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.

CMHC releases Q2 housing market outlook
The average Canadian home price is expected to continue to increase in the next two years, meaning CMHC doesn’t expect any sort of wide-scale correction. “The average MLS® price is forecast to be between $474,200 and $495,800 in 2016 and between $479,300 and $501,100 in 2017. These levels are higher than the 2015 average price of $442,999,” CMHC said.

Toronto real estate will continue to do ‘extremely well’, says former RBC CEO
Former Royal Bank of Canada CEO Gord Nixon is bullish on Toronto real estate.“I think real estate in Toronto is going to continue to do extremely well,” he told BNN in an interview prior to being inducted into the Canadian Business Hall of Fame at a ceremony in Toronto on Thursday night.“The city is growing every year. There is less and less land to develop because of green space. And it has become an incredibly dynamic international city, with lots of activity. You may go through a dip from time to time, but I think the trend is going to be quite positive.” Also read “Canadian home prices surge 8.1%“.

Toronto, Vancouver home sales may have ‘topped out’, CREA warns
“National home sales set new monthly records over the past two months, even as activity in Greater Vancouver and the GTA (Greater Toronto Area) appears to have topped out,” CREA President Cliff Iverson said in the report.

Ontario housing starts decline for the month of April, CMHC reports
The decline in April was due solely to the apartment sector where starts moved to a more sustainable longer term level, says the CHMC. Overall activity masks underlying strength in recent months for low-rise construction.

Is it time to tax foreign property owners? CIBC economist weighs in
“The issue of foreign investment in the real estate markets of Vancouver and Toronto dominates cocktail party conversations. The good news is that we are not alone. Newspaper headlines in Australia, New Zealand and the U.K. are very similar to ours,” writes Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. “The bad news is that policy makers in those countries are as confused about the issue as we are.”

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