Hello, everyone.
I provide you with Canada’s news headlines for real estate news for today.
Resale house prices increased in July, but weakness showing in Toronto, Teranet says
According to CBC News,
Canadian home prices rose two per cent in July from the month before, driven by the strongest real estate markets, but homes other than condos saw their sale prices decrease, according to the Teranet-National Bank House Price Index.
Prices overall were up 14.2 per cent from a year ago, the same as the 12-month gain recorded in June, but the month-to-month increase in July fell from 2.6 per cent in June to 2 per cent in July.
The detail is here.
Vancouver home sales dip but prices increase in July: BCREA
According to Business in Vancouver,
The number of homes sold across Metro Vancouver were down in July compared with a year ago, but prices still inched upward, according to British Columbia Real Estate Association data released August 14.
A total of 3,012 homes changed hands in the month across the region, which is an 8.8% dip compared with the 3,301 homes sold in July 2016. Prices increased, however, with the average reaching $1,029,786. This is up 2.2% year-over-year.
The detail is here.
For many young Canadians, home won’t be a house
According to Money Sense,
Statistics Canada reported a big drop in the issuance of building permits for single-family homes in cities with populations greater than 10,000. Municipalities in June granted permissions for such structures at a seasonally adjusted rate that would yield 65,100 units in a year, the slowest pace since April 2009 and one of the weakest on records that date to 1960.
The decline is noteworthy because you’d think the stars were aligned for a boom in the construction of dream homes: the economy has been churning out jobs steadily for a year, real-estate prices are high, and interest rates are low. There should be lots of incentive for everyone involved to build, borrow, and buy. Yet that’s not what’s happening. Those high prices have become too much for normal people, especially in Vancouver and Toronto. Tighter lending standards are also forcing dreamers out of the market. And perhaps more importantly, city officials remain stingy with land and permits in the places where most people want to live. “Toronto is a gateway for new immigrants,” Quentin D’Souza, who runs a couple dozen rental buildings in the Greater Toronto Area, told me earlier this summer. “We don’t produce enough new housing for all of those people.”
The detail is here.
Canada home resales drop again in July: real estate group
According to Reuters,
Resales of Canadian homes fell 2.1 percent in July from June, the fourth straight monthly decline, as the cooling of Toronto’s housing market continued, the Canadian Real Estate Association said on Tuesday.
It said actual sales, not seasonally adjusted, were down 11.9 percent from July 2016. Home prices were up 12.9 percent from a year earlier, according to the group’s home price index.
The detail is here.
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Jethro Seymour, Toronto Real Estate Broker, Looking For Best Davisville Real Estate Listings? Contact Me!
Also published on Medium.
