Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

GTA Realtors® Release Monthly Resale Housing Figures
Home selling prices continued to trend upward in April. The MLS® Home Price Index Composite Benchmark was up by 12.6 per cent year-over-year. The average selling price was up by 16.2 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.

TREB Resales Housing Report April 2016

TREB Resales Housing Report April 2016

Real estate brokers prepare to release secretive sales data after tribunal rules against TREB
The tribunal has yet to lay out how the ruling will change current TREB rules, under which real estate agents can only dole out the most coveted information to personal clients. But the expectation is that Toronto real estate agents will soon be allowed to post online what everyone buying or selling wants to know — the selling price of homes. And real estate agents in other regions are watching closely. Many anticipate they too will eventually get to unleash selling price data, believing the tribunal decision will influence real estate boards across the country.

New company to bypass lawyers in real estate money transfers
For more than 200 years in Ontario, closing funds have been exchanged directly between real estate lawyers without any third party involvement or unnecessary additional fees. Certified cheques for closing proceeds are couriered to the seller’s lawyer, or are deposited directly into his or her bank account. But now, a large corporation thinks it has built a better mousetrap and has proposed taking over the role as money transfer agent to the Law Society of Upper Canada.

Want to buy a house in Canada? It’ll cost you 400 weeks of work
Marc Lavoie, a researcher with Broadbent Institute, found it took just over 200 weeks of work to buy the average Canadian home in 1970. That’s shot up to more than 400 weeks’ pay in 2015.

Toronto House Prices Are Rising By $550 A Day
Every day you own a detached house in Toronto, your net worth rises by $550. Or put another way, every day you delay buying a house in Toronto will cost you another $550. The Toronto Real Estate Board (TREB) reported Wednesday that single-detached home prices hit an average of $1.258 million in April, up a massive 18.9 per cent in a year. That breaks down to price growth of $16,820 per month, or roughly $550 per day.

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Upcoming Realty Point Seminars (info and to register link)

  • Saturday May 14, 2016 – How to Open a Real estate Brokerage
    Considering opening a real estate brokerage to take advantage of significant tax savings and begin building your own brand and business? Register for this seminar and learn what is needed so you are prepared. We will look at all forms and legal requirements and explain how to accomplish the smooth opening of your real estate brokerage. More information and to register visit this page.

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