Three Real Estate Stories in the News for Friday, October 27th, 2017

Hello!  Here are Canada's headlines for real estate, today.

Canada's Real Estate Sector Remains Resilient

According to Cision, "[t]he Canadian real estate industry is still performing well, according to the 2018 Emerging Trends in Real Estate report published today by PwC Canada and the Urban Land Institute (ULI). Despite the industry's steady performance, interviewees shared a concern of potential headwinds resulting in some real estate investors rebalancing their portfolios, and others taking a more defensive posture. Affordability concerns remain a dominant theme for residential real estate in Toronto and Vancouverand the report discusses rapid development outside urban centres across the country. The report also finds that investors, developers and occupiers  are rethinking how they approach their real estate investments, from ambitious intensification plans, to building communities, to investments outside major urban centres due to increased focus on new transit-centric hubs."

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CRA probes Toronto pre-construction condo flipping cases for tax avoidance

According to CBC News, "Canada Revenue Agency is analyzing 2,810 transactions involving cases of pre-construction condominium flipping in Toronto to determine whether audits need to be carried out to find tax evaders.

In the Toronto area in particular, audit work has increased substantially on what are called "assignment sales" or "shadow flipping" in which a condo is purchased from a developer and sold to another buyer before the unit is completed, the federal government agency said Tuesday."

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Bank of Canada leaves interest rate unchanged

According to Financial Post, "The Bank of Canada left its benchmark interest rate unchanged Wednesday after raising it twice since the summer — but it signalled that future hikes are likely on the horizon."

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Jethro Seymour, Toronto Real Estate Broker.  Search Toronto's live MLS listing here.