In toronto real estate, housing prices in Durham Region are on the rise. And just like those other parts of the country, some are saying the growing prices are not sustainable. According to a news release from the Durham Region Association of Realtors, average selling prices in Durham Region were up 15.8 per cent in June compared to the year before, with the average home selling for $542,314. In fact, housing prices have been on the rise across the country, with the market seeing a 13-per-cent bump in the same time period, with the average Canadian home now selling
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Category: Toronto Business Posts Zero down on a $2 million house – no problem in Silicon Valley’s real estate market in California
It turns out that even the well-off need help in a housing market as crazy as the one in the San Francisco Bay area, and lenders are elbowing each other in a rush to provide it. They’re courting Silicon Valley workers with tailored loans, guaranteed 24-hour approval and financial-planning services. Social Finance Inc. has deals with Google and other top technology companies that allow it to market to new hires. First Republic Bank — which gave Facebook Inc. billionaire Mark Zuckerberg a 1.05 per cent interest-rate mortgage — has opened branches in Facebook and Twitter Inc. headquarters. San Francisco
View Article...Category: Toronto Business Posts Ontario may consider Vancouver-style tax on Greater Toronto Area homes
In toronto real estate, with concerns rising that a new housing tax in Vancouver could further drive up prices in the Greater Toronto Area’s already hot real estate market, Ontario’s finance minister isn’t ruling out a similar tax here. “Our government understands the importance of concerns related to housing affordability and ensuring a stable housing market,” Finance Minister Charles Sousa said in an email to The York Region Media Group Tuesday. “Our government will continue monitoring the housing market in both Ontario and B.C. over the course of the next few months to see the impacts of the recent
View Article...Category: Toronto Business Posts Toronto housing market is spooked by Vancouver real estate tax
In toronto real estate, Toronto’s red-hot real estate market could get even hotter as foreign nationals looking to dodge a new 15 per cent tax on properties in Vancouver seek new places to invest, realtors say. The Vancouver real estate tax, which takes effect Tuesday, was introduced by the British Columbia government with the intent of improving home affordability in Metro Vancouver, where house prices are among the highest in North America. But it has also given rise to concerns that it could exacerbate Toronto’s housing market. “Where are those foreign investors going to go?” said Derek Ladouceur,
View Article...Category: Toronto Business Posts Renters are causing demand in new Toronto highrise construction
In Toronto real estate, a study by real estate consultant Urbanation and obtained by CBC News shows much of Toronto’s high rise construction in 2016 is being fuelled by demand from renters who are either unable or unwilling to pay record prices for real estate. It’s a significant change from the previous decade’s boom, which was spurred primarily by demand from would-be owners. According to the city of Toronto planning department, there were 28 highrise development applications in the first six months of 2016. That’s just slightly behind the pace for 2015, when the city received 59 applications for the year overall, and well above
View Article...Category: Toronto Business Posts 10 Tips For Using Credit Cards for Shopping Safely Online
When shopping online, shopping safely online can be a challenge, especially if you stray from the larger e-tailers to get a better deal from a lesser known site. Here are 10 tips to help you gain some peace of mind while shopping online. 1. Check the seller’s customer satisfaction ratings. Other people’s experiences with the merchant that you are considering are often an excellent gauge of what to expect when you order. Review other user’s comments and check out the seller’s rating on sites like Google Shopping. Low “star” ratings may provide a red flag that cautions
View Article...Category: Toronto Business Posts When real estate bubble bursts in Toronto, Vancouver, it will affect the rest of Canada
Buoyed by red-hot markets in Vancouver and Toronto, the country’s overall housing market may appear to be on fire but in reality real estate is slumping in Quebec City, Halifax, Calgary and Edmonton, where houses prices are down. “The reason is their economies are incredibly flat and you will see housing really start to slow down,” says Don Campbell, a senior analyst with the Real Estate Investment Network. “It’s simple economics that explains why they’re underperforming.” A Teranet-National Bank house price index released last week showed massive double-digit gains in house prices in Vancouver, Victoria, Toronto and Hamilton,
View Article...Category: Toronto Business Posts Canada’s banks sound the housing bubble alarm, finally
After years of pumping money into the country’s frothiest housing markets, Canada’s big banks are suddenly—and alarmingly—nervous about the debt-fuelled monster they’ve helped to create. In the span of a few days this week and last, several big-bank CEOs and chief economists let loose a flurry of warnings about surging home prices in Vancouver and Toronto, where it now costs an average of $1.5 million and $1.3 million, respectively, to buy a detached house. “We’re a little concerned about housing prices in the Greater Vancouver area and Toronto,” Brian Porter, CEO of Scotiabank, told Bloomberg TV shortly after the
View Article...Category: Toronto Business Posts Toronto market is in a bubble, an expanding bubble, and it is likely to end in tears
The Canadian and Toronto housing market just keeps getting hotter. Home prices in the Greater Vancouver area have surged 30% year over year in May, up from 15% at the end of 2015, according to the bank’s June 2016 Financial System Review. Meanwhile, prices in the Greater Toronto area are growing by 15% YoY, up from 10% half a year earlier. A statement from the Bank of Canada even warned that folks who want to buy homes in Vancouver and/or Toronto should probably recognise that prices are unlikely to further increase dramatically, given economic fundamentals. “Prospective homebuyers and their
View Article...Category: Toronto Business Posts Many builders call the GTA home – BILD
Most of the companies building homes and developing land in the GTA are businesses that are locally owned and operated. They are based here and have their head offices here. The owners not only invest in the GTA and employ people who live, work and play here, but they themselves live here and call this region home. This is true not only for small- and medium-sized firms but it is also the case for the larger development companies that you may recognize, like Tridel, Great Gulf, Mattamy Homes and others. Many of our industry’s companies are multi-generational, family-owned enterprises that
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