Toronto resale home prices scale new heights

In the east Toronto neighbourhood of Riverdale, a former working-class enclave spotted with Victorian homes, a standard two-storey house could be purchased for about $340,000 in the third quarter of last year. This year, it's $500,000, a dramatic 47 per cent increase, according to a survey by Royal Lepage Real Estate Services released yesterday. The quarterly study reveals some of the steepest price jumps in recent memory, particularly in older neighbourhoods that are not necessarily the most prestigious, but are established and welcoming to buyers looking to settle with young families.

Pioneers in condo-land

Montreal developers take a tried-and-true formula from housing market and apply it to commercial real estate. Ben Lipowitz used to look out from his seventh floor office in tony Westmount Square at a building across Ste. Catherine Street West and wonder why, given its prime location on the eastern edge of the City of Westmount and downtown Montreal, it was never fully rented. A few enquiries turned up the answer. Part of the building was occupied by a restaurant and there were concerns about cooking smells and noise. In 2005, the restaurant moved across the street, the building came up for sale and Mr. Lipowitz pounced.

House Prices Rising in Canada

Canada House prices have shown signs of a continued strength despite worries across the border in the United States. The Canadian Real Estate Association (CREA) has predicted record numbers of sales for 2007 and increasing prices for existing houses. With the rising prices, many people are looking to invest in property, either to build now or for future use. The Canadian financial newspaper The Financial Post indicated in a recent article that home prices in the 25 largest markets reached an average price of just over $332,000 CND. With prices rising so much across the country, new construction is at all time highs and many are looking to invest in undeveloped property. The city of Saskatoon, in the western province of Saskatchewan, for example, is offering a five-year tax break on new condominium construction to help speed new units.

Toronto real estate website helps home buyers fit into a booming market

Realosophy.com helps Toronto consumers understand their home buying options in a hot real estate market. The expanded website now offers over 175 Toronto and GTA neighbourhood profiles featuring at-a-glance school performance reports and an insider's guide to the home buying process. Realosophy.com is a free information service that does not require users to submit email addresses or other personal information. "Toronto home buyers are feeling anxious about fitting into a booming
real estate market," explains Realosophy's founder, John Pasalis. "Buyers are
increasingly diverse. They want their homes to fit their particular lifestyles. But media reports about sky-rocketing prices and fake multiple offers leave them wondering how to make this happen."