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.

Toronto sales to pick up in Q3 – report
The Trimart report stated that a rush of new sales will mark the end of Q3 2016, taking into account the over 30 new openings and releases planned across the city for the fall season.

Agent: Expect further mortgage tightening
“We expect some more changes like the CMHC changes. [Possibly] eliminating 5% altogether, requiring 10% down,” Paul D’Abruzzo, an agent with Rock Star Real Estate, told REP. “Things that won’t stop the market but will slow it down. Any slight change is a death shot for first-time homebuyers. It’s a little scary.”

How Toronto and Vancouver housing markets will move in opposite directions — for now
The recently implemented 15-per-cent tax imposed on foreign buyers of residential real estate in Metro Vancouver will reinforce the correction expected for the market, the economists say, while eroding affordability also takes a toll on activity. That very same tax could further fuel Toronto’s housing market, they note, mirroring comments Petramala made earlier last month. “Barring the levying of a similar tax, foreign investors could switch focus to the more affordable Toronto market,” Burleton and Petramala explain.

Canadian home prices to rise sharply on cheap money, speculation
Foreign wealth, cheap borrowing costs and bets that urban centres Vancouver and Toronto will remain profitable will likely support the Canadian property market over the next few years.

Vancouver foreign tax slowing an already cooling home market, realtor group says
Home sales in the Pacific Coast city fell 51 per cent to 758 transactions in the first two weeks of August from the same period a year earlier, with detached properties bearing the brunt of the pain, falling 66 per cent. Also read “Foreign buyers tax sending Vancouver house hunters to Toronto“.

GTA low-rise average price grows by more than $100K
Mississauga News reported that the average price of new detached and semi-detached homes in the Greater Toronto Area last month swelled by around 12 per cent compared to the same time last year, up to $906,508. A corresponding increase was also seen in high-rise home prices in the city, which rose by 7 per cent year-over-year to $475,764.

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