Real Estate News Headlines // May 7th 2015

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

CBC

A UBC professor says the lack of government control over foreign real estate investment in Vancouver is surprising, because other cities that have a large amount of foreign ownership have measures to control soaring housing prices.
It was a record-breaking April for the number of homes sold, as the booming real estate market in Hamilton and Burlington continues.
The local realtors board reported 1,699 properties sold last month, which broke the record set in May 2014 of 1,660 sales.
The greater real estate market in Hamilton and Burlington “has never seen this kind of activity,” said Ross Godsoe, CEO of the Realtors Association of Hamilton-Burlington.

The Globe and Mail

Ontario’s condo boom could prove to be a risk to the country’s economy, Fitch Ratings warns in a new report today.
The New York-based ratings agency said it considers home prices in Ontario to be 25 per cent too high, slightly above its estimate for Canada’s housing market as a whole, which it warned last year was around 20 per cent overvalued.
There are more than 80,000 condo units under construction across Ontario, most of them in the Greater Toronto Area. That’s 50 per cent higher than just four years ago, although the number of new housing starts has fallen from its peak in 2012, Fitch said. In the face of so much supply, condo prices have remained flat across the province.
Therein lies the problem, according to Fitch.

Financial Post

Toronto home sales rose 17% in April from the year before, carving out a new record of hot sales for one of the hottest months of the year in real estate.
At the same time, new listings rose just five per cent over the same period, which will likely push prices even higher in Toronto’s booming market, said the Toronto Real Estate Board on Tuesday.
The board reported 11,303 sales in April, a record for the month, with the average selling price of homes sold by GTA realtors up 10 per cent to $635,932.

Jethro Seymour, Toronto Davisville Agents at Royal LePage RES Ltd., Johnston & Daniel Division
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