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Transit and infrastructure cash make mayors' federal wish lists
Mississauga.com
Already enjoying a fair share of provincial goodies, the mayors of Brampton and Mississauga are hoping to score big with federal leaders. "I believe city council and Brampton residents are also keenly interested in how the federal party leaders and their candidates will be supporting and championing for high growth cities," said Brampton mayor Linda Jeffrey, noting she's hoping to see the federal election deliver new funding commitments for big ticket items such as transit, housing and other major infrastructure.
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Toronto home sales on pace for record year
CBC News
Toronto's real estate board has reported a record number of house and condo sales recently and says the Greater Toronto Area (GTA) is on pace to set a new record for home sales. Almost 9,900 homes changed hands in the GTA recently, up eight per cent from the same time last year. Condo sales led the increase, up 14.4 per cent.
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Harper promises to raise RRSP withdrawal limit for 1st-time home buyers
Chronicle Herald via The Canadian Press
A re-elected Conservative government would spend half a million dollars to figure out just how many foreign investors have eaten up condos and homes across Canada, many of them sitting empty year-round. The spending Stephen Harper promised recently could ultimately lead to strict rules about what kinds of homes — existing or new — foreign investors are allowed to own.
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City seeks outside help to decide LRT path
Mississauga.com
After delaying a crucial vote on the future of mass transit in this city, councillors will head into another council meeting with the aim of hiring a facilitator to help them decide on a Light Rail Transit (LRT) route for Brampton. "It is my hope that a facilitator will assist council in developing the best long term, higher order transit solution for Brampton along the Hurontario-Main corridor," said Councillor Jeff Bowman.
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New home construction slows in GTA
Toronto Star
The Canada Mortgage and Housing Corp. said recently that the pace of new home construction slowed for the first time in three months, mostly as a result of fewer multi-unit projects started in urban areas. CMHC says the seasonally adjusted annual rate was 193,032 units nationally, down from 202,338 units. Regionally, British Columbia showed an increase but there were declines in the other parts of Canada including Calgary and other Prairie cities and the Greater Toronto Area.
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GTA apartment market summary: Q2 2015
Canadian Apartment Magazine
RealNet Canada Inc. announced 2015 second quarter results for the Greater Toronto Area commercial real estate and land investment markets. After a sluggish opening three months, the second quarter rebounded convincingly to reach its fifth best quarter of all-time in dollar volume, totaling $3.6 billion. This represents gains of 38 per cent and 28 per cent versus the same period one year ago and the ten-year quarterly average respectively, according to the RealNet Index.
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Are millennials better off renting? Why young Canadians may want to put off home ownership
Financial Post
The U.S. Federal Reserve recently suggested that young Americans may be wise to delay the purchase of a home. Given Canada's surging home prices, young Canadians should be even more inclined to consider the advice to put off home ownership. In a report from the St. Louis Fed, titled "The Demographics of Wealth," the authors raise concerns that buying a home too early is putting young families on a trajectory to be poorer than all previous generations.
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House prices rise despite sales slowdown
Toronto Star
Househunters may have taken a tiny breather across the country recently, but that did nothing to slow price increases nation-wide that continue to be driven by fierce demand and too few listings in the GTA and Vancouver. National home sales were down 0.8 per cent from May to June, but those still remained the two strongest spring months for sales in more than five years, according to figures released recently by the Canadian Real Estate Association.
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Experts divided on effect of home renovation tax break pledge
Toronto Star via The Canadian Press
Experts are divided on what impact a federal Conservative promise to revive a home renovation tax credit could have on the real estate industry, with some predicting it could add more fuel to red-hot housing markets while others say it likely wouldn't have any impact at all. Ahmed Helmi, a Toronto-area real estate broker with Royal LePage Real Estate Services Ltd., says the tax rebate could encourage homeowners to renovate and stay put, leading to lower inventories on the market.
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Real Estate Update
Frank Humada, Director of Publishing, 289.695.5422
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