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  • Vancouver’s real estate boom: The rising price of ‘heaven’

    Qiqi Hong walks past her sleek, blue-tiled hot tub and an infinity pool that seems to disappear like a waterfall into the chilly air above West Vancouver.

    She leans on the patio railing and breathes in the majestic ocean view that takes in the towering Douglas firs of Stanley Park, the skyscrapers of Vancouver, the Asia-bound freighters anchored in English Bay and – way off in the misty distance – the faint, rugged outline of Gabriola Island.
    “We’re in heaven,” says Ms. Hong. “I can’t find any house that can compare to my house.”

    The serene West Coast lifestyle did not come cheaply: Ms. Hong’s home cost $6-million. But it is an investment she can easily afford. The irrepressible businesswoman founded a successful lighting-design business in Beijing that thrived in China’s building boom. It now has more than 100 employees.

    But tired of Beijing’s hectic pace and foul air, she decided to come to Vancouver – after looking in Switzerland, Germany and the United States – on the Canadian government’s immigrant investor program in 2011. She now also owns three other houses on Vancouver’s west side, each valued in excess of $1.3-million, as well as a downtown condo she uses on weekends and lends to visiting friends.

    More: http://www.theglobeandmail.com/repor...ticle21071391/

  • #2
    Vancouver Homes Are So Pricey That Government Will Pitch In

    Home prices are so expensive in Canada’s priciest property market that the government is stepping in with loans to help first-time buyers rustle together a down payment.

    The province of British Columbia will start a program on Jan. 16 that will offer to match the nest egg amassed by buyers for their first house by up to C$37,500 ($28,000) or 5 percent of the purchase value, B.C. Premier Christy Clark said at a news conference. It’s

    estimated to cost about C$703 million ($526 million) over the next three years and help about 42,000 households enter the market.



    More: https://www.bloomberg.com/news/artic...-down-payments

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    • #3
      As home prices soar, some first-time buyers reconsider home ownership dreams


      Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a house.

      The couple could have purchased a condo in the Toronto area, where they both work, but Morrison says they wanted more space to be able to engage in their hobbies and, eventually, start a family.


      More: http://www.cbc.ca/news/business/soar...s-cp-1.3900693

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      • #4
        Toronto-area home sales set record high in 2016, average selling price soars


        The Toronto Real Estate Board says the GTA's average home price soared to $730,472 last month, up 20 per cent from December 2015.

        The board says strong December sales volume helped make 2016 a record year for realtors in the Greater Toronto Area.
        There were 5,338 sales transactions for all types of residential property last month — including condo units and fully detached houses.

        That was up 8.6 per cent compared with December 2015 — despite a tight supply of properties for sale.


        More: http://www.cbc.ca/news/canada/toront...oars-1.3922220

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        • #5
          High-end home sales in Toronto set to dominate for 3rd year: Sotheby's

          Sotheby's International Realty Canada says Toronto is poised to lead the country in high-end home sales for the third consecutive year.


          The latest report from the realtor showed sales of homes worth $1 million or more in the Greater Toronto Area rose 77 per cent last year compared to 2015, with a total of 19,692 properties sold.


          Sales of the priciest homes — those worth over $4 million — in the GTA rose 95 per cent year-over-year.



          More: http://www.cbc.ca/news/business/soth...ales-1.3929874

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          • #6
            Home sales plummet in previously red-hot Vancouver


            Home sales in Metro Vancouver last month dropped by almost 40 per cent from the year before with the sale of detached houses falling hardest.

            The Real Estate Board of Greater Vancouver says the townhome and condominium markets are more active than sales for detached homes.

            Just over 1,500 residential properties sold in January, down 39.5 per cent from about 2,500 sales that were recorded in January 2016.



            More: http://www.cbc.ca/news/business/vanc...uary-1.3964003

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            • #7
              Relying on rising home prices could be a fool's strategy: Don Pittis


              New data from the Canadian Real Estate Association indicates the rules have suddenly changed for people trying to buy into Canada's pricey real estate market.

              The latest CREA figures are not in themselves worrying, showing prices are roughly flat.

              Of course, an average figure disguises wide differences in areas such as Toronto, where prices continue to soar, and Newfoundland and Labrador, where they have plunged by 10 per cent.



              More: http://www.cbc.ca/news/business/real...fool-1.3983797

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              • #8
                No more housing rule changes, mortgage group urges federal government

                The group that represents mortgage brokers across Canada was in Ottawa on Tuesday to urge parliamentarians to tinker with their recent homeownership rule changes and hit the brakes on introducing any new ones. Mortgage Professionals Canada, which represents more than 11,000 brokers, urged lawmakers to rethink rule changes introduced last October aimed at consumers who may be taking on too much debt to buy homes. Among the major changes was the implementation of a "stress test" whereby borrowers would be judged on their ability to pay their mortgages, assuming rates were much higher than they are right now.


                More: http://www.cbc.ca/news/business/mort...-mps-1.4013334

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                • #9
                  2 big banks raise alarm over Toronto housing 'bubble'


                  Two big banks are waving red flags about Toronto housing prices, calling them "simply unsustainable" and a "bubble" in separate reports.

                  The Canadian Real Estate Association said this week that average house prices across the Greater Toronto Area hit $727,300 in February, a figure that has risen by more than 23 per cent in the past year.

                  The group said hot activity in and around Canada's largest city is "without precedent" and that it's skewing the national average higher.



                  More: http://www.cbc.ca/news/business/toro...o-td-1.4028032

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                  • #10
                    'Never buy new': Real estate expert warns of pitfalls of buying unbuilt condos

                    A $3-million class action by Ottawa condo owners is a cautionary tale about what can go wrong when buying a new condo.
                    So, how can you protect yourself? Toronto real estate agent David Fleming says his advice to clients is simple — don't buy new.

                    "I liken it to buying a pair of jeans. If you walked in [to a store] and you couldn't try them on and didn't know how long they would be, and what the waist was … that's a hundred-dollar pair of jeans. So why would someone buy a million-dollar condo the same way?"

                    Fleming said in his 13 years selling real estate, he has never sold a pre-construction condo.


                    More: http://www.cbc.ca/news/canada/ottawa...tips-1.4048400

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                    • #11
                      Rent control makes Toronto affordability worse, not better, CIBC says


                      Rent control policies implemented more than 20 years ago aimed at helping low-income Ontarians get affordable housing are having the opposite effect now, and making accommodation even harder to find, an economist with the CIBC argues in a new report Tuesday.

                      Amid calls for even stricter caps on how much landlords are allowed to hike rents in Toronto's competitive market, economist Benjamin Tal argues any such policy would do more harm than good — even to those it's ostensibly trying to protect.

                      "Rent control is the exact opposite of what the [Greater Toronto Area] market needs," he says. "If history is a guide, such policy will mostly hurt the people it's trying to protect."



                      More: http://www.cbc.ca/news/business/cibc...trol-1.4053228

                      Comment


                      • #12
                        What governments could do to cool GTA real estate market

                        All three levels of government meet Tuesday in Toronto to figure out ways to cool the red-hot real estate market in the region, where average home prices have shot up 33 per cent in a year.

                        Immediately after figures revealed the average home in the Greater Toronto Area cost $916,567 in March, Finance Minister Bill Morneau called for today's meeting with his Ontario counterpart Charles Sousa, and Toronto Mayor John Tory. The politicians are reacting to growing political pressure to make home ownership less of a pipe dream for young people in the GTA, where the average home now costs more than 12 times the average household's gross annual income.


                        More: http://www.cbc.ca/news/canada/toront...ting-1.4071284

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                        • #13
                          Foreign buyers tax, expanded rent control coming to Ontario


                          Ontario's Liberal government will slap a 15 per cent tax on home purchases by non-resident foreigners and will expand the province's existing rent control system to cover all tenants, CBC News has learned.

                          The moves come after the price of the average home in the Greater Toronto Area jumped 33 per cent in a year, triggering warnings of a real estate bubble, as well as after reporting by CBC Toronto revealed landlords slapping massive rent increases on tenants.
                          CBC News has obtained information on several of the measures in the provincial government's strategy to rein in housing costs. The information comes from sources with knowledge of the announcement to be made Thursday morning. In addition to the foreign buyers tax and expanded rent control, the measures also include:



                          More: http://www.cbc.ca/news/canada/toront...trol-1.4076283

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                          • #14
                            What governments could do to cool GTA real estate market

                            All three levels of government meet Tuesday in Toronto to figure out ways to cool the red-hot real estate market in the region, where average home prices have shot up 33 per cent in a year.
                            Immediately after figures revealed the average home in the Greater Toronto Area cost $916,567 in March, Finance Minister Bill Morneau called for today's meeting with his Ontario counterpart Charles Sousa, and Toronto Mayor John Tory. The politicians are reacting to growing political pressure to make home ownership less of a pipe dream for young people in the GTA, where the average home now costs more than 12 times the average household's gross annual income.


                            More: http://www.cbc.ca/news/canada/toront...ting-1.4071284

                            Comment


                            • #15
                              Politicians meddle with real estate — but would Canadians tolerate intervention in other markets?


                              There's a difference between housing and real estate. Housing is where we live; real estate is an investment. It's a pedantic but critical distinction. In all the breathless debates over housing bubbles and policy options, we look primarily at the investment.

                              Imagine for a moment those debates centred around an investment other than real estate. A mutual fund. Or gold. Or an Exchange Traded Fund.

                              Wouldn't there be a backlash against government intervention in those investments? Would any of the stern statements from politicians keen on cooling the market make any sense?



                              More: http://www.cbc.ca/news/business/pete...tion-1.4082904

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