Canadian Real Estate News Headlines (May 24th 2019)
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I provide you with Canada’s news headlines for real estate news for today.
Canada's big-city housing markets are all at different stages of the cycle, April figures show
A surprise jump in housing sales in greater Toronto in April is being interpreted in some quarters as a sign of a spring recovery in the housing market.
But market movements in other parts of the country have been much more nuanced, making any broad statement about a sustainable recovery impossible at this point.
Canadian Real Estate Buyers Are Taking Out Fewer And Smaller Mortgages
The IMF released its recommendations, after doing a deep dive into Canada’s economy. One key point was to not give into political pressure around real estate. Urging Canada to think long term, they advised against looser regulations or stimulus. The organization didn’t provide numbers, so we pulled a couple of data sets. Long-term, the impact from regulations appears to be very small, outside of volume. Household debt is still growing faster than incomes, and prices made minimal movements.
Parts of Ontario's housing market are down 30%, two years after new rules to cool it down
More than two years have passed since Ontario introduced measures to cool down its housing market, and according to new data, it worked.
The Fair Housing Plan included a 15 per cent non-resident speculation tax and rent control, which has been dialed back by the current Conservative government. A new federal mortgage stress test most certainly played a role too, but Zoocasa says the changes really got into homeowners’ heads.
Jethro Seymour, Top Toronto Real Estate Broker
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