Daily Market Update

by 17 Oct 2014
Experts insist the housing boom is coming to an end
With plenty of positive data still flowing Canadians are upbeat about the housing market, but some experts are now insisting that we’ve seen the peak and that the boom is over. The Canadian Real Estate Association’s Gregory Klump says that there are signs that momentum is slowing and Phil Soper from Royal Le Page says he doesn’t think we’ll see much growth in prices in 2015 although he’s not expecting losses either. There could still be problems for some households though; those that push their budgets to the limit at this time of low interest rates with the belief that if they don’t buy now they’ll miss out. There is still an expectation among many Canadians that house prices will only increase and they may get caught out by flatter growth. Read the full story.
 
Parking lots disappearing all across Canada
The value of land currently used as surface parking lots means that many of the lots are starting to disappear in favour of housing developments. Jeff Costello, professor of transportation at the University of Waterloo says surface parking lots are a poor use of land and he’s pleased that redevelopment is gathering pace after years of talking about it. From Halifax to Toronto to Calgary there are big projects underway while Edmonton and Winnipeg are also rethinking the use of surface lots. In Sudbury a parking lots was scrapped in favour of green space. Read the full story.
 
Alberta economy is “a concern” says BMO report
While it still leads Canada’s economies the falling oil prices are a concern for Alberta’s energy fuelled economy. A report by BMO Economics predicts that the GDP gap between Alberta and other provinces is likely to narrow in the coming months with growth slowing down. Although the BMO says the drop in oil prices is a concern, the general picture for the province is optimistic. Employment levels and wages are in relatively good shape and although Calgary prices are high there are still other cities where housing is more affordable and the population continues to grow. Read the full story.
 
Toronto couple plan to downsize … from their $25 million home!
A Toronto couple are planning what many empty-nesters do, downsize from their family home now that the kids are all grown up. The difference for the owners of 68 The Bridle Path, is that they are selling a property with a $25 million price tag. Even in a hot market like Toronto this is a high-end home; built in the 80s by property tycoon Robert Campeau. The 28,000 square foot residence boasts palace-like rooms, majestic staircases and fantastic grounds. Read the full story.

COMMENTS

Poll

Is a Toronto foreign sales tax a good idea?