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.

May high-rise sales mark near-record month
The sales figures for new high-rise homes last month soared 76 per cent compared to the same month the previous year and represented close to twice the 10-year average of 1,896 units. New home sales also rose month over month in May, following 2,324 new homes sales in April, which amounted to a 14-per-cent decline compared to April, 2015.

Economic aftershocks of Brexit will keep Canada mortgage rates at record lows
As reported by David Akin for the Toronto Sun, ever-plunging rates caused by the economic aftershocks of the British polls would mean that Canada’s housing markets might see continuous and even intensified activity. “Indeed, if the ‘leave’ side prevails, global interest rates are likely to remain even lower for even longer amid the deep uncertainty over the U.K.’s and the EU’s economic fate and likely financial market volatility,” BMO chief economist Doug Porter said in a report. Also read “How the Brexit Affects Canadian Mortgage Rates“.

Clearer signs of housing slowdown unlikely to be visible until 2017—TD
“We believe the Bank of Canada will likely want to keep its foot on the accelerator for as long as possible, and is not likely to begin raising its policy interest rate until 2018,” TD said in its report.

Canada Needs House Prices To Drop. Here’s How To Make It Happen.
How do you cool off two Canadian housing markets without tanking the ones that are already struggling?

Each Canadian household to spend around $13,000 on renovations in 2016—survey
In a June 22 press release, CIBC announced that around 37 per cent of those surveyed are planning renovations and improvements for their properties in 2016, a decline from the proportion of homeowners who undertook such projects last year (40 per cent).

Ottawa sets up working group to monitor housing market
The federal government plans to work with British Columbia and Ontario and the cities of Toronto and Vancouver to keep a close eye on housing markets in those two cities and across the country., Finance Minister Bill Morneau said Thursday. “The working group will review the broad range of policy levers that affect both supply and demand for housing, the issue of affordability, and the stability of the housing market,” Morneau said in a speech to the Economic Club in Toronto on Thursday.

Sweden to become first nation to adopt blockchain tech for real estate deals
Sweden’s National Land Survey, known as “Lantmäteriet”, said the trial could have a significant impact on land deals, which until now have always been paper based and involved the use of traditional mail.

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