Real Estate in the News

Posted by:

This week’s top real estate news in Ontario and how your real estate business could be affected.

Judge cites privacy in issuing stay order of TREB decision
Justice Mary J.L. Gleason issued a stay of the order of the Competition Tribunal, pending the disposition of TREB’s appeal of the order, on Aug. 12. “When analysing the privacy issue, the tribunal focused largely on whether TREB’s motivation for raising property owners’ privacy rights stemmed from a legitimate concern about those rights or was tainted by an improper desire to maintain the dominant position of the majority of its members who do not rely on web-based services,” says Gleason in Reasons for Order. “TREB argues that in focusing its inquiry on this issue, the tribunal erred.”

Housing affordability driving GTA condo market
The Greater Toronto Area condo market has never shown as much all-around strength as it has so far in 2016. Urbanation’s first-quarter results revealed a 33-per-cent year-over-year surge in new condo apartment sales while resale activity grew 21 per cent and condo lease transactions shot up by 25 per cent. Even more impressive was that this growth came from already lofty levels in early 2015, elevating new condo sales to just shy of a record, with new highs reached for both resale and condo rental volumes. By all recent accounts, this momentum has carried through to the second quarter.

Why Torontonians will have to buy into the idea of renting
Rock-bottom interest rates have created the illusion of homeownership affordability in Toronto. They put homeownership within reach for Torontonians who would not otherwise be able to afford mortgage payments — for now. As soon as rates rise it will be the “most significant test” for individuals looking to purchase a home and it should lead to a larger pool of renters in the GTA. Also read “The typical homebuyer may surprise you“.

Canada’s housing market headed for ‘modest price correction,’ says big bank — but when?
“We anticipate an eventual modest price correction as we approach 2018,” writes Brian DePratto, a TD economist, in the four-page report. The correction would be in the range of 5 to 10 per cent and would mostly play out in the Greater Toronto and Greater Vancouver markets, DePratto tells BuzzBuzzNews in a followup interview. “This is not a crash. I want to make that clear. This is more of a normalization,” he adds.

Canadian housing market sees largest year on year fall in sales since 2013
A breakdown of the figures shows that actual, not seasonally adjusted, sales activity was down 2.9% year on year July 2016, the first annual decline since January 2015 and the largest since April 2013.

Toronto housing supply shortage driving skyrocketing prices, studies say
Several new reports out last week point to just how much the lack of supply – particularly of detached houses, townhouses and other so-called “ground-oriented” housing – has helped drive the Toronto region’s house prices into the stratosphere.

Ontario plans to regulate home inspectors
The changes would ensure consumers receive quality advice, are protected from surprise costs and are aware of safety issues before buying a home. This will also create a level playing field for home inspectors, preventing those with little or no training from offering lower rates to compete with qualified professionals.

Supply of new condo units drops to six-year low
Unsold GTA condo inventory in development dropped 26 per cent annually to 13,528, resulting in the lowest record since 2010. The average selling price for a new condo unit grew two per cent year-over-year to $582 per square foot. Price growth was stronger in the downtown core with sold index prices up four per cent annually to $662 per square foot and the cost of unsold units increasing seven per cent to $724 per square foot. In the resale market, condo unit prices increased 10 per cent year-over-year to $498 per square foot.

Stay up-to-date with all real estate news updated continually on our Facebook page.

Announcing The One Centre Plaza at 41, 55 and 69 Lebovic Ave, Toronto.

This is an exclusive commercial property offering available only through Realty Point franchise brokerages. Watch the video for complete details about this retail/commercial project.

Upcoming Realty Point Seminars

  • FINTRAC Training has been scheduled for several dates and locations. This is mandatory training for all brokerages and agents.
    Please visit the seminar page to register.
  • Realty Point Company Picnic announced for Sunday August 28, 2016. All Realty Point brokerages and agents are invited. Go to the seminar page to register.

More information about upcoming seminars and to register visit this page.