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.

TREB Monthly Resale Report June 2016
Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 12,794 residential transactions through TREB’s MLS® System in June 2016. This result was 7.5 per cent higher than the 11,905 sales reported in June 2015. In line with the prevailing trend so far this year, the number of new listings was down by 3.8 per cent. Also read “The GTA’s housing market is so hot, even some realtors are showing concern“.

Toronto real estate prices soar in June; sales volume up but new listings fall
The Toronto Real Estate Board says there were 12,794 residential transactions through its members in June — 7.5 per cent more than the same month last year. The group’s home price index was up 16 per cent from last year, amid steady demand and fewer new listings. The number of new listings fell to 16,980 from 17,659 in June 2015 and from 17,412 in May of this year. The average sale price in the Greater Toronto Area was $746,546 last month, up from $639,309 in June 2015 and up from $734,924 in May.

Unlike British Columbia, Ontario real estate to stay self-regulated
Ontario has no plans to change how Canada’s second-hottest real estate market is governed, with its self-regulating body arguing it already has many of the safeguards that have been missing in British Columbia, where the industry has just lost the right to police itself.

Why smart money is still investing in Canadian houses: Don Pittis
A new flood of money into the global economy from central banks in an attempt to counteract the depressing effect of the Brexit vote only makes putting cash into real estate a sounder financial investment.

Report warns against tightening mortgage rules
Housing activity is a primary driver of the Canadian economy and any adjustments to mortgage lending that removes people from the market could have serious adverse effects.

GTA condo sales overtake supply
Condominiums are becoming an increasingly important part of the GTA’s housing market mix as development in the region grows more intense. For those seeking affordable home ownership, a condo is likely the only viable option, given the skyrocketing prices of detached houses.

Ontario tried a speculation tax on property, and the market ‘collapsed overnight’
Would a speculation tax reign help cool specific housing markets? And what are the ramifications? “You really have to proceed carefully, you don’t want to blunder into anything that tips the markets,” said Doug Porter, chief economist with Bank of Montreal.

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