Monthly Archives: September 2016

Month: September 2016 Money-laundering concerns in Canadian real estate

  In Canadian real estate, an in-depth review of Canada’s anti-money-laundering efforts has uncovered serious concerns that organized crime is using the country’s hot real estate sector to illegally funnel cash. The report from the Paris-based Financial Action Task Force makes special note of real estate as an area of the economy with a high risk of illicit activity, one of a few weak spots in what the report calls a comprehensive federal regime to combat money laundering and terrorist financing. The charitable and life insurance industries are also identified in the report as sectors at risk of providing financial

View Article...

Month: September 2016 Developer Urbancorp’s home buyers lost fight in court to complete their purchases

  In central toronto real estate, buyers in several insolvent Urbancorp projects have lost their bitter fight to convince a court to let them complete the purchase of their homes. On Thursday, an Ontario Superior Court judge approved the sale of six Urbancorp development sites in the Greater Toronto Area to five different buyers – including Mattamy Homes and Fernbrook Homes. The developments are among several Urbancorp companies that filed for bankruptcy protection earlier this year. Urbancorp’s court-appointed monitor, KSV Advisory, said it had received “hundreds of inquiries” and 76 formal bids from developers for the six sites, most of

View Article...

Month: September 2016 Integral House, a Toronto architectural wonder built for $34M in Rosedale, sold to a buyer after 18 months on market

  In central toronto real estate, Integral House, a Toronto architectural wonder built for $34M in Central Toronto Rosedale area and one of the most storied accomplishments in Canadian architecture, has finally found a buyer after 18 months on the market. It was the vision of the mathematician and musician James Stewart, built with reverence to both those passions. The 18,000-square-foot house is complex, with curved glass and oak overlooking a ravine in Toronto’s Rosedale neighbourhood and a state-of-the-art concert hall that seats 150. Stewart spent 15 years on it and $34 million. When it was finished in 2009, Glenn Lowry,

View Article...

Month: September 2016 Cost of Toronto’s house boats has doubled and Toronto’s housing prices remain hot

  In toronto real estate, soaring housing prices in Toronto have forced some home buyers to look for more affordable alternatives to the conventional detached home, but prices for one type of dwelling may be on the same boat. For toronto home seller, house boat prices in the Greater Toronto Area have doubled in the last six years, putting the average cost of a floating home in the range of a condo, according to Royal LePage sales agent Denise Doucet. According to the Toronto Real Estate Board, the average home price in the city, regardless of property type, rose 17.7 per cent to $710,410

View Article...

Month: September 2016 TREB releases strong August, 2016 resale housing market figures

  In toronto real estate, Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a record 9,813 sales through TREB’s MLS® System in August 2016. While this sales result was 23.5 per cent above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015.  When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13 per cent.   For toronto

View Article...

Month: September 2016 Canadians like to drink more coffee than others in the world

  It’s Friday morning at a Tim Hortons in downtown Toronto. The place is hopping with customers eager to get their caffeine fix. Yes, Canada loves its coffee, more so than most other countries in the world.  Out of 80 countries, Canada ranked No. 1 in 2015 when tallying up how many litres of coffee per capita we gulped down at food service joints like cafes. In Canadian business, Canada also scored third highest for the total amount of brewed coffee we consumed both inside and outside the home — an average of 152 litres per person. The statistics were compiled by global marketing research

View Article...

Month: September 2016 Real Estate Agents provide great value noted by Commission specialist Larry Weltman and others

  A national spike in private home sales has reignited the debate around the value of hiring a realtor versus trying to sell your home yourself. Even though the private sale market has grown, realtors are still the best bet in terms of selling or buying a home without issue. In Vancouver, the country’s busiest and most lucrative housing market, the number of For Sale By Owner (FSBO) listings climbed from 7,154 in 2014 to 8,561 in 2015, and is expected to increase again this year. Even though the uptick in FSBO listings appears promising for those who have the

View Article...

Month: September 2016 Vancouver homeowners become Canada’s first ‘city of millionaires,’ study notes

   In toronto real estate, a strong housing market is making Canadians wealthier, on paper, as the value of their homes outstrips a rising amount of debt. In toronto personal finance, household debt across the country grew by 4.1 per cent last year to an average of $133,170 while average household net worth increased slightly more, rising by 4.3 per cent to $680,098, according to the latest WealthScapes analysis by Environics Analytics. That leaves many households in decent financial shape despite challenging market conditions. Households in British Columbia are the richest, according to the study, with net worth growing by

View Article...

Month: September 2016 Toronto housing market staying stronger, while Vancouver’s slowing down – TD Bank

  In toronto real estate, Toronto continues to maintain its housing market momentum whiles Vancouver real estate market looks to be softening. In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on non-residents. “Home prices are projected to decline by about 10 per cent in the region by mid-2017, before stabilizing later in the year,” TD said. However, even with a drop of that size, the TD bank noted that Vancouver prices will still be well above

View Article...

Month: September 2016 Scotiabank cuts down in mortgage lending business, stays vigilant

  In toronto mortgage, Bank of Nova Scotia (BNS.TO), Canada’s third-biggest lender, has pulled back on mortgage lending in its domestic market, potentially insulating itself if house prices fall in Vancouver and Toronto. In toronto real estate, Canada’s banks face heightened scrutiny of their mortgage underwriting practices as authorities try to tackle the potential threat of a housing bubble in the two cities, where prices have soared. “We’ve ceded some market share. That is very much a choice,” James O’Sullivan, group head for Canadian Banking, told investors after the bank reported third-quarter earnings that beat analyst estimates. In mortgage financing,

View Article...