Market Watch

Economists are beginning to arrive at a consensus in regards to the current real estate market status in Canada, particularly where Toronto and Vancouver are concerned. A price drop of 10 to 15 per cent over the next two to three years will be felt, according to ScotiaBank. Although we won’t be experiencing a U.S. style crisis, economists are additionally …

“TREB produces regular economic commentaries based on recurring data releases from organizations including Statistics Canada, the Bank of Canada, CMHC and various US agencies. These commentaries are written by Jason Mercer, TREB’s Senior Manager of Market Analysis, and include a summary of the release and an analysis related to the real estate sector in the GTA. Members can use these …

Summary of TREB’s Second Quarter Commercial Division Report: – 3.5 million square feet of total leased space in Q2 2012 – a decline of 22% compared to 4.4 million leased square feet in Q2 2011 – Spaces leased were down, but average lease rates were up for industrial, commercial/retail and office – Industrial properties accounted for almost 80% of total …

Summary of resale condominium market: – 5000 transactions in Q2 – 2.7% increase in prices, now up to $407 per sf New condominium market: – 4769 units sold, down a noted 21% from Q1-2012 and a whopping 50% from Q2-2011 – most Q2 activity took place at end of the quarter; 88% of those units under construction and 79% of …

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 …