Toronto and Vancouver real estate markets headed in different directions: TD

A new study suggests the two hottest real estate markets in Canada appear to be headed in different directions, as Vancouver softens and Toronto looks to maintain its momentum."Home prices are projected to decline by about 10 per cent in Vancouver by mid-2017, before stabilizing later in the year," TD said.
n contrast, the TD report predicted Toronto will continue to show strength.

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Winning Lotto 649 ticket $13.6 million sold in Mississauga

The winning $13.6 million ticket in Saturday’s Lotto 649 draw was reportedly sold in Mississauga.There was one jackpot winner in the Aug. 27 draw. The winner numbers are 3-14-16-33-47-48, bonus number is 29.

Meadowvale's iconic water tower bowl deemed structurally unsound, being removed

Cranes are on scene at the Meadowvale GO station removing the iconic bowl on the water tower.

Constructed in 1971, the massive water tower has been a staple in the Meadowvale community. Located in the middle of the bus loop at the GO station, at Millcreek Drive and Aquitaine Avenue, the water tower was decommissioned two years ago after it was deemed structurally unsound.

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Urbancorp buyers want court to grant them a voice in builder's restructuring

Hundreds of ordinary people want a say in who buys up the Urbancorp assets that are being sold off in the home builder’s restructuring. Reported in Toronto Star 

The couple, who are both studying for master’s degrees, paid a $90,000 deposit on a semi-detached home in Urbancorp's St. Clair development two years ago, only to learn last spring the builder was being restructured under the Bankruptcy and Insolvency Act.

They are among the hundreds of ordinary people who want a say in who buys up the Urbancorp assets that are being sold off in the restructuring. They fear the properties will be sold off to new developers who won't honour their contracts or return their deposits, which in many cases represent families' life savings.

 The buyers feel like they are the last in line for consideration among Urbancorp's creditors that include banks, financial heavyweights and Israeli bond holders.

Their lawyer, Lisa Corne is asking Justice Frank Newbould to let her firm, Dickinson Wright, represent the buyers in five Urbancorp developments, with the legal bills to be paid out of the Urbancorp estate.

The hearing, originally scheduled for next Wednesday, has been moved up.

If the court grants the buyers' legal representation, Corne expects that she would meet with the trustee in the insolvency proceedings, KSV Kofman, and the proposed bidders on the properties to look at whether there's an opportunity to actually complete the purchase of their homes.

Racist Kijiji ad for basement apartment in Mississauga violates human rights code, says lawyer

 A Mississauga homeowner is facing backlash after posting a racist Kijiji ad seeking a tenant for his basement apartment. 

“Black guys pls no call” was typed in the description box of the online ad to rent a one-bedroom basement unit  in Mississauga.The ad was originally posted on Aug. 21, but it was updated the next day with the line removed. There are currently 143 registered basement apartments in Mississauga.  

July sees record-breaking housing prices in the Greater Toronto Area

July sees record-breaking housing prices in the Greater Toronto Area.Figures released today by the Building Industry and Land Development Association (BILD) show record-breaking prices for detached and semi-detached houses and town homes, with prices increasing more than $100,000 in 12 months.In July, the average price of new detached and semi-detached homes in the GTA was $906,508, a 12 per cent increase from the year before.

High-rise homes in the GTA also increased by seven per cent, with the average cost of a unit valued at $475,764.

In Mississauga, the average price of a home sold in June 2016 was $637,660, up 12.7 per cent from June 2015.

Brampton is also seeing a steady increase in the housing market, with the average home selling for $570,380, up from last year’s average of $460,485

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Vancouver Real Estate Tax Could Make Toronto's Market Even Hotter

Toronto's red-hot real estate market could get even hotter as foreign nationals looking to dodge a new 15 per cent tax on properties in Vancouver seek new places to invest, realtors say.

Current Issue of Sunday Times Canada week Aug 11-Aug17 2016

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Mississauga home Prices up 13.1% from July 2015: Mississauga Real Estate Board

The average price of homes sold in July 2016 was $615,081, up 13.1 per cent from July 2015. On a year-to-date basis the average price was $620,346, an increase of 12.4 per cent from the first seven months of 2015.Overall supply is currently running at record lows. Active residential listings numbered 1,138 units at the end of July 2016. This was down 38.5 per cent from the end of July 2015. Source Mississauga Real Estate Board.

B.C. home sales skid, high prices persist: real estate association

The Canadian Press
Published Thursday, August 11, 2016 1:20PM EDT 

VANCOUVER -- The British Columbia Real Estate Association says home sales have come off the boil in many regions of B.C., but for now, prices continue to soar.

The real estate association says the Multiple Listing Service recorded 9,900 residential units changed hands in July, a 3.4 per cent decline compared with 2015.

The association reports that costs have not immediately followed the trend.

It says the average residential price of a home on the Multiple Listing Service climbed 9.1 per cent last month compared with July 2015, reaching $663,411.

Total sales dollar volume was also up 5.4 per cent over the same period to $6.57 billion.

But association chief economist Cameron Muir says the record-setting pace of sales is finally moderating and he believes price relief is also in sight.

"The less frenetic pace of home sales will likely provide a much-needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring," says Muir in a release.

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Resale Home Price in Toronto up More that 16%!!!

Average resale price of a home in the Greater Toronto Area climbed to $709,825 last month, up more than 16% compared to a year ago as per The Toronto Real Estate Board. The average price of a detached home soared 21 per cent from July 2015 to $952,983.The average condo price in the Greater Toronto Area rose 9.2 per cent to $406,865.

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