Canadian Real Estate News Headlines (June 7th 2019)
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I provide you with Canada’s news headlines for real estate news for today.
Ontario, Quebec cottage real estate markets buoyant despite flooding
Spring flooding has failed to sink Ontario and Quebec’s cottage real estate markets, according to Royal LePage’s annual recreational property report.
Parts of Quebec cottage country were inaccessible for weeks because of road closures and some Ontario properties had to be viewed when they were partially submerged.
Why hyper-local real estate indices may be the only ones that really matter
Real estate markets are inherently local in nature. The value of a property is informed by the sale of similar nearby properties in the recent past. Thus, house price changes in one city may have no relevance to prices in another.
Recent research reinforces the notion that for housing markets, the extent of local may be restricted to the neighbourhood level. Housing values in a mid-income neighbourhood will not necessarily respond to fluctuations in prices in a ritzy part of the town.
Toronto is steadily becoming a sellers’ market – TREB analysis
Toronto is in a gradual trajectory towards being a sellers’ market, with home sales last month shooting up and supply remaining virtually static.
According to latest figures from the Toronto Real Estate Board, the city saw 9,989 home sales through the Board’s MLS System in May. This represented an 18.9% increase from the 15-year low for the month, which was seen last year.
TREB president Garry Bhaura emphasized, however, that last month’s numbers are still markedly below the long-term May average of 10,300, despite the tangible improvements from the glacial pace at the beginning of 2019.
Jethro Seymour, Top Toronto Real Estate Broker
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