Real Estate News Headlines // August 6th 2016

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines

An Ottawa-area real estate agent says Ottawa’s housing market will feel the impact of Vancouver’s new foreign home buyers’ tax and could become the number two destination for foreign buyers in Canada.

Foreign buyers are helping to drive a jump in sales of top-tier Canadian office buildings, industry players say, with a soft currency and the country’s relative stability helping attract interest from abroad.
While the Canadian economy is struggling with the drag from weak oil prices, global events like Britain’s vote to leave the European Union have increased its appeal.

Toronto’s housing market churned out another month of soaring price gains in July, fuelling concerns that it could be the next target of a tax on foreign investors.
Almost 10,000 resale homes changed hands in the Greater Toronto Area last month, the highest recorded number for the month of July, the Toronto Real Estate Board reported. Average resale prices jumped 16.6 per cent to $709,825, with the cost of detached homes surging 21 per cent from the same period last year, to $952,983.