Real Estate in the News

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GTA Realtors® Release Monthly Resale Housing Figures
Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 8,804 home sales through TREB’s MLS® System in October 2015. This is the best result on record for the month of October. The MLS® Home Price Index (HPI) Composite Benchmark was up by 10.3 per cent year over year in October. Over the same period, the average selling price for all home types combined was up by 7.3 per cent to $630,876. Price growth continued to be driven by the low-rise market segments.

TREB, Competition Bureau present final submissions to Competition Tribunal
Counsel John Rook reinforced the Competition Bureau’s position, stating it believes TREB has substantial or complete control of real estate brokerage services in the GTA; that TREB has exercised that control in a manner that has had the effect of creating or maintaining its market power to the benefit of its members; and that this has substantially lessened competition in the real estate marketplace.

Liberal promises should benefit investors
One immediate benefit will come from tax breaks for landlords building new rentals and funding for renovating older ones, according to Tim Mangat, an investor in Calgary.

Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese demand
RBC, Canada’s largest bank, removed its $1.25 million cap on loans to borrowers with no local credit history in May, said Christine Shisler, the bank’s Director of Multicultural Markets, who works with an immigrant clientele.

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