25 Feb 2011

Housing affordability on the increase throughout Canada

On the heels of an Economist magazine survey revealing the Greater Toronto area to be among the most liveable cities in the world, it’s also becoming more affordable. Not only is the Greater Toronto area replete with cheap storage units, but according to a recently released report from the Royal Bank of Canada, housing affordability increased in the fourth quarter in almost every housing category. The RBC says the only exception was among two-story homes, which became “marginally less affordable.” Countrywide, the RBC says cost for homes is down considerably, thanks largely to five-year fixed mortgage rates declining. “Some of the stress that had been building in the housing market between 2009 and the first half of 2010 has been relieved,” said Robert Hogue, senior economist for RBC. Hogue went on to temper people’s optimism, saying “affordability is likely to be short-lived” but that it shouldn’t affect the housing market much because household income is increasing. According to Statistics Canada,…

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23 Feb 2011

As Toronto’s population continues to grow and storage units are filled, it’s clear that homebuilders are expecting more is on the way, as housing starts rose last month. According to the Canada Mortgage and Housing Corportation, 170,400 units were started last month, up from 169,000 units in December 2010. “Housing starts moved slightly higher in January because of an increase in rural starts,” said Bog Dugan, chief economist at CMHC’s Market Analysis Center. “Single-detached and multiple starts showed a moderate decline. Rural starts were estimated at a seasonally adjusted annual rate of 23,500 units in January, according to the CMHC. The condominium market is particularly vibrant. In an interview with the Toronto Metro, Shaun Hildebrand, senior CMHC market analyst for…

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18 Feb 2011

The Toronto area saw significant growth in the real estate market in January, and the Canadian Real Estate Association believes the market will grow even more in the month of February, perhaps signaling renewed demand…

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16 Feb 2011
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Judging by the rate at which office space is being snapped up in the Greater Toronto area, business appears to be picking up in the Toronto local commercial real estate market. According to Avison Young’s office market report, the Greater Toronto area West market saw a steady decline in office vacancies in the fourth quarter as more and more businesses took advantage of office vacancies. “Induced by attractive rental rates and new product opportunities, tenants in the GTA West office market are definitely creating increased velocity,” said Martin Dockrill, principal and managing director for Avison Young’s Mississauga office. While the vacancy rates are higher this year compared to last year, officials at Avison Young say the downward trend of vacancy…

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15 Feb 2011
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The number of people moving to the Greater Toronto area last month may be slightly off the pace when compared to January 2010, but the city’s real estate market continues to move forward. According to the Toronto Real Estate Board, there were 4,337 transactions for resold houses in January. That’s 13 percent lower compared to this same time last year, but January 2010 was a record month for housing and demand for storage units in Toronto. “While off the record pace experience a year ago, the GTA resale market has started the year on a solid footing,” said Bill Johnston, president of the Toronto Real Estate Board. “Home buyers in Toronto and surrounding areas continue to benefit from a diversity…

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15 Feb 2011

The number of people moving to the Greater Toronto area last month may be slightly off the pace when compared to January 2010, but the city’s real estate market continues to move forward. According to…

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16 Jan 2011
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At more than 33 million, Canada’s population has been on a steady increase for more than 50 years. And last year, there was a significant jump in economic migrants. Approximately 280,600 legal immigrants became permanent residents of Canada in 2010. The number is 6 percent higher than immigration officials predicted and the most the country has seen since 1957. While the report considers all residents that move to Canada, the biggest portion was economic migrants who made up two-thirds of new legal residents. In a news conference, Immigration Minister Jason Kenney said the country wants to bring more skilled immigrants to the country to stimulate the economy. By adjusting Ottawa’s points grid, the people accepted for the country’s skilled work…

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