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MiWay earns award for Transitway promotion
Mississauga
The MiWay marketing team has received an award from the Canadian Urban Transit Association for its work to promote the Mississauga Transitway. The award was for the Discover Your Station campaign about the Transitway, which is an 18-kilometre transit corridor for buses that runs east/west across the city from Winston Churchill Boulevard to Renforth Drive. The first phase opened in November.
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Why realtor commissions don't need to change
MoneySense
In June 2015, Toronto's housing prices made headlines when the average price of a detached home passed the $1 million mark. This new standard fuelled discussions about affordability and housing bubbles and prompted more than a few remarks about how much realtors earn in commissions. It's a discussion I've heard before — often with comments about how little work a realtor actually does or the outrageous fees a realtor is paid. But before I buy a ticket on this bandwagon, I wanted to examine the numbers.
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First-time buyer rebate applies to only one property
Metro News
In Ontario, in order to qualify for the first-time homebuyer land transfer tax rebate, you have to be a first-time homebuyer and you have to move into the property within nine months of the closing date. Because your son did not do this, he is not eligible for the rebate. The second transaction is clearly a second purchase and therefore does not qualify for the first-timer rebate. Unfortunately, your son will owe the government both rebates that had been claimed, along with the penalty and interest on the outstanding taxes.
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Some real estate prices down, average still up
Mississauga
Figures from Royal LePage suggest that Toronto had the hottest real estate market in the country during the second quarter, with double-digit increases in all types of housing. The Vancouver market was also strong with double-digit price increases for two-storey homes and detached bungalows, although condo prices were up a more moderate 6 per cent. But prices were down for some types of residential property in Montreal, Calgary and Winnipeg.
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6 important rules that will preserve the value of condos
Huffington Post
After extensive research based on which I wrote numerous articles on the subject of condominiums — their inherent ownership problems, expected physical longevity, and the role they play as an alternative housing arrangement — it became evident that 15 years from the time they are built, condo complexes enter a phase where major elements start giving up, requiring expenditures that, in many cases, may not be covered by their fiscal budgets or reserve funds.
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Sudbury home buyers still 'experimenting' with condominiums
CBC News
Despite some high profile projects planned for the city, the Sudbury condominium market has been slow to get off the ground, with few buildings under construction and sales not meeting expectations. Developer Dalron started work on converting an office building on Larch Street downtown a few years ago. It had planned to finish the units after they were sold, but slow sales saw all 12 completed before they had an owner.
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Bank of Canada rate cut unlikely to lower mortgage, loan rates much
CBC News
Canadians hoping for a big break on their mortgage, or cheaper cash on their lines of credit may be disappointed. Economists say it is unlikely the major banks will match the Bank of Canada's second benchmark interest rate cut this year. Instead, they appear poised to pocket much of the savings and pass only a portion down to consumers.
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Hamilton's housing market helps buoy national real estate
CBC News
Hamilton's record-setting housing market is having an impact outside of the region, helping to soften the blow from declines in cities like Ottawa and Montreal, the Canadian Real Estate Association said. Hamilton's home sales in June set a record compared to the same month a year earlier, local realtors said. That helped buoy the national trend that saw sales slip in June 0.8 per cent compared to May.
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5 unbelievable facts about the Toronto real estate market
The Motley Fool
There might not be a topic more contested in the financial community than the future of the Toronto housing market. Bulls point to low interest rates, crazy bidding wars for desirable neighborhoods, and a steady stream of new people moving to the city as proof the market is in great shape. A steadily rising price is the result of a healthy market.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Mississauga passes new storm water tax with higher fee for larger homes (Metro News)
Mississauga and Brampton rise on best places to live list (Mississauga.com)
Why the sky still isn't falling on Canada's real estate market (Financial Post)

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Real Estate Update
Frank Humada, Director of Publishing, 289.695.5422
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Joanne Lam, Content Editor, 289.695.5474   
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