With real estate high season in full swing, homes are moving fast and buyers and sellers are keen to get deals signed, sealed and delivered so that they can enjoy their new home and start their new lives.
Since a home is life’s biggest investment, it probably comes as no surprise that this is an emotionally charged decision. In fact, a recent Bank of Montreal report found that 80 per cent of prospective home buyers know if a house is the right one for them the moment they step inside.
via 5 ways to make sure that you are buying the right home | www.citizen.on.ca | Orangeville Citizen.
Sotheby’s International Realty is seeing a surge in demand from wealthy Syrians, Egyptians and Europeans looking for a safe and relatively stable place to park their millions — Canada’s softening real estate market.
There has been an uptick in “very significant transactions” in tony areas like Oakville and North Toronto by Europeans, many with young families who originally had planned to settle in the U.S. but fell in love with Canada instead, says Sotheby’s Canada CEO Ross McCredie.
At the same time, Montreal’s exclusive Westmount area has become top of the real estate wish list for high-net worth Syrians and Egyptians looking for a safe haven for their money and families, he added.
Increasingly, many of these deals — especially those over $10 millionthose over $10 million — aren’t even showing up in MLS sales tallies because of buyers seeking the privacy afforded by private or exclusive deals, or finalized under the cloak of a corporate purchase, McCredie noted.
“The lack of inventory is a big problem in the high-end market,” so agents are having to find their own properties rather than look to the MLS system, said Andy Taylor of Sotheby’s Toronto office, which has done more international business in the last 18 months than in the last six years.
via Canada’s housing market drawing the big-money crowd | Toronto Star.
When Finance Minister Jim Flaherty tightened home lending standards last year, Bay Street economists shrugged.
It wasn’t the first time Mr. Flaherty had attempted to deflate the housing bubble. Nor was it the second or third. That was enough history to suggest a cycle.
On all previous occasions, sales immediately jumped as buyers rushed to beat the new restrictions. In the next phase, demand cratered when the stricter lending conditions kicked in. Finally, sales popped back up once potential buyers realized that interest rates still were at once-in-a-lifetime levels.
via At Bank of Canada, all eyes on housing market – The Globe and Mail.
Home sales continued their downward slide across the GTA in March — down 17 per cent over the same period a year ago — but prices continue to climb, according to figures released by the Toronto Real Estate Board Wednesday.
Overall, home sales were down 14 per cent for the first quarter of 2013, thanks to a slump in sales that began last summer.
via Toronto real estate: GTA housing sales slump 17 per cent in March, but prices continue to climb | Toronto Star.
First-time homebuyers Jody and Michael Fegelman have heard a lot of talk over the last year about Canada’s cooling housing market. All the couple have felt is the sting of its heat.
During their 1½-year search for a home for their two young children, the Fegelmans have been on the losing end of three grueling bidding wars. They have paid for a home inspection on a place someone else got by paying $80,000 over the asking price.
via First-time buyers find Toronto real estate market hot as ever | Toronto Star.
Economist David Madani sent shock waves through the real estate industry when he predicted that Toronto’s overheated housing market was due for a 25 per cent correction.
That was two years ago.
He’s still waiting — and watching closely — as the GTA heads into one of the most pivotal spring markets of the last two decades.
via Is it bloom or bust for real estate this spring? | Toronto Star.
Toronto has more high rises under construction than any other metropolis in the world
Toronto will add more prime office space in 2014 than almost any other city in the Americas as developers take advantage of low borrowing costs to meet demand from companies such as Google Inc.
More than 1.59 million square feet of so-called triple-A space will be added in Toronto next year, according to data from Cushman & Wakefield Inc., the world’s largest closely held real estate brokerage firm. That’s more than in New York and trails only Mexico City, Cushman said. Investments from pension funds and real estate investment trusts, as well as borrowing costs in some cases more than 2 percentage points lower than in 2007 have helped fund development as well as acquisitions.
via Toronto to pass New York in commercial property boom | Property Post | News | Financial Post.
While January sales all but collapsed in the country’s most expensive housing market, Canada’s largest resale market held its own last month with a relatively small decline in activity and a jump in prices.
The Toronto Real Estate Board reported there were 4,375 sales through the region last month, a 1.3% decline from a year ago. The average sales price reached $482,648 last month, a 4.3% increase from a year ago.
via Toronto home prices jump even as sales decline | Mortgages & Real Estate | Personal Finance | Financial Post.
THUNDER BAY – The Thunder Bay real estate market remains hotter than most of Ontario. Thunder Bay, along with London, Windsor, and Sudbury will outperform the provincial averages over the coming year. Across Canada, sales activity is expected to be less volatile next year than it was in 2012. In 2013, the Canadian Real Estate Association is forecasting that national sales activity will recede by two per cent to 447,400 units.
This is a slightly lower level of activity than previously forecast, reflecting the ongoing impact of new mortgage rules into next year. The continuation of moderate economic, job, and income growth will temper the impact of recent mortgage rule changes, which are not expected to dampen activity much more than has already been felt until interest rates are expected to begin rising in late 2013.
via Thunder Bay real estate market remains hotter than most of Ontario.
It’s a brochure selling intriguing Hamilton real estate to creative types in Toronto, but it doesn’t mention Hamilton on the front cover.
That’s a purposeful omission.
The idea of the Urban Space marketing campaign is to lure readers in with the exposed brick walls and wide open spaces and then let them know it’s Hamilton only when they dig deeper.
“People see they can buy an entire school for $1 million and they say, ‘Where is this? Where can I buy a school for $1 million?’” said Glen Norton, the city’s urban renewal manager, who came up with the idea for the brochure.
“The numbers are shocking to people from Toronto.”
via Hot Toronto? Say hello to cool Hamilton | TheSpec.com.