Market Watch

RBC recently came out with a report saying that the condo market in Toronto is not in a bubble, but Capital Economics says otherwise. They just came out with a report of their own asserting that the Canadian housing market, which includes Toronto, is definitely in a bubble. According to economist David Madani of Capital Economics, Canada’s housing market is …

Vancouver-based Pinnacle International Realty Group, is planning to develop three towers at 1 Yonge St., home of the Toronto Star office building. Although the Toronto Star building will be untouched, the space is expected to be a major Yonge Street address with great views of the water, excellent public transit, and close to major attractions like the ACC. 12 years …

Summary of Rental Market in 2nd Quarter: – 4,771 leased condominium apartments through TorontoMLS in Q2 2012 – up 3% from Q2 2011 – Number of apartments listed for rent grew faster than rental transactions – up 15% – Average 2-bedroom apartment rent was $2,088 – up 4% in comparison to Q2 2011 According to Ann Hannah, President of TREB: …

Summary of Condominium Market in 2nd Quarter: – 6,435 condo apartment transactions in Q2 – down 2.6% (6,609 transactions in Q2 2011) – New listings for condos up substantially, by 19% in comparison to 2011 – Average price for Q2 sales were $342,212 – a 3.2% increase compared to 2011 – Condo units were priced in line with buyer expectations …

InterRent Real Estate Investment Trust has signed a deal to purchase a high-rise apartment property in Toronto for $9.3 million. The building has 96 suites and 122 parking spaces. InterRent has already purchased 1,000 suites this year so far that they claim would be strong for rental markets. [Source]

Following is a summary of the monthly resale market statistics for the month of June 2012 as reported by Toronto Real Estate Board: 9,422 home sales through MLS in June 2012 Transactions down 5.4% in comparison to June 2011 Largest decline was in the City of Toronto – sales down 13% compared to June 2011 Average selling price was $508,622 …

A condo auction was held in Canmore, on Saturday June 30th. Units in the Grande Rockies Resort Complex went up for bidding, closing at a range of $130,200 to $307,650 per unit. All units required minimum bids and minimum reserve selling prices. It also included a qualification process for buyers, which means auction bids will probably hold up. Click here …

Click here for a chart by the McKinsey Global Institute that compares the GDP of America’s 30 richest cities, measured in 1978, and again in 2010. Have things shifted or stayed the same? Find out by clicking the link!

It’s hardly a surprise that the government decided to step in and make changes to the way unconventional mortgages are insured.  I had spoken about the three causes that will cause the market to slow down before and this is the first of the three that we see. You can find the details of the changes coming through here.  Here’s …

The condo craze in Toronto and the speculation of a real estate bubble has industry experts wondering how much of an impact foreign investors have on the market. Are cash-rich foreign investors really fuelling the “condomonium” in Toronto? Click here to read the full article.