Real Estate Blog

Toronto’s home sales may have seen a big slump in June but the condo market has shown relative resilience in the second quarter of 2017.

Toronto Real Estate Board data shows that 8,223 condo apartments were sold between March and June, down 8% from the same period of 2016. The average selling price continued rising sharply though, up 28.1% to $532,032 for the TREB market area as a whole and to $566,513 for the city of Toronto.

“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments,” said TREB president Tim Syrianos. “Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market

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Thousands of new homes could be created in Vancouver after city staff announced proposals to allow more infill options for character homes.

All of the approximately 12,000 pre-1940s homes across the city would be eligible for incentives to densify with coach houses and stratified units while retaining the character home.

The proposals, which will go to the City Council next month, also include:

  • Introducing laneway homes (rentals);
  • Increasing the number of homes allowed on a 33’ lot from two to three;
  • Introducing a new detached form for duplex that allows for two separate houses on a lot, with a larger house at the front and a smaller house at the lane; and
  • Permitting large lots to build a new 4plex.

Vancouver’s Mayor, Gregor Robertson,

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Prices are booming south of the border but as the US housing market continues its recovery from the housing crisis a decade ago, Canadians are enjoying the relative affordability.

With many Canadian homeowners sitting on equity, many are taking the opportunity to pick up homes in the US, despite the challenge of tight inventory.

The US National Association of Realtors says that Canadians drove a 49% surge in foreign ownership of American homes in the year to March 2017.

Canadians bought a record-high U$19 billion of US homes, a leap from the $8.9 billion spent in the previous 12 months, which was a slump from 2015’s $11.2 billion. Florida was the top destination for Canadian buyers.

Chinese nationals remain the largest buyers of US homes, as they have been

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National home sales fell 6.7% in June, the largest month-over-month drop since June 2010.

That decline was influenced by cooled demand in the Greater Golden Horseshoe Area following Ontario’s unveiling of its Fair Housing Plan, according to the Canadian Real Estate Association.

“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” said Gregory Klump, CREA’s Chief Economist. “The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who

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Canada’s banks have moved quickly to increase their base lending rates following the BoC’s decision Wednesday.

RBC was the first of the Big Five to pass on the central bank’s 25 basis point rise to customers, increasing its rate from 2.70 per cent to 2.95 per cent. It was soon followed by TD, Scotia, CIBC and BMO. The increases all take effect July 13th. National Bank and Laurentian have also announced hiked rates.

The BoC’s decision to increase interest rates to 0.75 per cent was welcomed by the Conference Board of Canada which said:

“Rising interest rates may cause some consternation about the impact on household finances. However, the level of rates remains very low and regulatory actions by governments are likely to have limited sustained effects in

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Three of Canada's biggest banks are boosting their prime lending rates by 25 basis points, following an interest rate hike from the central bank.

Royal Bank of Canada (TSX:RY), the Bank of Montreal (TSX:BMO) and TD Bank (TSX:TD) all announced Wednesday they are increasing their prime rates to 2.95 per cent from 2.7 per cent, effective Thursday.

The prime lending rate is the rate that banks use to set interest rates for variable-rate mortgages and other loans.

The moves comes after the Bank of Canada raised its key interest rate for the first time in seven years on Wednesday to 0.75 per cent from 0.5 per cent.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which

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The stress tests on mortgages, introduced last fall by the federal government, is pushing some homebuyers into uninsured lending options.

That’s the warning from Mortgage Professionals Canada which says that while the stress tests are a good idea they are based on a 4.64 per cent rate, far higher than the market rates.

"We agree with a mortgage stress test but it should be reflective of more realistic future interest rates so Canadians can continue to have access to affordable homeownership," Paul Taylor, President and CEO of Mortgage Professionals Canada. "Modifying the criterial has a more realistic chance of improving homeownership for consumers."   

He added that the tests mean that some consumers are opting for loans which are uninsured and often at

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The Central Bank raised its new target for the overnight rate to ¾% Wednesday, citing a confident financial outlook and above-potential growth.

This despite softened inflation, which the bank judges to be temporary.

“Governing Council judges that the current outlook warrants today’s withdrawal of some of the monetary policy stimulus in the economy,” the Bank said. “Future adjustments to the target for the overnight rate will be guided by incoming data as they inform the Bank’s inflation outlook, keeping in mind continued uncertainty and financial system vulnerabilities.”

The BoC estimates real GDP growth to moderate from 2.8% in 2017 to 2% in 2018 and 1.6% in 2019.

“Canada’s economy has been robust, fuelled by household spending. As a result, a significant

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