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.

Condo market joins in Toronto’s real estate boom
According to tallies recently reported by the market-research firm Urbanation, sales of new condo units surged 32 per cent in the first quarter of 2016 in the Greater Toronto Area compared with the same period last year. The 2016 tally came close to the first-quarter record set in 2012. Unsold inventory in new developments, meanwhile, shrank by 16 per cent in the first three months of the year compared with the same period last year.

Canadian Home Prices See Biggest Year-on-Year Gain Since 2010
Actual (not seasonally adjusted) sales activity rose 10.3% year on year ago to shatter all previous records for the month of April. It also marked the second highest level for transactions for any single month and stood 16.5% above the 10 year average for the month of April.

Toronto housing market shows signs of cooling: Report
That trend was even more pronounced in the Toronto area, where new listings were down 10.3 per cent compared to April 2015.

Resales at all-time high as York Region house prices climb 13.5%
The average price of a resale home in York Region increased by 13.5 per cent in 2015 to $777,927, Paul Bottomley, York Region’s manager of policy, research and planning in the economic development department, said during a presentation on the state of the region’s economy. That has jumped from $491,883 for the average resale home only five years ago.

Chinese investment in Canada to grow
“Toronto is the most popular Canadian city for Chinese buyers, although I think sometimes Vancouver feels like it is the leader.”

GTA real estate market on pace for another year of record-breaking sales
The increasingly competitive Greater Toronto Area real estate market is on pace for another year of record-breaking sales and double-digit price growth as buyers bid aggressively for the few houses on the market. Sales in the first quarter of 2016 rose 15.8 per cent from the opening three months of last year, according to the Toronto Real Estate Board.

Pending US home sales hit highest level since February ’06
The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index surged 5.1 per cent last month to 116.3, the highest since 117.4 in February 2006. The strong sales come in the middle of the spring home-buying season. Sales are up 4.6 per cent from a year ago.

85 real estate firms not compliant with anti-money laundering rules
The federal anti-money laundering agency received 337 compliance reports from roughly 1,000 companies in the real estate sector it surveyed including brokers, sales representatives and developers between Jan. 1, 2013, and Feb. 8, 2016.

Don’t look now Toronto homebuyers, Niagara Falls just might be your new suburb
The strongest real estate market in Ontario just might be the Niagara Region, where the dollar value of sales in April soared 36.2 per cent from a year ago, a combination of frothy prices and a major uptick in sales activity.

Millennials’ delicate balancing act between education and ownership
Citing the results of a 2014 study by the Pew Research Center—which found that the median salary of bachelor’s degree holders grew at a steady 13 per cent in the 25 years up to 2009—Capps noted that millennials do not appear to be as in a hurry to purchase homes as their parents and elders did, “despite their educational ambitions—or, perhaps, because of them.”

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