip in capital spending for 2015“.

Should millennials worry about trying to buy a house?
Is homeownership set to be a product of a bygone generation? Garth Turner suggests that millennials rent rather than purchase, due to a stagnant economy and homeownership costs that will only rise over time in an era of stagnated wage increases. Also read “Time for rates to move up: broker“.

Bank of Canada sees ‘encouraging signs’ outside of oil sector
Economists are uncertain which way the Bank of Canada’s interest rate policy will go next week, stay the course, raise or lower rates. Also read “Is ‘holding the course’ putting Canada in recession?” and “Is Canada in recession? Too soon to tell, finance minister says” and “IMF slashes outlook for Canadian economic growth this year to 1.5 per cent“.