Defaulting Buyers lose their deposit – even in a rising market One of the fundamental principles of contract law is that damages are based on the actual loss suffered by the innocent party when there is a breach of contract. Damages restore the innocent party to the position she would have been in if the […]
“UrbanToronto’s Growth to Watch For Series has tracked the hundreds of development proposals and construction projects across the city. Moving from neighbourhood to neighbourhood, each entry of our 16 part series provides a fine-grained overview of local development. With the series now complete, we bring together our 2016 editorials in an exhaustively comprehensive survey of […]
Higher tax on capital gains unlikely to deter property investment There’s speculation that the federal budget coming Tuesday will include a tax measure that would hit people buying and then selling investment properties in hot housing markets. That’s not how higher taxes on capital gains would be billed, but people buying investment properties in addition […]
BMO and the 33 bears Bank of Montreal’s chief economist is poking the bear in the eye. Douglas Porter looked back over the past several years at comments that predicted the demise of Canada’s housing market, as far back as 2008. All warned that the party was, or would soon be, over. One comment, a […]
The following charts show the real estate market statistics for the past five years. The statistics are published by the Toronto Real Estate Board and include sales of houses and condominiums in the Greater Toronto Area.
It’s become an annual springtime tradition in Canada, one that’s arrived a little early this year: The mortgage rate war. Ontario’s Meridian Credit Union kicked things off Tuesday with the announcement of a one-year fixed-rate mortgage at 1.69%. Read more…
The Ontario Superior Court has once again underscored how completing a seller property information statement (SPIS) can be a risky move for vendors. This general rule of buyer beware applies to defects that a purchaser could have discovered by means of a routine inspection (known as a “patent defect”) and also “latent defects” (those not discoverable […]
Earlier this year, Home Capital Group Inc., the country’s largest alternative mortgage lender, revealed it had cut ties with 45 mortgage brokers after an anonymous letter to the company’s board of directors sparked an investigation into forged documents, such as fake employment letters and income statements. Collectively, the brokers who were fired generated nearly $1-billion […]
The GTA set a new sales record in May, according figures released Wednesday by the Toronto Real Estate Board. Detached houses in the City of Toronto sold for an average of $1.15 million in May, up 18.2% in just the last year. The GTA is in the midst of a record-setting frenzy for real estate. The […]
TORONTO, May 19, 2015 – Toronto Real Estate Board announced a 9.6% year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May. There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014. “It is […]
Stephen Poloz questioned about sudden rate cut, assessment of economy OTTAWA— The governor of the Bank of Canada says he didn’t mean to surprise markets in recent months with his interest-rate cut, worrying real estate projection and the grim adjective he chose to describe the country’s economic performance. During testimony Tuesday before a parliamentary committee, […]
Toronto house prices surge 10% in March; no relief in sight Detached homes in the City of Toronto see a stunning 15.9% jump in price. A total of 8,940 properties switched hands across the GTA in March, with peak trading months just around the corner. House prices shot up 10% in March over a year ago […]
Slumping oil, improving U.S. economy should benefit Ontario real estate, economist predicts Toronto’s record house prices could soar a further 17 per cent by the end of 2017 as the lack of supply in the face of unrelenting demand continues to drive prices far beyond the rate of inflation, says the chief economist of Central […]
Source: Canadian Real Estate Association Figures in the above map are seasonally adjusted at annualized rates. Average prices in the chart are not seasonally adjusted. Mouse over provinces and cities for detailed summaries of pricing changes.
Outlook for housing market stable, but still some concerns Canada’s housing market is expected to remain stable through this year, despite the winter chill that has settled over the Prairies and hot spots in Toronto and Vancouver. That’s according to a report issued Wednesday by the Bank of Montreal’s BMO Capital Markets. “Outside Vancouver and […]