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Latest Real Estate News

Home prices set national record in May - crea.ca - Home prices have added to their already impressive gains, as the national average resale price set another record in May, the Canadian Real Estate Association (CREA) said Thursday. The average Multiple Listing Service sale last month was an all-time high of $314,258 — up 10.8 per cent in a year and a rise of $9,000 from April, when the average topped $300,000 for the first time.
CBC.ca, Jun 21, 2007

Mortgage rates dip for first time in 3 months - Mortgage rates are dropping for the first time in more than three months, as bond yields fall. Royal Bank announced Tuesday that it would be chopping its mortgage rates across the board by up to a fifth of a percentage point, effective Wednesday. TD Canada Trust and Bank of Montreal followed soon after and other banks are expected to do the same. A five-year fixed mortgage will be 7.24 per cent, down from 7.44 per cent, the first major drop in mortgage rates since early March.
CBC.ca, Jun 20, 2007CTV.ca, Jun 20, 2007Globe and Mail, Jun 20, 2007Toronto Star, Jun 20, 2007

Toronto home resales up 24 per cent in first half of June - treb.com - During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same timeframe a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year's mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May, which ended as the most active month ever.
Canada News Wire, Jun 20, 2007

Float or fix? Mortgage decision depends on homeowner ability to shoulder risk - crea.ca - It's more expensive than ever to buy a home in Canada as record house prices coincide with mortgage rates at five-year highs. The average sale price in urban markets was $333,524 last month, a 10.2 per cent increase from a year ago and the highest ever recorded by the CREA. Thursday's data came as the banks jacked up their posted mortgage rates for the fourth time in less than a month, with the popular five-year closed mortgage at 7.44 per cent, up 0.85 percentage point from mid-May.
CBC.ca, Jun 18, 2007

Resales generate $15.3-billion a year in spending, study says - crea.ca - The resale housing industry in Canada generated more than 158,000 jobs and an average of $15.3-billion annually in the past three years, according to the Canadian Real Estate Association. Each sale of a previously owned home generated an average of $32,200 in additional consumer spending in the period according to the study prepared by Altus Clayton. The economic impact of each sale varies by region, from $40,450 in B.C. to $20,325 in Atlantic Canada.
Globe and Mail, Jun 18, 2007