Three Real Estate Stories in the News for Thursday, March 29th, 2018

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Greater Toronto Real Estate Sees Largest Drop In Demand Across Canada

There’s a lot less pressure on prices in Canada’s largest real estate markets. Canadian Real Estate Association (CREA) numbers show that 60% of markets saw declines in sales-to-new listings ratios. The ratio, which is used as a relative measure of demand, is declining in the country’s most expensive markets. Meanwhile, markets that underperformed the national average, are starting to see (minor) improvements.

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British Columbia Provides Additional Information On Speculation Tax

The British Columbia government has released further details about the Speculation Tax on residential property announced in the 2018 Provincial Budget (the highlights of which are discussed in our previous blog post). These details clarify the geographic areas the Speculation Tax will apply to, along with rates, exemptions, and credits that may be available to offset the Speculation Tax.

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Rate rises, red tape to keep a ceiling on Canadian house prices

Rising borrowing costs and new government policies will stunt turnover in Canada's housing market this year and the lack of supply will drive up home prices faster than previously thought, a Reuters poll found.

But any increases will be a sharp slowdown from the 8.5 percent gains made in 2017 when soaring prices stoked record levels of household debt compared to income but did support economic growth.

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Jethro Seymour, one of the Top Midtown Toronto Real Estate Brokers, provides you with Canadian real estate news headlines ( March 29th 2018)