Real Estate in the News

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Real estate news stories that we’ve been following this week.

Risks To Canada’s Economy Are On The Rise, Bank Of Canada Warns
House price growth continues to outpace income growth and that could be the fuse that leads to a house pricing correction says the Bank of Canada, but we are on a better economic footing to absorb economic shocks. Also read “Should Stephen Poloz be more worried about the Canadian economy?

Toronto condo construction heating up again, housing agency says
This key economic indicator is showing a jump from last month to a seasonally adjusted rate of 201,705 units from 183,329 in April. Also read “Dip in multi-family construction intentions“.

Average price of detached home in Toronto hits $1.15M
A new record is set in the GTA after a record smashing April. Listing remain far behind demand which is putting upward pressure on prices. Also read “West Vancouver home sparks bidding war, sells for $1.1 million above asking“.

18% of first-time homebuyers get help from parents, CAAMP says
The “bank of mom and dad” is helping almost 20% of first-time home buyers. Is this due to poor budgeting as these first-time buyers underestimate the price they will be paying for their home? Or is the overall affordability just not within reach? Also read “Mom helping son with down payment ends in family feud“.

Online real estate brokerage Zoocasa shuts down
Zoocasa will be closing down their operations June 22, 2015. Also read “Real estate website Zoocasa to shut down June 22“.

Fake Real Estate Bids Face Ontario Crackdown
July 1, 2015 is the day new regulations become law concerning “phantom bids” to combat the undocumented “there’s another bid on this property” that some unscrupulous brokers have been caught doing.