Real Estate News Headlines // July 8th 2015

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

Financial Post

Well, well, the big bet against the Canadian housing market, especially in the Greater Toronto Area, has still failed to take hold. Yet this is the primary reason why U.S. hedge funds have reportedly been adding to their short positions on Canadian bank stocks.
Home sales nationwide hit a five-year high in May, with average resale prices up eight per cent, led by Toronto and Vancouver, which have acted as a huge offset to the retreat in Calgary where sales have predictably fallen 30 per cent from comparable 2014 levels.
Despite being seemingly expensive, and propped up to some extent by foreign buying, there is very likely going to be another leg up in the GTA housing market fuelled by Canadian inter-provincial migration inflows.
This might bring what is already a hot market back into a bubble by the time the cycle is over, which is likely still a few years away (the Bank of Canada is hardly likely to be raising rates anytime soon, no matter what the U.S. Federal Reserve does).

Toronto-Dominion is the latest major bank to declare a recession in Canada, saying the “balance of probabilities” has tipped in favour of another quarter-point rate cut next week.
“It is likely the economy was in recession in the first half of the year,” thanks to the damage from a collapse in oil and commodity prices that has persisted since 2014, senior economist Randall Bartlett said in a note to investors Monday.

Jethro Seymour, Davisville Real Estate Broker at Royal LePage RES Ltd., Johnston & Daniel Division

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