Real Estate in the News

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

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Consumer confidence in Ontario’s real estate markets growing, new research shows
41% of Ontarians surveyed say they view the residential resale market in their own neighbourhood as stronger than it was a year ago (34% said so last year)

Seller Property Information Statements: Dial SPIS for Confusion
This lawsuit, centered around statements made in the Seller Property Information Statement (SPIS) that started in 2008 finally had it’s second appeal heard.
There was a basement flood after the Agreement to Purchase and Sale was signed but before the SPIS was signed. The buyers are suing for costs incurred due to the non-disclosure of the flood and damage and consequent costs involved in correcting the issue. After this latest, second, appeal, the sellers are not liable for the statements made. It’s likely the case will be further appealed.

Durham region attracting investor interest
A year-over-year price increase of 14.4% is a sign of strong growth for the region. “This market is bustling with sales activity which encourages competition between buyers”, said Durham Association of Realtors president Sandra O’Donohue in a release.

‘Inevitable market correction’ on the minds of investors
Current low interest rates worry many investors as to how the market will react once interest rates start to rise. Also read “Loonie slides to fresh lows as economic gloom weighs” and “Fitch: Canadian Homes 20% Overvalued, Correction Coming“.

Federal government to run $1B deficit based on Bank of Canada forecast: PBO
The Parliamentary Budget Office’s latest report shines a light on current Harper government initiatives in handling the economy as more economists suggest we are headed into a recession.

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