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.

National home prices soared to largest Q2 gain in five years, Royal LePage says
Royal LePage says the average price of a two-storey home rose 10.7 per cent from a year ago to $619,671. The average bungalow price climbed 7.9 per cent to $437,121, while the average condo price was $348,189, an increase of 4.2 per cent. The real estate agency is predicting that during the second half of the year, the average home price will increase 12.4 per cent, compared to the second half of last year.

House prices too high? Unless supply increases, expect them to go higher
One reason why Toronto’s house prices will continue rising. Job growth, over the past twelve months, has added 77,100 jobs, 91% (70,800) of them being full time. Fuelled in large part by the very positive hiring climate over the past three years, net migration in Toronto has averaged +53,000.

Toronto Real Estate Board appeals Competition Tribunal’s ruling on data policy
The real estate board says the tribunal “erred in fact and law” when it ruled that TREB’s practices lessened competition. Read the fill press release from TREB.

905 condo boom attracts millennials priced out of other markets
According to stats from real estate market research firm Urbanation, sales of new condo apartments in the region, which includes cities like Mississauga, Vaughan and Brampton, reached a record level of 2,112 units in the first quarter of 2016, more than double the number from that time last year. Eleven new condo projects launched in the 905 during those months compared to only four in the city of Toronto.

Prices to continue growing as more homes become investments – analysis
“There are increasing signs that the smart money from around the world and from right here at home thinks that in the current climate, real estate remains a good investment. And as long as that is so, house prices will stay strong,” long-time market observer Don Pittis stated in a July 4 analysis piece for CBC News.

Blame Ontario Liberals for runaway home prices: urban planning expert
Average Toronto home prices have surged more than 85 per cent in the past decade, from $335,907 in 2005 to more than $622,000 in 2015, according to data from TREB. Much of that growth, Clayton said, can be attributed to the Places to Grow Act; Ontario’s most recent land use legislation, which became law in mid-2005.

City land-use regs cause rising home prices: study
“The dramatic growth in prices in Canada’s major housing markets is exacerbated by municipal regulations that restrict housing supply, encourage the growth of prices and negatively impact the affordability of housing,” said Kenneth Green, senior director of the Fraser Institute and co-author of the study, in a press release. The Impact of Land-use Regulation on Housing Supply in Canada is the first study of its kind. The report analyzed 68 municipalities and the how five measures of land-use regulation – construction approval times, timeline uncertainty, regulatory costs and fees, rezoning and the effects of councils and community groups – impact growth in the housing markets of those municipalities.

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