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Canadian debt levels rising with home prices, but mortgage rules helping to manage risks
Financial Post via The Canadian Press
Rising home prices have increased household debt levels, but steps taken by regulators to tighten mortgage lending rules have helped manage the associated risks, according to the Bank of Canada. However, the risks stemming from these vulnerabilities have been well managed.
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Canadian home sales dipped slightly in July
REMI Network
Canadian home sales, as tracked through the MLS systems of real estate boards and associations across the country, dipped 0.4 per cent from June to July. This marks the second consecutive month of reduced home sales activity, reports the Canadian Real Estate Association (CREA).
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Analysts predict price gains
Mortgage Broker News via Reuters
Canadian home prices are set to rise a little over five per cent this year and two per cent in 2016 despite a slowdown in activity as the economy weakens, a Reuters poll found. Canada's economy shrank in the first three months of the year and quite possibly between April to June as well owing in part to slumping oil prices. House prices have defied this weakness so far and have kept climbing.
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House price in the GTA keep going up and up
Toronto Sun
The average cost of a new house in the GTA has more than doubled in a decade. Back in July 2005, the average cost for a detached, semi-detached or townhouse was $386,133, according to the Building Industry and Land Development Association (BILD). That number has continued to climb, hitting yet another high last month — $806,391.
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The millennial renting vs buying real estate debate
Huffington Post Canada
Last year, millennials were blamed for a huge drop in home ownership. A combination of low income, high student debt, and a precarious job market meant that the homeownership rate dropped to 64.7 per cent, according to the U.S. Census Bureau — the lowest level in 19 years.
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GO Transit to boost train, bus service in September
CTV News
GO Transit is making several changes to its train and bus schedules in September including an increase in routes to Kitchener, Hamilton and Toronto's Pearson Airport. New routes have been created and existing routes have been modified to accommodate the new Erin Mills station on the Mississauga Transitway.
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Trillium gets $4.7 million boost from province for repairs
Mississauga.com
The Ministry of Health and Long-term Care is investing just over $4.7 million in Trillium Health Partners for infrastructure upgrades. Trillium spokesperson Chris Carson said the funding will mainly cover repairs needed at the Mississauga and Queensway sites.
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Housing activity will slow 'modestly'
Mississauga.com
Activity in Canada's real estate market will slow "modestly" next year as interest rates begin to rise, according to a new report from RBC Economics. The report pegs the risk of an outright crash in real estate as low, saying RBC expects the economy to grow and that interest rates will likely rise gradually starting next year.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Boomerang home buyers poised to return to market with a roar (The Associated Press via Yahoo)
An Internet mortgage provider reaps the rewards of lending boldly (The New York Times)
US home sales soar in July to fastest pace since early 2007 (The Associated Press via ABC News)
(Chronicle Herald via The Canadian Press)

Don't be left behind. Click here to see what else you missed.
 
Real Estate Update
Frank Humada, Vice-President Operations, Canada, 289.695.5422
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Janet Piercey, Content Editor, 289.695.5350   
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