Three Real Estate Stories in the News for Tuesday, August 8th, 2017Jethro Seymour – Top Midtown Toronto (Davisville Village ,Leaside) Real Estate Agent
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Three Real Estate Stories in the News for Tuesday, August 8th, 2017

Posted by seymour on August 8, 2017
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Hello, everyone.

I provide you with Canada’s news headlines for real estate news for today.

‘There’s nothing positive’: Toronto home prices plunge as buyers retreat

According to The Globe and Mail,

Home prices in Toronto have fallen 19 per cent since the market’s peak in April, sliding further in July as buyers continued to sit on the sidelines while waiting for signs of stability.

The Toronto Real Estate Board reported the average price of all types of homes sold in the Greater Toronto Area hit $746,218 in July, down 19 per cent from the market’s peak in April when house sales averaged $920,791, and down 6 per cent from June’s average selling price of $793,915.

The detail is here.

Canada’s housing boom may soon go bust along with economy

According to RT,

The tightening in Canada’s booming housing market, which has long been the leading driver for employment and growth, could wipe out economic gains, experts warn.

The real estate boom has attracted thousands of workers into the sector, from realtors and home stagers to construction workers.

According to analysts, a drop in home sales has already started to weigh on the economy, and if prices start to decline, consumer spending and jobs will suffer. Canada’s home construction jobs accounted for the bulk of the economic growth last year.

The detail is here.

Foreign buyers of Montreal real estate up 30 per cent

According to CBC News,

The first six months of 2017 saw a 30 per cent increase in the number foreign buyers of property in Montreal over the previous year, figures from the Canada Mortgage and Housing Corporation (CMHC) indicate.

While not as marked as 2015 to 2016, which saw a 60 per cent increase, the new data confirms that the trend continues.

As trends go, it’s still a relatively tiny one — the 425 foreign buyers accounted for only 1.3 per cent of all real estate transactions between January and June 2017.

The detail is here.

 


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