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House sales in GTA have best May ever
Toronto Star
It was the best May ever for house sales across the GTA, and prices continued to climb — up 8.3 per cent on average from a year ago — in the face of fewer listings and ever-more-intense competition, according to figures released by the Toronto Real Estate Board. The average sale price across the GTA was $585,204, up from an average of $540,544 in May of 2013.
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Bramalea City Centre lauded by building industry
Mississauga.com
Brampton's largest mall has landed top honours from the building industry for its design and environmental initiatives. Bramalea City Centre walked away with three awards at the 16th annual Celebration of Excellence Awards Gala held in Toronto. Hosted by the Building Owners and Managers Association of the Greater Toronto Area (BOMA), the awards recognize excellence in buildings, management and individuals and companies that have contributed to the betterment of the association, as well as the commercial real estate industry and environment.
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Cambridge tops list of real estate investment opportunities
Cambridge Times
The Real Estate Investment Network (REIN) released its Top Ontario Investment Towns report earlier this week and Cambridge is tied with Kitchener for first place in community rankings for 2014. The 140-page report analyzes current and future prospects for real estate investment opportunities in the province during the next decade.
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Credit Union: Ontario housing sales to be steady over next two years
Daily Commercial News
Ontario's housing market is projected to experience steady sales over the next two years along with new home construction and a price increase, according to Central 1 Credit Union. This year, home prices are expected to jump approximately five per cent and three per cent between 2015 and 2017, which is down from the average six per cent during the last decade.
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Broker doesn't like first-time buyer trend
Mortgage Broker News
First-time home buyers are putting off purchasing a principle residence in favour of first buying investment properties in cheaper markets, says one broker; but one of his peers isn't convinced this is the best move. "Most first-time buyers aren't going to qualify for a $750,000 house so they're going to quickly learn how to raise down payment money and what a lot of them are doing now is investing in real estate as rentals to get some cash flow," Guy Lew of the Mortgage Centre told MortgageBrokerNews.ca. "On the exit, they are using that capital toward a principle residence."
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10 tips for first time real estate investors
Toronto Star
Many people consider investing in real estate as a way to build a nest egg and have tenants help you pay the mortgage. There are pros and cons to taking that leap, but if you do, here are 10 things to know.
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In Toronto, sometimes meeting the asking price just isn't enough
The Globe and Mail
Bidding wars that lead to offers six figures over asking have become routine in Toronto's spring market. But even in a contest reduced to a single buyer and seller, the results are unpredictable, as agent Ira Jelinek and his clients found out recently. They had already lost out on several houses this spring when a semi-detached came up for sale in Leslieville.

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Property managers reap benefits of Toronto's condo boom
The Globe and Mail
Property managers find tenants for landlords, and then generally handle things like maintenance issues and collecting rent. A rising number of them are popping up in Toronto, attracted by the plethora of units that are being rented out. Mathew Rutherford is the owner of Performance Property Management, a Toronto-area firm that he started about five years ago. He spotted a need when he tried to rent out his own property while he travelled to Australia.

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Why it's easier to become a real estate agent than a hairstylist
Move Smartly
Ever since Garry Marr published his article in the Financial Post titled "Canada's next housing bubble: real estate agents" there has been quite a bit of discussion both online and on the radio about the boom in the number of real estate agents. The GTA has nearly 40,000 real estate agents, twice as many as 10 years ago and 1 agent for every 140 people. So what's driving this boom?

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Reverse mortgages rising fast to deal with retirement shortfalls
Financial Post
It could become a growing solution to our retirement savings problems, but opponents of reverse mortgages warn their spike in popularity could mean shrinking inheritances. HomEquity Bank, which is owned by Birch Hill Equity Partners, and is behind the Canadian Home Income Plan, said reverse mortgages are up 26 per cent year-to-date compared to the same period a year ago.
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Richmond Hill home goes $115,100 over-asking
The Globe and Mail
This section of Richmond Hill is infamous for bidding wars, so this detached, brick residence near a renovated park, school and transit racked up 50 showings and a busy open house. By the time the sellers examined offers at the end of March, one bidder trumped four others by topping the $949,900 list price by $115,100.
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Toronto's bull market in real estate looks set for an extended run
The Globe and Mail
A rundown old house with a hodge podge of apartments in Roncesvalles Village drew crowds last week when it was listed with an asking price of $769,000. Real estate agent Matthew Regan of Royal LePage Real Estate Services Ltd. figured interest would be high even before he booked 40 showings in six days over the Victoria Day weekend. He was astounded when the property at 52 Harvard Ave. drew five competing bids and sold for $913,000.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Abuse survivor Asha Singh receives community service award (Mississauga.com)
Why it's easier to become a real estate agent than a hairstylist (Move Smartly)
Mississauga Civic Awards honours best citizens, personnel (Mississauga.com)

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Real Estate Update
Frank Humada, Director of Publishing, 289.695.5422
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