Archive for the ‘Real estate market updates’ Category
Builders working to reduce impact of HST on new home buyers
Posted by: soconnor in Finance & insurance, First time home buyers, New Homes and Condos, New home builders, Real estate industry news, Real estate market updates on February 19th, 2010
The controversial new HST rules have been causing quite a stir as their July 1, 2010 implementation date approaches, and nowhere is this more evident than in the realm of the biggest of big purchases, new home sales.
The good news for most Ontario homebuyers is that because of the way the tax is structured, there will be no significant increase in cost for new homes that are priced below $400,000.
Canada home prices may rise 10 per cent in 2010: report
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates on December 2nd, 2009
Canadian home-resale prices are likely rise in 2010 at an even faster pace than this year but a dangerous bubble probably won’t develop, TD Economics said in study published on Tuesday.
New home sales up 113 per cent in September
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates on October 23rd, 2009
New home sales surged 113 per cent in the Greater Toronto Area in September, with the high-rise condo market finally coming to life to join the rally in low-rise new home sales that began earlier this year, the Building Industry & Land Development Association announced today.
There were 3,883 new homes and condos sold in the GTA in September, according to RealNet Canada Inc., BILD’s official, independent source of new home market intelligence.
Renovation tax credit boosts home improvement projects in Canada: RBC survey
Posted by: editors note in Home decor, Home improvement tips, Real estate industry news, Real estate market updates on October 22nd, 2009
A majority (63 per cent) of Canadian renovators plan to take advantage of the federal government’s home renovation tax credit this year and close to half (47 per cent) have done more renovations because of the tax break, according to a new RBC study.
MLS home sales grow stronger in the third quarter
Posted by: editors note in New Homes and Condos, Real estate industry news, Real estate market updates, Resale homes on October 16th, 2009
CNW Telbec/ – National resale housing activity climbed to the highest level of any third quarter on record this year.
Actual (not seasonally adjusted) home sales via the Multiple Listing Service Systems of Canadian real estate boards totalled 135,182 units in the third quarter of 2009, according to statistics released by The Canadian Real Estate Association (CREA). This is the highest level of activity on record for the period from July to September. The number of transactions was up 18 per cent from the third quarter of last year, representing the biggest year-over-year increase since early 2002.
TD Canada Trust changes residential mortgage rates
Posted by: editors note in Mortgage questions, Real estate industry news, Real estate market updates on October 12th, 2009
TD Canada Trust has changed its mortgage rates, effective October 14, 2009.
The changes are as follows:
Fixed Rates To: Change:
———–
6-month convertible 4.60% N/C
1-year open 6.55% N/C
1-year closed 3.75% N/C
2-year closed 4.20% +0.30%
3-year closed 4.75% +0.30%
4-year closed 5.29% +0.35%
5-year closed 5.84% +0.29%
6-year closed 6.10% N/C
7-year closed 6.60% N/C
10-year closed 6.70% N/C
AFFORDABILITY AND JOB SECURITY MOST IMPORTANT FACTORS FOR FIRST-TIME HOMEBUYERS
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates, Resale homes on October 5th, 2009
Canadians who are considering purchasing their first home are primarily motivated by lower home prices and very low interest rates, but some require confidence in the economy and their employment prospects before they will enter the market, according to a report released by Royal LePage Real Estate Services.
Eighty-six per cent of potential first-time buyers say low interest rates make them more likely to purchase a home; 81 per cent cite lower housing prices as a motivating factor; while 76 per cent cite job security and 64 per cent say a stable economy is an important factor in their decision to buy.
August new home sales up 62 per cent
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates on September 22nd, 2009
CNW-Sales of new high-rise condominium suites stabilized in August while sales of new low-rise (single-detached, semi-detached and town-homes) homes spiked by a dramatic 163 per cent, resulting in a 62 per cent increase in total new home sales, August over August, the Building Industry & Land Development Association (BILD) revealed today.
According to RealNet Canada Inc., there were 3,074 new homes and condos sold in the Greater Toronto Area in August, 2009. Monthly high-rise sales were up for the first time this year, albeit very modestly, while low-rise unit sales continued on the exceedingly hot pace of the last several months.
GTA Resale Housing Sales Up 19 Per Cent in the First Half of June
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates, Resale homes, Selling your home on June 19th, 2009
Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.
“Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role.”
The average price for MLS® sales was $407,716, up by two per cent compared to last year.
Gen X to flex new purchasing muscle in recreational property markets across Canada, says RE/MAX
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates on June 12th, 2009
Generation X purchasers are poised to replace aging baby boomers as the major force in recreational property markets across the country, according to a report released today by RE/MAX.
Housing activity will moderate in 2009, improve in 2010
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates on May 28th, 2009
Housing starts are expected to decline to 141,900 for 2009, but increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook, Canada Edition(*) report.
TD Canada Trust 2009 Condo Poll Shows Canadians Believe It’s a Buyer’s Market
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates on May 5th, 2009
In a buyer’s market, if you can’t go it alone, find a good friend. The results of the 2009 TD Canada Trust Condo Poll show that the perceptions of the condo market have improved significantly over 2008 with 44% of urban Canadians believing the current conditions have improved for buying a condo as an investment (versus 21% in 2008).
Why? Respondents say it is a buyer’s market and condo prices are declining. If they can’t afford to buy one on their own, 43% are willing to consider a joint purchase with a friend or relative to make the condo purchase possible.
“For Canadians looking to purchase their first residence or make a
long-term investment, condos offer a lower maintenance and lower-cost
alternative to houses,” says Joan Dal Bianco, Vice President, Real Estate
Secured Lending, TD Canada Trust. “This is a good time to explore a condo
purchase given that mortgage rates are very attractive right now and many
condos have dropped significantly in price.”
HST squeezes middle-class homebuyers, hits GTA hardest, new report finds
Posted by: editors note in Finance & insurance, First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates on May 5th, 2009
Greater Toronto Area homebuyers will absorb an exorbitant share of the whopping $800 million tax increase on new homebuyers across the province under the Provincial government’s harmonized sales tax (HST), which could threaten up to 21,200 jobs, a new report released by the Building Industry & Land Development Association (BILD) revealed today.
The report, titled “Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget’s HST Proposals,” reveals that GTA new homebuyers will absorb $575 million or nearly three quarters (72%) of the $800 million tax increase while accounting for less than half (45%) of new home sales in Ontario.
Canada’s Housing Market: Is now the right time to buy?
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates, Resale homes, Selling your home on April 22nd, 2009
BMO and industry experts shared their insights on the current and future state of Canada’s real estate market at BMO’s Real Estate Forum in Toronto.
The panel discussion is available on video: http://events.snwebcastcenter.com/bmo/20090414/index.php
First quarter new home sales down 62 per cent
Posted by: editors note in First time home buyers, Real estate industry news, Real estate market updates on April 21st, 2009
New home sales in the Greater Toronto Area were down 55 per cent in March, compared with March 2008, contributing to a 62 per cent decline in first quarter new home sales, Stephen Dupuis, President and CEO of the Building Industry and Land Development Association (BILD) revealed
today.
According to RealNet Canada Inc., there were 1,457 new homes and condos
sold in March versus 3,203 last March. The 55 per cent decrease was driven by a dramatic fall-off in high-rise condominium sales which were down 77 per cent from last March. Low-rise sales (single-detached, semi-detached and townhomes) fared better, relatively speaking, declining 27 per cent from March, 2008
Sales tax harmonization will hurt resale home market
Posted by: editors note in Finance & insurance, First time home buyers, Real estate industry news, Real estate market updates, Resale homes, Selling your home on March 27th, 2009
TORONTO, March 26 /CNW/ – Ontario’s REALTORS(R) say the McGuinty governments plan to harmonize the GST and PST will add over $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry’s recovery from the current economic downturn.
“Now is not the time to be erecting barriers to homeownership,” said Pauline Aunger, President of the Ontario Real Estate Association. “We need consumers to invest in housing to help get our economy going again.”
House prices dip due to dampened consumer confidence
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates, Resale homes, Selling your home on March 17th, 2009
(NC)-During the fourth quarter of 2008, Canada’s real estate market posted a decline in both unit sales and house prices, according to the Canadian House Price Survey. The combination of a global economy in recession and shrinking employment figures did much to dampen consumer confidence, diminish home sales and cause house prices to drop.
Home builders’ profits to fall by 20 per cent in 2009
Posted by: editors note in First time home buyers, New Homes and Condos, New home builders, Real estate industry news, Real estate market updates on March 12th, 2009
Declining housing starts will cut home builders’ profits by almost 20 per cent this year, according to the Conference Board’s Canadian Industrial Outlook: Canada’s Residential Construction Industry – Winter 2009.
“Years of frenzied construction activity had left the market overdue for a correction,” said Valerie Poulin, Economist. “With demand for new homes waning across Canada due to poor economic conditions, the market drop-off appears to be more severe than expected. Even the federal government’s budget measures to stimulate the industry are expected to have only a mild impact in the short term.”
First-time buyers driving force in Canada’s residential real estate markets, says RE/MAX
Posted by: editors note in First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates, Resale homes, Selling your home on March 12th, 2009
A report released today by RE/MAX confirms that entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada.
The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying
activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market. While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate.