Selling price for detached home rises
The affordability of a home in Toronto moved a little further out of reach in February. Data from the Toronto Real Estate Board shows the average selling price of a detached home rose above $1-million last month.
“The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, was down by 8.7 per cent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers,” the Real Estate Board said in a release.
According to BNN.ca, the overall average selling price for February 2015 home sales in the Greater Toronto Area - which includes the outer suburbs of Markham, Brampton, Missisauga, Brampton and Oakville - increased $596,163, a 7.8 per cent compared to the same period last year. While the selling price of a detached home rose above the $1-million mark in Toronto, the average selling price for condos and town homes in the 416 area dropped.
A look at Canada's housing market: Global
Globalnews.ca has an inside look at Canada's housing market. Canadian home prices appreciated a “sturdy” seven per cent nationally last year, TD said, or roughly double the pace of income growth. Gains were even higher in Vancouver, Toronto and Calgary. “These increases portray a picture of housing tranquility,” commentary from noted housing pessimists at Capital Economics said the same day. But, “some regions are likely at the beginning of what could prove to be significant market corrections.” Time will inevitably tell whose version of reality holds, but as the multibillion-dollar real estate industry gears up for another spring selling season, there are numerous warning signs that both buyers and sellers should pay close attention to. Read the full story here
Chinese money pivotal to Vancouver housing market
No one knows better than real estate insiders how money flooding in from mainland China is driving up prices in Vancouver, the second-most unaffordable city in the world. Shanghai-based Dan Scarrow, of Macdonald Realty Ltd., has followed the money and is among the few real estate executives speaking candidly about the transformative impact of Chinese wealth on Vancouver. “Our analysis last year indicated that roughly one-third of buyers in Vancouver had some connection to mainland China,” Scarrow said. “China represents the greatest rapid accumulation of wealth in the history of the planet. That wealth is now spreading out of China and around the globe. It will transform not just Vancouver, but the entire world.” Read the full story here