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.

Gen X bigger purchaser of cottages than Baby Boomers: Royal LePage report
The typical cottage buyer is a couple with children, most likely in the Generation X demographic, which the report defines as those aged 36 to 51.

Good times for investors to continue
The Canadian economy has recovered somewhat from 2015, but not enough to warrant a hike to the BoC’s rate. That means homebuyers and, indeed, investors will continue to benefit from record-low rates. Also read “Brexit could further inflame Canada’s already overheated housing—BMO“.

Ontario announces 2017 rent increase guideline
The 2017 rent increase guideline in Ontario has been set at 1.5 per cent. This increase represents the maximum most landlords can raise a tenant’s rent without the approval of the Landlord and Tenant Board. It is applicable to rent increases between January 1 and December 31, 2017.

Residential sales fall in Canada after previously setting all time monthly record
Sales activity dropped in about 70% of all markets, led by those in British Columbia and Ontario where the number of homes listed for sale has fallen to multi-year or all-time lows. ‘National sales activity is still strong, even after coming off the record levels of the past couple of months. But, there are housing markets where sales continue to reflect a cautious mood among homebuyers and uncertainty about the local economy,’ said CREA president Cliff Iverson.

5 reasons (besides low interest rates) why Toronto and Vancouver real estate may only get hotter
“It seems that everyone has their favourite lead actor/villain driving these two markets skyward,” reads a new BMO report penned by Douglas Porter, the bank’s chief economist, and BMO Senior Economist Robert Kavcic. “While record low borrowing costs are the most obvious factor behind lofty home prices, the fact that the surge in prices is so heavily concentrated in just two cities (and their environs) means that there are other important factors at play as well,” says the report, entitled “The Housing Market Blame Game.”

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