Three Real Estate Stories in the News for Thursday, June 7th 2018
Higher taxes no solution to Vancouver's real estate crunch, says study
Cutting through red tape and allowing greater density will do more to create affordable housing in Metro Vancouver than taxing speculators and foreigners, according to a new study. Check here for more details.
Toronto home prices inch higher, owners stay on sidelines amid worst sales slump in almost 10 years
Prices for Toronto homes climbed in May as buyers competed for fewer new listings amid the worst sales slump in almost a decade.
Sales dropped 22 per cent to 7,834, compared with the same month last year, according to data Monday from the Toronto Real Estate Board. Seasonally adjusted, transactions fell for the fifth-straight month to the lowest level since 2009.
Sellers are holding back to see if things improve, leading to strained supply and stiffer competition between buyers, which is buoying prices, the board said. New listings dropped 26 per cent to 19,022, compared with May 2017. Even so, properties took 20 days on average to sell, almost twice as long as the 11 days a year earlier. Check here for more details.
Recreational property prices in Canada expected to increase: report
Summer is right around the corner and that means Canadians will soon be flocking to vacation homes around the country.
According to the 2018 Royal LePage Canadian Recreational Housing Report released today, the price of the majority of recreational properties in Canada is predicted to increase. Check here for more details.
Picture Credit: LinedPhoto