Foreign Ownership Below 5 per cent in Toronto, Vancouver Housing Markets

Homes in Vancouver and Toronto purchased by non-residents tend to be more expensive than those owned by locals, according to a new report from Statistics Canada that comes amid intense debate over the role of foreign buyers in the country’s hottest housing markets. In long-awaited figures, the agency also said that non-residents owned 7.6 per cent of all homes in the city of Vancouver and 4.8 per cent in the wider region. In Toronto, non-residents owned 4.9 per cent of properties and 3.4 per cent in the larger region, Statscan said, using estimates gleaned from land registries, tax records and…

Dec 22, 2017 / by admin / No Comments

Toronto Detached Real Estate Listings Are Up 146%

Toronto real estate is seeing lower prices, less sales, and more inventory for detached homes across the city. Toronto detached real estate demand is continuing to soften into the winter slump. Toronto Real Estate Board (TREB) numbers show that prices declined for a sixth month in a row. Last year’s record shortage of inventory is starting to look a little more balanced, as frenzied buyers start to disappear. Lower prices are the expected reaction to declining sales, and an increase of inventory.   Toronto Detached Real Estate Prices Are Tapering Gains The benchmark price of a detached home is up, but tapering…

Dec 11, 2017 / by admin / No Comments

Toronto relying on strong real-estate market to balance budget

Even with signs of a cooling real estate market, Toronto is once again counting on housing prices to balance its $11-billion municipal operating budget. The city’s top bureaucrat, city manager Peter Wallace, unveiled a preliminary 2018 budget on Thursday that will be debated and amended before a final vote in February. Unlike in many previous years, the proposed books are already balanced. Mr. Wallace repeated his regular warning to councillors that in order to keep the finances in the black, Toronto is heavily relying on its land-transfer tax. His proposed budget projects that it will bring in more than $800-million…

Dec 01, 2017 / by admin / No Comments