Canadian home prices Drop 0.5 Percent in November

Canadian home prices dropped in November, the third consecutive monthly decline and the biggest November fall outside of a downturn, since Toronto prices fell for the fourth month and Vancouver costs were flat, data showed on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family houses, showed national prices dropped 0.5 percent in November from the month before as four of the 11 cities surveyed weakened. read more

CREA sees $1-billion hit to economy next year as home sales fall

Home sales in Canada are expected to tumble in 2018, pulling prices lower and creating a broader drag on economic growth for the country next year, according to the Canadian Real Estate Association.

CREA released its 2018 forecast on Thursday, predicting home sales will fall by 27,000 units or 5.3 per cent in 2018 to 486,600 sales. The decline would come on top of a projected 4-per-cent national decline in sales this year. read more

Statscan to release foreign ownership data for Toronto, Vancouver housing markets

New data on foreign investment in Toronto and Vancouver, Canada’s largest cities, will be published next week in a move economists expect will shed light on what’s driving demand — and a possible bubble — in the nation’s housing market.

While the Canada Mortgage and Housing Corp has said foreign investment accounts for only about 10 percent of sales activity, policymakers and Republicans alike have seized on the issue has a driving force behind precarious markets in both cities. read more

Whipsaw effect coming for Toronto housing market in January

December seems to be starting off as a fairly halcyon month in the the Greater Toronto Area’s real estate market. But brace yourself for January, when the “whipsaw effect” begins to unfold.

Cameron Forbes, general manager of ReMax Realtron Realty Inc., says December is already showing signs of meandering along at a slower pace than a lacklustre November. “It’s not a crazy December and it’s not a dead December.” read more

Since the real-estate Business roils, Re/Max president Jobs confidence

The explosive increase in the amount of property representatives in Ontario has left too many people dabbling in the profession, reducing the standard of service and exceeding the business’s future relevance, based on Re/Max Integra president Walter Schneider.

Mr. Schneider, whose franchise firm oversees all Re/Max operations in Ontario and Atlantic Canada, said tens of thousands of new realtors have become licensed in the Greater Toronto Area over recent years since markets have boomed, but many do too little business to accrue the expertise needed to guide clients through complex transactions. read more

Can the government save the middle-class wannabe homeowner in Toronto and Vancouver?

With a new national housing plan coming imminently, let’s catch up on what the recent ups and downs in Canada’s most expensive real estate markets imply for affordability.

Remember that the Paul Simon tune Slip Slidin’ Away? That is your life if you are not a high earner and seeking to afford a house. Toronto and Vancouver are cheaper than they were two decades back, and Victoria and Hamilton are alike. Elsewhere, the information is quite a little better. read more

Toronto, Vancouver housing markets move in Radically different directions

Canada’s two most expensive housing markets have moved in various directions over the last year, leaving average domestic sales with a look of comparative stability that pushes sharp regional differences.

Greater Toronto Area home sales dropped 27 percent in October compared with a year earlier, while Greater Vancouver saw home sales climb 35 percent in October on an yearly basis, according to data released Wednesday by the Canadian Real Estate Association. read more

Toronto, Vancouver housing markets to Flourish despite new rules to Facilitate froth: CIBC

The housing markets in Toronto and Vancouver are poised for significant long-term cost growth as flourishing demand and insufficient supply overwhelm recent policy efforts to cool those markets, according to a new report by economist Benjamin Tal.

Mr. Tal, deputy chief economist at CIBC World Markets Inc., said home sales in Canada’s two most expensive cities will flatten or even soften in the next year but the downturn is going to be restricted by strong demand. read more

Toronto-area new housing starts drop 42 per cent in October

New housing starts tumbled in the Toronto region in October as builders slowed the pace of new project construction amid market uncertainty.

Canada Mortgage and Housing Corp. said 2,438 new housing units were launched in the Greater Toronto Area in October, a 42-per-cent drop from 4,204 units in the same month last year. Starts were also down 21 per cent over September on a seasonally adjusted basis. read more