Four Real Estate Stories in the News for Thursday, September 7th, 2017

Hello, everyone. Happy labour day.

I provide you with Canada’s news headlines for real estate news for today.

Real estate can buttress a portfolio, especially if it’s foreign

According to The Globe and Mail,

Real estate is a great way to diversify your portfolio. But just as with equities and fixed-income investments, a domestic focus on real estate can be shortsighted.

The detail is here.

BoC interest rate hike drags on weakening Toronto real estate

According to The Globe and Mail,

A second interest-rate increase announced Wednesday by the Bank of Canada will add further drag to Toronto’s real estate sector, which has seen home sales fall steadily for four consecutive months.

Bank of Montreal chief economist Doug Porter said Wednesday’s rate increase will add further pressure on the weakening real estate market in Toronto, although much of the 0.25-per-cent increase has already been anticipated and factored into long-term mortgage rates.

The detail is here.

Slower real estate market hurting city’s bottom line

According to Toronto Sun,

It looks like the free ride on the Municipal Land Transfer Tax gravy train is over.

A report to the city’s budget committee Tuesday says higher home sales and prices brought in $61-million more than anticipated to the city’s coffers to the end of June.

The detail is here.

Canada had 1 city where people were worth over $1M last year. There are 4 now

According to Global News,

Just a year ago, Vancouver was lonely at the top.

Back then, the West Coast city was the only one across the Great White North where people had average household net worth of over $1 million, according to Environics Analytics.

But that’s changed, according to a report released Tuesday. Three more cities have joined Canada’s “Millionaires’ Club” for cities, and two of them can largely thank real estate for the gains.

The detail is here.

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Jethro Seymour, Toronto Real Estate Broker, Looking For Best Midtown Toronto Real Estate Listings? Contact Me!