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‘There are serious consequences’: Suspected Canadian mortgage fraud spikes 52%

Wednesday Jan 11th, 2017


    Some mortgage applicants are fudging the truth to land the home they desire, according to an Equifax Canada study. There was a 52 per cent increase in suspected fraudulent activity in mortgage applications since 2013, according to the report released on Wednesday. "We're certainly seeing more mortgage applications being flagged as suspicious by our reporting institutions," Tara Zecevic, vice-president of customer insight at Equifax Canada, said in a... [read more]

Toronto home prices surge over 20% as 'frustrated' buyers face waning supply

Friday Dec 02nd, 2016


  Toronto home prices surge over 20% as 'frustrated' buyers face waning supply Staff A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. , The Canadian Press/Graeme Roy Toronto home prices rose more than 20 per cent in November compared to the same period last year, as homebuyers faced a declining number of active listings, according to... [read more]

Canada's rental vacancy rate rises 3.4%, but Toronto, Vancouver markets still tight

Tuesday Nov 29th, 2016


    OTTAWA - Canada's rental vacancy rate edged up in 2016 as the supply of apartments increased, but rental housing was harder to find in Vancouver and Toronto, where a long housing boom has driven real estate investment and a condo building boom. Canada's vacancy rate increased to 3.4 per cent in October from 3.3 per cent a year earlier, as the number of new units hitting the market outpaced the rise in occupancy, the Canada Mortgage and Housing Corp said on... [read more]

Brampton Real Estate: How to sell a home leading up to the holidays?

Thursday Nov 24th, 2016


There is no controlling the time of year that a real estate investor might be required to divest of a property, but what about the busy period leading up to the holiday season? Although listing a home too close to Christmas isn’t ideal in many cases, it can yield positive results if done properly. One advantage of selling a property around the holidays is that there’s typically less competition. With fewer listings on the market at this time of year, you can take advantage of... [read more]

Toronto, Vancouver markets stay hot as Canadian housing prices rise 0.2%

Thursday Nov 10th, 2016


A 3-bedroom detached home selling for $750,000 in Toronto, Courtesy of MLS Canadian new housing prices rose by 0.2 per cent in September from August, the 18th consecutive increase, on continued strength in the major markets of Toronto and Vancouver, Statistics Canada said on Thursday.  The advance matched the forecast of analysts in a Reuters poll. Prices in the combined Toronto-Oshawa region, which accounts for 27.92 per cent of the Canadian market, climbed by 0.3 per cent.... [read more]

Toronto real estate investors deny they're driving up the market

Monday Nov 07th, 2016


Domestic investors make up 25% of real estate agent client base, survey suggests     Peter Walsh says that since arriving in Toronto a decade ago, he and his wife have purchased three houses and two condos. But he rejects the idea that their property investments are contributing to the affordability crisis in the city's red-hot real estate market. "I wouldn't like to think of us as kind of ruining the market... [read more]

TD raises mortgage prime rate by 0.15% in wake of Ottawa's new rules

Tuesday Nov 01st, 2016


    TD Bank is raising the interest rate it charges customers with variable-rate mortgages. The bank is increasing its TD Mortgage Prime rate to 2.85 per cent from 2.7 per cent, effective Tuesday. Customers with fixed-rate mortgages are unaffected by the change. TD's prime rate for other products with a variable interest rate, such as lines of credit, are not affected as that rate remains at 2.7 per cent. Borrowers with variable-rate mortgages often... [read more]

Edmonton unprepared for coming real-estate crash, author says

Tuesday Sep 06th, 2016


CBC News Posted: Sep 05, 2016 10:21 AM MT Last Updated: Sep 05, 2016 10:21 AM MT Edmontonians are unprepared for a coming real-estate crash, warns the author of When the Bubble Bursts: Surviving the Canadian Real Estate Crash."   Hilliard MacBeth, an Edmonton-based portfolio manager, says Edmonton has so far escaped the brunt of the recession caused by the drop in oil prices, unlike other parts of the province. The city also largely escaped the impact... [read more]

Saskatoon real estate agents report strong August

Tuesday Sep 06th, 2016


  August brought a 13 per cent year-over-year increase in sales for Saskatoon real estate agents in both unit and dollar volume terms. The rise in dollar volume from July to August hit a new record at 38 per cent with sales of just over $210 billion, beating the previous August record of $180 billion set in 2013. Saskatoon Association of Realtors reports active listings at 1,956 which is above the 5-year average (1,634) but total inventory for the year-to-date is 4 per cent... [read more]

This Ontario market had the best August on record

Tuesday Sep 06th, 2016


Real estate agents in the London and St. Thomas markets in Ontario have recorded their best August sales on record. There were 804 detached homes and 195 condos sold in the month and year-to-date sales are up 9.1 per cent. The record August follows new month-records in June and April. Inventory continues to tighten in the market with a 29.4 per cent drop according to London and St. Thomas Association of Realtors. "Supply continues tight and demand high," says LSTAR... [read more]

Best real estate apps and tools when buying a home

Friday Sep 02nd, 2016


Buying a home can be a daunting task. Yes, it’s exciting to become a homeowner but the decision to take this step in life often comes with some heavy price tags. Thank goodness technology is here to help! To make it easier here’s a snapshot of the free mobile apps and free online calculators that can help you achieve your goal of homeownership. This is not a comprehensive list. I’d run out of time if I were to list all the available options... [read more]

Ontario to introduce bill that would regulate home inspectors

Thursday Aug 18th, 2016


  Home inspectors in Ontario could soon be regulated under legislation the Liberal government says it intends to introduce this fall. Consumer Services Minister Marie-France Lalonde is announcing today that the bill would require home inspectors to be licensed and set minimum standards for contracts and home inspection reports. It would also establish a body to administer and enforce the licensing and regulations. Lalonde says the legislation would protect consumers by... [read more]

Toronto Mayor John Tory calls on governments to relieve housing supply shortage

Tuesday Aug 09th, 2016


  Toronto Mayor John Tory wants to free up unused public land for housing developments in a bid to get more supply into the tight market. In an interview on BNN, Tory said the municipal government could expedite the approval process for such projects, but only if other levels of government are willing to sell land to developers. “If the other governments wanted to do something that would be really helpful at this stage of the game, it would be to answer the call we have made... [read more]

Condo Buyers' Demands Are Changing Like Never Before

Thursday Jul 28th, 2016


    There's no question condominiums are an increasingly popular housing choice for Canadians for a variety of reasons -- lower costs and prime inner city locations chief among them. But this also means condo buyers' demands are changing like never before.     x For many buyers, proximity to transit is essential, while others prefer a location in the heart if the city. Some want a parking spot, and others are OK with a nearby... [read more]

Foreign buyers with pending home deals won’t be spared from B.C.’s new tax, minister says

Wednesday Jul 27th, 2016


  VICTORIA -- There will be no reprieve from a new tax on foreign buyers who have signed contracts to purchase homes in Metro Vancouver, where they snapped up almost 10 per cent of recent property sales, B.C. Finance Minister Mike de Jong says. The tax takes effect next Tuesday and long-term contracts, such as pre-sale agreements for condos under construction, and pending property purchases involving foreign buyers will pay the new 15-per-cent tax. "If the transaction is... [read more]

Four reasons home prices keep soaring in Vancouver and Toronto

Wednesday Jul 20th, 2016


  There are four key reasons housing prices have soared in Vancouver and Toronto over the last two decades, according to a report released by RBC on Friday. And foreign investment is not one of them. The report estimated that since 1999, home prices in Toronto have increased 162 per cent in Vancouver and 140 per cent in Toronto. There have been many theories as to why this has happened, but according to RBC, there isn’t one singular factor to blame. Here’s a breakdown... [read more]

Toronto Real Estate Board fights order to release housing data

Monday Jul 11th, 2016


  The Toronto Real Estate Board is appealing an order to unlock crucial data about home sales, on the grounds that it runs counter to privacy laws. The Tribunal ordered TREB in June to not withhold information such as past selling price and how long a home was on the market before selling, except in circumstances where a home seller “affirmatively directed” the realtor to not release listing information online. TREB says it supports competition among its 45,000 realtor... [read more]

How Canada’s hot housing market is propping up GDP growth

Monday Jul 04th, 2016


The Canadian economy grew by just 0.1 per cent in April from March, but it received a big boost from the country’s hot housing market, according to data released by Statistics Canada on Thursday. Real estate activity was the biggest year-over-year contributor to growth, adding $218.8 billion to Canada’s gross domestic product in April, up from $211.6 billion in the same period last year. That means the $7.2 billion year-on-year growth in real estate activity accounted for nearly... [read more]

Mid-Year Review: Policy likely won't slow the housing market

Monday Jul 04th, 2016


  Ryerson University's Director at the School of Urban and Regional Planning, David Amborski, tells The Close why he doesn't see anything slowing the housing market heading into the second half of the year and why policymakers need to take a closer look at real estate land supply. [read more]

Why Vancouver parents are buying condos for their young children

Thursday Jun 30th, 2016


  Why Vancouver parents are buying condos for their young children Nicole Gibillini, Staff As home prices in Vancouver continue to soar, a new trend is emerging in the city: parents buying their children – some as young as six months old – condos to prevent them from getting priced out of the market. Chris Catliff, chief executive officer of British Columbia credit union BlueShore Financial Group, told BNN that some of his clients have begun purchasing homes for... [read more]

Buy first, then sell? Or vice versa?

Thursday Jun 23rd, 2016


You are now in the grips of looking for a new home for any number of reasons. You have been transferred, you are expecting your first child or you are blending new families together. So you will find yourself facing the eternal question of what to do first: Buy the new home, or sell the old one? This is a very tricky juggling of two mutually exclusive and independent events. It would be great if you could simultaneously buy and sell together. Sometimes this is possible, but you need... [read more]

Toronto house prices up 15.7% in May

Thursday Jun 09th, 2016


Real estate board’s latest monthly statistics say Toronto home prices increased by an average of $64,262 from the same month last year.   Toronto’s record-breaking streak of real estate sales continues with May sales up 10.6 per cent over the same month last year, with homes selling for 15.7 per cent more than they did in May 2015. The Toronto Real Estate Board’s (TREB) latest monthly statistics showed Toronto home prices increased $64,262 on average to... [read more]

TREB data to open up

Monday Jun 06th, 2016


      06 Jun 2016   The competition tribunal has ordered the Toronto Real Estate Board to open its data up to the public. "I welcome today’s order by the Competition Tribunal requiring the Toronto Real Estate Board to permit member agents to use and display critical data on virtual office websites,” John Pecman, commissioner of competition, said. “The Bureau remains focused on ensuring that consumers benefit from innovation and... [read more]

Canada Real Estate Graph By Rentseeker Shows You CAN Afford A Home In Some Cities

Sunday Jun 05th, 2016


  There really are a few Canadian cities where you'll be able to afford a home some day. They're just not Toronto and Vancouver. The graph provides more bad news for prospective homeowners in Canada's hottest housing markets. In Toronto, the average home price grew 12.1 per cent, from $613,933 to $688,181, according to data from the Canadian Real Estate Association (CREA) and the Canada Mortgage Housing Corporation (CMHC). And must one say how much home values... [read more]

'What would Trump do?': Bay St. urges Ottawa to target foreign homebuyers

Saturday Jun 04th, 2016


  Canada’s federal government is prepared to take further action against skyrocketing Vancouver and Toronto home prices, but Bay Street is split on whether Ottawa should. More than three dozen of the country’s most well-known money managers were surveyed by BNN about whether further intervention is needed to cool Canada’s two hottest housing markets. Only about half – 19 out of 39 regular guests on Market Call and Market Call Tonight – said yes, with 16... [read more]

Scotiabank CEO calls on Ottawa to raise down payment rules again

Friday Jun 03rd, 2016


Brian Porter argues the federal government must intervene further if it hopes to slow the rapid rise of real estate prices in Canada’s two hottest housing markets. The chief executive of Bank of Nova Scotia told BNN he is “a little concerned” about price activity in Vancouver and “maybe pockets” in Toronto, where the average price of a home has surged 41 per cent and 45 per cent respectively over the past five years, according to the Canadian Real Estate... [read more]