This week’s top real estate news in Ontario and how your real estate business could be affected.
New GTA home prices ease as supply ticks higher
The Greater Toronto Area saw a slight increase in the supply and mix of new homes in October while average prices declined slightly, the Building Industry and Land Development Association (BILD) has announced. For the low-rise sector, including detached, semi-detached and townhomes, the average price was $937,689, down around $54k from September but still 17 per cent above October 2015. Average price per square foot was up slightly from September at $394. Meanwhile, high-rise home prices also eased compared to a month earlier, to an average $483,656 which is 10 per cent above October 2015. Average price per square foot was $594, again down from September but up compared to a year earlier.
Indicators of Money Laundering in Financial Transactions Related to Real Estate (PDF)
FINTRAC provides indicators of money laundering in real estate in order to support all relevant reporting entities in meeting their obligations to report on suspicious financial transactions or attempted financial transactions.
BC Foreign Buyer Tax Might Actually Cost Canadian Taxpayers Billions
BC might not have the ability to tax foreign buyers in Metro Vancouver, according to the filed Notice of Civil Claim. Luciana Brasil, a partner at the firm Branch MacMaster representing the plaintiff, told us recently that “the central allegation of the lawsuit is that the province does not have the authority to create and levy this tax. We argue that it intrudes upon an area of federal jurisdiction and contradicts obligations the federal government has made to over 30 countries regarding the treatment of their nationals.”
These figures suggest just how much immigration drives Canadian housing demand
While those new to Canada don’t generally make the leap into homeownership right away, notes Scotiabank Economist Adrienne Warner, sooner or later most do. “New immigrants typically first choose rental accommodations, but eventually have homeownership rates similar to Canadian-born residents,” Warren explains in the bank’s latest Global Real Estate Trends Report.
Regulators should explore boosting minimum down payment on homes: CMHC
Evan Siddall, president and CEO of Canada Mortgage and Housing Corp., said in a speech at the Bank of England’s offices in London that increasing the minimum down payment even further could help offset the effects of rock-bottom interest rates, which have encouraged borrowers to take on excessive mortgage debt.
Here’s how much Canadian home prices could plummet in 5 stress test scenarios
“Stress testing involves searching out extreme scenarios that have a very remote chance of happening and planning for them,” says Romy Bowers, CMHC’s chief risk officer. A surge in interest rates resulting in higher borrowing costs and the failure of at least one Canadian financial institution could mow down home prices by 30 per cent, CMHC estimates in results published last Thursday.
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Upcoming Realty Point Seminars
- Realty Point Annual Celebration
Sunday, December 11, 2016 at the Capitol Banquet Centre in Mississauga (6435 Dixie Road, Mississauga, ON, L5T1X4)
All Realty Point agents are invited. Please contact your brokerage office for information- Buffet dinner
- Entertainment & Music
- Realty Point Sales Award Presentation
- Networking & Mini-trade show
- Prizes, prizes prizes and a grand prize of an all-inclusive trip for two to the Dominican Republic
Login to your Agent Dashboard to register now. Tickets are extremely limited. Guaranteed registration ends Friday November 18 at 3:00pm.
Please ensure the office has your up-to-date sales to be considered for the Realty Point Sales Awards by November 15th, 2016. - Agent Training Webinars
New Agent training courses have been added and scheduled for you on Tuesdays at 11:00am and Thursdays at 7:00pm. Regular topics include using the Agent CRM and learning how to create a website in your Agent Dashboard. These webinars are available online only, for more information and to register please login to your Agent Dashboard and visit the Office Events Section.
More information about upcoming seminars and to register visit this page.
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