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Canadian home sales up in May
CREA
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity posted a sizeable month-over-month increase in May 2014.

Highlights:
National home sales rose 5.9 per cent from April to May.
• Actual (not seasonally adjusted) activity stood 4.8 per cent above May 2013 levels.
• The number of newly listed homes climbed 3.8 per cent from April to May.
• The Canadian housing market remains in balanced territory.
• The national average sale price rose 7.1 per cent on a year-over-year basis in May.
• The MLS® Home Price Index (HPI) rose 5.0 per cent year-over-year in May.


The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 5.9 per cent from April to May 2014. This marks the largest month-over-month increase in nearly four years.
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CREA updates resale housing forecast
CREA
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2014 and 2015.

Extraordinarily bleak winter weather made for a slow start to 2014 national sales activity. As the first quarter ended, sales momentum heading into spring was constrained by a continuing shortage of listings in a number of local markets. The rise in newly listed properties in April and May supported an increase in sales activity.

The deferral of sales and listings reflects a delayed start to the spring home buying season, with combined sales for the period from March to May coming in largely as anticipated and at average levels. These deferrals are now likely to have been largely depleted, which suggests that the strength of sales momentum heading into the summer may be transient.

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RECO's AGM reminder: Thursday, June 19, 2014
BREB via RECO
RECO's Annual General Meeting (AGM) will take place on Thursday, June 19, 2014, at The Old Mill Inn, at 21 Old Mill Road in Toronto. Registration begins at 9:00 a.m. in the Brule A room and the meeting begins at 10:00 a.m. in the Brule B & C room. A question and answer session will follow the meeting.
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Before hiring real estate broker, do your homework
Toronto Star
A registered real estate broker or salesperson has expertise and knowledge that can help navigate the buying process. But when buyers aren't clear about their expectations or don't take the time to understand what they're signing, it can lead to misunderstandings. Those are common mistakes that buyers make, and here are the steps you can take to avoid them.
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CREA: House prices up 7.1 per cent in a year
The Huffington Post
House prices in Canada leapt by an average of 7.1 per cent over the past year, driven largely by increases in Toronto and Vancouver, the Canadian Real Estate Association says. The average house price hit $416,584, including townhomes and condos, as sales volumes jumped 5.9 per cent from the month before.
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  FEATURED COMPANIES
Making First Impressions Count

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CMHC launches web-based housing market information portal
NorthumberlandView.ca
Canada Mortgage and Housing Corporation (CMHC), one of Canada's most trusted sources of housing information and analysis, recently launched its Housing Market Information Portal (the Portal). A new, dynamic, web-based tool, the Portal lets users meet their information needs by accessing CMHC's wealth of housing market data in one, easy location.
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Smaller homes and yards can work
Toronto Star
Can the new generation of home buyers, who grew up during the rise of the Monster Home, accept the notion that smaller homes and yards can work well for a busy family? If they want to live in the city, they'd better, says Desmond Brown, a sales rep for Royal LePage and a home improvement consultant for Canadian Tire. Smaller spaces in urban centres are here to stay, according to Brown.
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Spring 2014 rental market in Ontario
Daily Commercial News
The rental apartment vacancy rate in Ontario urban centres was 2.8 per cent in April, 2014, up slightly from 2.6 per cent in April 2013 according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

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Message from the President, Edward Short June, 2014
BREB
I'd like to thank all those who attended and participated at our Charity Golf Tournament which took place on Tuesday May 27, 2014, at Caledon Woods Golf Club. Despite threats of bad weather, we certainly lucked out and it turned out to be a beautiful day!

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One man's $50,500 real estate commission lesson
Toronto Star
When you sign an agreement with a real estate brokerage to sell your home, you have to pay commission if you make a deal with someone who saw your home during the listing period. If you try and make a private deal to avoid paying commission, you are likely to get burned.

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Bank of Montreal: Canada's housing market headed into long slump
The Huffington Post
Canada's housing market will move into a protracted slump around 2018 thanks to shifting population patterns, the Bank of Montreal predicts in a new analysis. Economist Robert Kavcic says Canada's long-running housing boom has been held up by demographics. A large number of "echo boomers," children of the baby boomer generation, are currently in the 25-34 age range when people buy first homes.
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Canada's hot housing market shows signs of slowing
Toronto Star
Canada's housing market emerged from its deep freeze late this year, thanks to the winter that refused to end, leading to a rash of pent-up buying and selling in April and May that is now largely over, according to the Canadian Real Estate Board. Their warnings of a "transient" summer for sales supports what realtors are seeing in the GTA market as well — a noticeable slowdown in the frantic bidding wars that largely defined this year's spring market as buyers take a breather and sellers start to feel just a little less cocky.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

   


Selling a home without a real estate agent: Is it a good idea?
Virtual-Strategy Magazine
Is selling a home without a real estate agent a good idea? A newly featured article from LoanLove.com takes a look at the different circumstances where going it alone might be the best option and also reviews some of the reasons obtaining the help of a REALTOR® might be in the home seller’s best interest.
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Real Estate Outlook

Frank Humada, MultiView, Director of Publishing, 289.695.5422
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Oliver Kirby, MultiView, Content Editor, 289.695.5401   
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