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Toronto Realtors See Market Stabilizing With October Sales Gain

Transactions climbed 12% from September, average prices rose However 5th decline in benchmark prices signals mixed picture Canada’s largest housing market showed signs of life in October after months of cooling demand and declining prices, the Toronto Real Estate Board said. Home sales in Toronto rose about 12 percent from September, an above average move and one that points to “stronger fall market conditions,” the realtor group said Thursday. Transactions were still down 27 percent from a year earlier. Average prices climbed 2.3 percent to C$780,104 ($606,200) in October from a year earlier, and were up almost 1 percent from September, the…

Nov 10, 2017 / by admin / No Comments

The Canadian government is making it even harder for you to buy a house

If you have more than 20 percent of the cost of a home saved up for a downpayment, it’s probably a good idea to go right ahead and buy that property — come January 1, 2018, it will be much harder to qualify for a mortgage. The Office of the Superintendent of Financial Institutions (OSFI), Canada’s banking regulator, confirmed on Tuesday, Oct 17  that there will now be a qualifying “stress test” for all uninsured mortgages, affecting consumers with down-payments of 20 percent or more. Under current housing rules, only borrowers with a down-payment of less than 20 percent require mortgage insurance.…

Oct 30, 2017 / by admin / No Comments

Toronto house prices likely already near bottom

Toronto house prices likely already near bottom, RBC economist says   As real estate prices continue to drop following Ontario’s market-cooling policies, economist Robert Hogue says Toronto is likely to mimic Vancouver’s experience. Toronto’s roller-coaster real estate market took a swoop lower in August, the fourth-straight month that the average sales price in Canada’s largest city declined from a dizzying record high set in April. The Toronto Real Estate Board said Wednesday the average price for all home types in the Greater Toronto Area last month was $732,292, down 1.8 per cent from July and 20.3 per cent below April’s…

Oct 25, 2017 / by admin / No Comments

Is Toronto’s Real Estate Market Still Crashing?

Is Toronto’s real estate market still crashing? If you’re considering buying a home in the Greater Toronto Area, it’s really tough to make sense of what is really happening in the real estate market. Headlines reporting that sales are down 35% over last year can lead one to believe that the real estate market is in a state of free fall, but things aren’t quite what they seem. Before I talk about what is happening in the market today I thought it would be helpful to clarify a couple of misconceptions I’ve been hearing from buyers and even some industry commentators. We…

Oct 18, 2017 / by admin / No Comments

Ontario Economy Too Dependent On Housing “Bubble”

The Fraser Institute report warns that with interest rates expected to increase, Toronto’s housing sector could collapse, leading to serious economic disruption. Ontario, once the industrial powerhouse of Canada, has become precariously reliant on its booming housing market to fuel economic growth, warns a new report. To show how Ontario’s manufacturing sector has slipped, the Fraser Institute report compares Ontario to Quebec, whose economy was historically weaker. Quebec now has a lower unemployment rate than Ontario, higher growth in GDP per capita, and more resilience in such sectors as lumber, paper, primary metals smelting and even installation of data centres.…

Oct 13, 2017 / by admin / No Comments