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.

Significant growth in Toronto’s average condo rental costs
In Toronto the average condo one bedroom rent was up by 7.2 per cent to $1,777. The average two-bedroom rent was up by 7.9 per cent to $2,419

October is another hot month for Toronto home sales, prices soar
The Toronto Real Estate Board says there were 9,768 sales in the Greater Toronto Area — up 11.5 per cent from the same month last year. Its benchmark price index was also up by 19.7 per cent from a year ago and the average selling price for all types of homes rising by 21.1 per cent to $762,975.

What’s really driving Toronto’s red-hot real estate market
People who watch the Toronto market closely say that makes sense, arguing that foreign buyers are a limited factor in driving up local prices. They’re pointing to a different, home-grown source of the surge in demand: investors who are buying houses not as a place to live, but as a place to grow their money. The craze has thrust many would-be investors into a market with a limited housing supply, where they compete with people who want to buy a home to live in, bidding up prices.

Canadian federal government isn’t planning on future measures to cool the housing market
“We will continue to be vigilant in monitoring the market,” said Canadian Finance Minister Bill Morneau after delivering a speech in Toronto, Global News reports.

Real estate is on a roll across the GTA
From January through June, 24,253 new homes had already sold, with 13,121 of them being high-rise. Once again, we are having a strong year for real estate, especially condominiums — and with our low mortgage interest rates, the pace is not likely to slow in the near future.

Foreign buyers have limited power in GTA condo market as sales soar
Just 5 per cent of sales that have occurred within condo projects currently in active development across the GTA were to foreign buyers while 52 per cent were to domestic investors. Investors have the patience to purchase a condo years before it’s ready for occupancy keeping building starts possible.

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