Montreal continues to be beaten - badly - by the off-island suburbs. Young families and many of the most promising would-be taxpayers are hauling their stuff off island. The reason is simple. You can save a lot of money by living out there where the air is fresh and parking is never an issue.
The average cost for a condo in Montreal last year was $241,000 while it was $175,000 in Laval. The average on-island home was $357,000, compared to $236,000 in Laval. The numbers were similar in the other off-island suburbs.
Thursday, February 28, 2008
Monday, February 25, 2008
Canadian home prices doubled in past 10 years
The number of homes sold nationally rose over 57 percent to more than 500,000 last year from 331,092 in 1997.
"Never before have we seen such a continuous run up in Canadian real estate," Michael Polzler, an executive vice-president at Re/Max, said in a statement.
Low interest rates, a robust job market, and strong consumer confidence were all credited as drivers. Immigration and domestic migration to tap Western Canada's booming economy also helped lift demand, the report said.
"Never before have we seen such a continuous run up in Canadian real estate," Michael Polzler, an executive vice-president at Re/Max, said in a statement.
Low interest rates, a robust job market, and strong consumer confidence were all credited as drivers. Immigration and domestic migration to tap Western Canada's booming economy also helped lift demand, the report said.
Saturday, February 23, 2008
Toronto Real Estate Sales in February Fall 14% from 2007
Montreal – The Toronto area has seen a significant drop in resale home transactions for the first two weeks of February compared to the same period a year ago, the Toronto Real Estate Board reported.
The first half of February yielded 2,775 sales in the Greater Toronto Area, down 14% from the 3,240 recorded during the same period in 2007. The moderation was even more pronounced in the City of Toronto, which saw sales fall 18% to 1,066 compared to last February’s 1,308.
The first half of February yielded 2,775 sales in the Greater Toronto Area, down 14% from the 3,240 recorded during the same period in 2007. The moderation was even more pronounced in the City of Toronto, which saw sales fall 18% to 1,066 compared to last February’s 1,308.
Wednesday, February 20, 2008
Toronto Real Estate Board Reports Sales Near 3,000
Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O'Neill announced today.
The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February's 1,308-than in the 905 suburbs, which saw transactions off 11 per cent.
The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February's 1,308-than in the 905 suburbs, which saw transactions off 11 per cent.
Monday, February 18, 2008
Canadian existing home sales edge lower in January
"CREA had expected the growth in average price to slow in 2008, which is reflected in many markets. Sales levels are returning to what we would consider, on an historical basis, as more normal activity."
Cities that saw fewer sales were Toronto, Calgary, London and St. Thomas, Vancouver, St. Catharines, Halifax and Victoria.
Cities that saw fewer sales were Toronto, Calgary, London and St. Thomas, Vancouver, St. Catharines, Halifax and Victoria.
Friday, February 15, 2008
Calgary real estate market healthy
CALGARY - Canada's real estate market remains healthy despite the current credit situation that is reverberating out of the United States and the Calgary market continues to be an attractive one for potential investors, says a global report released today.
DTZ Barnicke's "Global Views 2008" real estate report said 2007 was another strong year for investment activity as "investors, both foreign and domestic, continued to view Canada in a positive light.
DTZ Barnicke's "Global Views 2008" real estate report said 2007 was another strong year for investment activity as "investors, both foreign and domestic, continued to view Canada in a positive light.
Tuesday, February 12, 2008
Canada Real estate affordability to improve, experts say
In Saskatoon, the cost of a new house skyrocketed an amazing 45.1% in 2007, while prices were up 25.9% in Regina and 21.5% in Edmonton, Statistics Canada figures showed yesterday.
Prices were up 4.1% in Montreal, 6.4% in Vancouver, 6% in Calgary and 3.4% in Toronto and Oshawa over the year.
Prices were up 4.1% in Montreal, 6.4% in Vancouver, 6% in Calgary and 3.4% in Toronto and Oshawa over the year.
Saturday, February 9, 2008
Canadian commercial real estate 'green'
Overall, the composite score for all property types in Canada dropped slightly from the previous six-month period, declining to 85 from 87, still well positioned in "green" territory, Moody's said.
Moody's Canadian Red-Yellow-Green report assesses the strength of the Canadian commercial real estate markets that support commercial mortgage-backed securities. The new report is based on data through June 30, 2007, the latest available.
Moody's Canadian Red-Yellow-Green report assesses the strength of the Canadian commercial real estate markets that support commercial mortgage-backed securities. The new report is based on data through June 30, 2007, the latest available.
Wednesday, February 6, 2008
US Recession and the Toronto Real Estate Market
The tanking of the US housing market might actually act as a catalyst for something good for us in Toronto. And it's not just good for the lucky few who already own property, it also could help those who will be jumping into the market for the first time this year.
The US Fed has cut interest rates by a total of 1.25% in the past 10 days in an effort to stave off what some are calling an inevitable recession.
The US Fed has cut interest rates by a total of 1.25% in the past 10 days in an effort to stave off what some are calling an inevitable recession.
Sunday, February 3, 2008
Canadians nervous about buying U.S. real estate
36 per cent of Canadians who own a winter recreational property or who are considering purchasing one cite they are more inclined to buy a property in Canada than in the U.S. because of the economic uncertainty plaguing our southern neighbours, says the 2008 Royal LePage Winter Recreational Property Report.
The report says Canmore's ideal location on the eastern slopes of the Rockies surrounded by the mountains and a multitude of recreational activities "continue to make the area a coveted recreational destination."
The report says Canmore's ideal location on the eastern slopes of the Rockies surrounded by the mountains and a multitude of recreational activities "continue to make the area a coveted recreational destination."
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