Demand for housing far outstrips supply, and more lowrise homes are needed. Supply of houses in the GTA is not able to keep pace with demand due to government intensification policies and a lack of serviced developable land.
People view buying a home as a milestone. It's a time to offer hearty congratulations, to give gifts and hold housewarming parties. Millennials, however, see a home as more of an investment than a turning point in their lives. And according to the Bank of Montreal (BMO), they're putting off the decision to buy until they feel it's the right time.
A major real estate firm plans to reclassify what constitutes luxury, saying that the current standard – $1-million or above – no longer makes sense in markets like Toronto and Vancouver, where detached homes routinely sell for more.
Toronto Real Estate Board President Mark McLean announced record TREB MLS® home sales for the first quarter of 2016 following a strong result for March transactions. There were 10,326 sales in March and 22,575 sales in the first quarter.
National Bank Financial is dousing fears of a housing bubble in Canada. The bank's chief economist says “alarmists” are failing to recognize the fundamentals driving home price-growth. Specifically, the bank points out the working-age population is surging in Toronto and Vancouver, which helps support rising home values. BNN's Greg Bonnell joins us with Mark McLean, president of the Toronto Real Estate Board.
Debt and real estate may be the perfect marriage these days, so it should come as no surprise that credit rating agency Equifax Canada and land registry company Teranet Enterprises Inc. are partnering up.
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