Scotiabank is a spoiler

Canadian real estate and housing boom may be ending, Scotiabank warns

‘More subdued trajectory’ over coming years could impact jobs, renovation industry and consumer confidence, bank report warns.

Boom times are over for Canada’s housing sector and the impact of “a more subdued trajectory” will be felt everywhere from construction and home renovation sites to retail stores, a Scotiabank Economics report predicts.

Renovation spending, which totalled more than $47 billion in 2013, has reached record levels and become the fastest growing segment of real estate investment as more homeowners took advantage of their rising home values, low interest rates and government tax credits, to spruce up their nest rather than move to a new one.

Read more @ http://www.thestar.com/

Comments

Post a Comment

Popular posts from this blog

Ontario: Fire Code refers to Building Code to determine building safety

Image
By Corruption Victim of City of Toronto It was comforting to hear the assuring statement by Toronto Fire Chief Matthew Pegg: – Officials say London inferno won’t happen in Toronto : Strict building codes and inspections should prevent similar infernos “Here in Ontario we are fortunate to have the comprehensive fire protection and fire safety measures that are contained in the building code ,” He further explains residential building in the province must be constructed with non-combustible construction (in accordance with the  Ontario Building Code ) ie. be built out of materials that don’t burn. Of particular interest here is the fact that the Fire Chief himself confirmed Fire Code refers to Building Code to determine building safety . In another word, building that contravened the building Code in fire safety also violated the Fire Code (under the Fire Protection and Prevention Act, 1997). Unfortunately, an inquiry with Toronto Fire Prevention revealed the responsible...
Read more

Toronto’s bull market in real estate looks set for an extended run

Image
A rundown old house with a hodge podge of apartments in Roncesvalles Village drew crowds last week when it was listed with an asking price of $769,000. The property at 52 Harvard Ave. drew five competing bids and sold for $913,000. The owner purchased the house in 1988 for $135,000, he says. “It’s gone from pandemonium to just a heavy frenzy,” he says. Read more http://www.theglobeandmail.com/ Don’t not wish to join the Bull Run ? Sorry, you ain’t got no choice, because it takes … $430,000 to live in a former glue factory in the Junction Triangle Address:   371 Wallace Avenue , Suite 22 Neighbourhood:  Dovercourt-Wallace-Emerson-Junction Price:  $434,900 The Place:  A one-bedroom unit in Wallace Station Hard Lofts, a former glue factory that takes its name from a now-defunct railway station.
Read more

Nouveau Silk Road: From Middle Kingdom to The Great White North

Image
Jonathan Manthorpe  believes there is a direct line linking the explosive real estate bubbles in Toronto and Vancouver and how secure Chinese President Xi Jinping looks on his throne. How China’s Politics Messing Up  Canadian Real Estate Markets The evidence — the vast amount of money being spirited out of China by relatives, friends and cronies of the Red Aristocracy around Xi — suggests he’s set to tumble . Last year about $US1 trillion was spirited out of China by Communist Party leaders and their hangers-on, in defiance of currency regulations. Image Source They clearly do not feel the regime is secure and want their assets hidden away in stable overseas havens like Canada, the United States, Australia or Europe. Sounds like it’s not “London Bridge is falling down”, its “The Great Wall is tumbling down”?
Read more

Canadian greenhorns think real estate is sure win

But do they even have the what it takes to purchase a 300 square feet cookie cutter condo ? Young Canadians to put their money where their house is: RBC poll Young Canadians feel that housing remains a very good investment, according to the 21 st  Annual RBC Home Ownership Poll. Nearly nine-in-ten (86 per cent) of those aged 25-34 believe that owning a house or condo is a very good investment, up from less than eight-in-ten (78 per cent) in 2013. This sentiment has echoed into buying intention, as likelihood to purchase has increased in nearly every region in the country. Interest from the 25-34 age group has increased significantly from one-in-four (25 per cent) in 2013 to nearly half (41 per cent) of respondents in 2014. This change in buying intention points to a renewed confidence in young buyers who may have felt that buying wasn’t an option last year. “The increase in the number of those who feel the housing market is a good investment, as well as the number of those w...
Read more

Camping Out For Shelter & Condo

Image
Previously, Renters driven to tents, rental bidding wars, and more affordability issues . More affordability stories … Forced to camp for shelter Castanet.net – Jul 9, 2016 Kelowna has a notoriously low rental  vacancy rate, as low as 0.5 per cent according to some, which makes it difficult for those looking to rent something affordable. Homeless camps in Abbotsford Image Source Potential condo buyers camp out — in Abbotsford? CBC.ca – Jul 9, 2016 Given Metro Vancouver’s red-hot housing market, the sight of anxious buyers camped out in front of a condo development isn’t considered all that unusual … About 20 prospective buyers are lined up for Fraser Valley condos; some have waited close to 2 weeks.
Read more

Condomania continues while Condoville takes a breather

Image
Bubble? What bubble? Toronto condo sales booming once again The overall resale market was blazingly hot in the opening months of 2014. In the 416 area code, the average price for a detached house in April hit $965,670 for a 13.2-per-cent jump from April, 2013. The average semi jumped an even more eye-popping 18 per cent in the same period to $702,332 from April of 2013. The average price for a resale condo unit in April was $384,758, which was a slim 1.8-per-cent increase from April of 2013. Anecdotally, we’ve been hearing how strongly sales of condo units in Toronto bounced back in the first quarter of 2014. Investors swarmed some condo sales centres as soon as new projects were launched. In the resale market, some sellers were choosing among competing buyers for the first time in a long while. Data this week from Urbanation Inc. puts some numbers to the rebound: The market research firm says sales of new condo units soared 88 per cent to 5,140 in the first quarter, compared with the ...
Read more

Vancouver - The Darling of Canada Real Estate

Image
Vancouver, Vancouver, Vancouver. I always wonder why do foreign investors, particularly those from China are so obsessed with this city … Fengshui? Image Source Foreign investment has impact on Vancouver housing market, say researchers
Read more

What's New - Rio Olympic House & Self-Healing House

Image
Inside Canada’s vibrant Rio Olympic House by Yabu Pushelberg by Lauren Ro   For the first time ever, the Canada Olympic House , the Rio home base for Canadian Olympians and their friends and family, was designed by Canadians. Ontario natives George Yabu and Glenn Pushelberg, who are best known for their luxury hotel, residential, and commercial interiors like the Four Seasons Toronto and Park Hyatt New York, simply asked the Canadian Olympic Committee: “What can we do for Canadian athletes to showcase their country?” Yabu recalled. The deconstructed Canadian flag is made up of hundreds of hanging ribbons.
Read more

Respect: Rob Ford & Toronto Condo Builders are on par

Image
Toronto condo builders complain they get as little respect as Rob Ford because market misjudged Builders of Toronto condominiums get as little respect these days as the embattled mayor, according to one of the city’s largest high-rise developers. “I almost know what Rob Ford feels some days because people are always taking runs at the guy,” Barry Fenton, chief executive officer of Lanterra Developments, said at the Bloomberg Canada Economic Summit Tuesday. “The truth of it is we’re good, the market is really healthy still and we have a long ways to go on the upside.” Toronto, whose mayor entered a rehabilitation center after admitting smoking crack cocaine, is in the midst of a building boom. The city of 2.8 million people has more condo towers under construction than any other North American city, according to industry researcher Emporis GmbH, fuelling speculation the market is in a bubble. Deutsche Bank AG said in a December 2013 report that Canadian real estate is 60% overvalued, wi...
Read more

Average Detached Home Price In Toronto Is Now $ Multimillion

Image
To be exact, In Toronto’s housing market, ‘$2-million is the new $1-million’ The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Image Source The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Torontonians who can barely wrap their minds around a housing market where $1-million is the average price for a detached home might want to take notice of a new fast-approaching benchmark. Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary Bank of CanadaProspective clients will be flown to Calgary by private jet from practically anywhere in the world and then taken on helicopter tour of multi-million-dol...
Read more