Real Estate in the News

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

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Realtors warn land transfer tax could double across Ontario
The Ontario Real Estate Association, in a release Tuesday, warned homebuyers that the province is moving ahead with a plan to allow all other municipalities to levy a land transfer tax.

Toronto experiencing a traditional fall market – with some unusual bumps
Houses are still selling briskly in some cases and sitting in others. One house that didn’t get a single bid on offer night drew three competing buyers a week or so later – with a higher asking price.

Condominium Apartment Starts to Dominate GTA Housing Construction in 2015 & 2016
Housing starts are set to reach 32,400 units in 2015 and remain virtually unchanged in 2016. Condominium apartment starts will dominate construction activity in both years. Existing home sales will reach 93,400 units in 2015 and 90,000 in 2016.

CMHC expects housing market to moderate, starts and sales to slow 2016 and 2017
CMHC chief economist Bob Dugan says the gains in provinces like Ontario and B.C. have offset the slowdown in oil-producing provinces like Alberta. Also read “Interest Rate Update: Hike May Come Mid-2017“.

Sales plateauing in most markets
In its monthly Metro Resale Snapshot, the Conference Board of Canada reported only 15 of the 28 areas reporting a monthly increase. Markets around Ontario’s Golden Horseshoe cooled in August, but B.C. markets continued to surge. Volumes in resource-dependent Saskatchewan and Alberta are weak.

Spike in unsold Toronto condos not a sign of ‘increased vulnerability’, economist says
The number of new, unsold condos in Toronto swelled from less than 1,000 in December, 2014, to nearly 3,000 in May, 2015, the Canadian Mortgage and Housing Corporation and CIBC say. But in the case of the GTA, CIBC Deputy Chief Economist Benjamin Tal says the fluctuating numbers aren’t necessarily a reason to panic.

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