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.

Ontario property values jump nearly 50% on Toronto’s surging market
Across Ontario, property values increased 18 per cent between 2012 and this year, or 4.5 per cent a year on average, according to the latest assessment data released by Municipal Property Assessment Corp., which conducts assessments on more than five million residential properties in the province once every four years. The values reflect what homes would have sold for on Jan. 1 of this year.

Housing markets to remain healthy despite shrinking economy – TD
TD economist Dina Ignjatovic emphasized that factors like stronger exports (due to the low loonie) and greater demand from the U.S. would keep Canada’s housing markets afloat despite the downturn.

Entry-level homeowners face ‘buyer’s gridlock’ when upgrading in Toronto, Vancouver: TD
Even though buyers acquire entry-level homes with the intention of eventually “trading up,” strong price appreciation now means taking on a big mortgage or eating into savings, TD said, adding that people trying to sell their entry-level homes have not seen the price appreciation relative to what homeowners in the trade-up segment have enjoyed, “Taking into account other costs associated with selling, financially it makes more sense to stay put and/or renovate,” said Beata Caranci. “If this sounds familiar, you have a case of buyer’s gridlock.”

Toronto condo market is in ‘high risk zone’ of overbuilding, RBC says
In Toronto, the amount of unsold but finished condos fell from a 22-year high of 0.58 units per 1,000 population in May 2015 to 0.28 units in April 2016, but both figures are still in the range the bank calls “modest excess supply” which is anything between 0.27 and 0.42.

CREA wants competition ruling to apply in Toronto only
The Canadian Real Estate Association (CREA) doesn’t want real estate boards outside Toronto to be bound by a Competition Tribunal ruling that will likely force the country’s largest board to lift restrictions on some property sales data.

Is commission protection insurance worth it?
Nearly all of the Realtors surveyed also didn’t know that if the total commissions owed to all agents exceeded $1 million, including from co-operating brokerages, their claims would then be paid as a percentage of the total claim.

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