Building permits increase in September
The value of building permits issued in September was 12.7 per cent higher in September following a drop of almost a third the previous month. Ontario led the way with non-residential permits up 23.9 per cent; Quebec and Nova Scotia are also higher; but Alberta saw a sharp decline, particularly in the condo market, along with lower figures for Newfoundland and Labrador. Multi-family units saw gains of 10.8 per cent after a 28 per cent drop in August; single-family dwellings rose 2.5 per cent following a 2.3 per cent drop in August.
Mortgage insurers and lenders to follow new rules
Jim Oliver has announced new rules to minimize the risk to mortgage insurers and lenders. The Office of the Superintendent of Financial Institutions released a draft document earlier this year but the final rules have some minor changes. In a bid to avoid the kind of crisis we saw during the financial crisis, lenders will be required to follow strict guidelines to verify applicants’ income especially the self employed. Read the full story.
Vancouver and Toronto homes close to Paris prices
A new report shows that two of Canada’s cities are now in the same property price bracket as some of the world’s most popular destinations. The CBRE report shows that Toronto and Vancouver are now more expensive per square foot than Rome and Milan and could soon surpass Paris. Prime residential property in Toronto is priced at $1,225 per square foot and Vancouver is $1,368. Paris is $2,000 per square foot while the world’s most expensive is London at $3,636. The report highlights the influence of foreign investors on the international real estate markets and notes that Canada’s two hottest markets are popular with retirees seeking luxury accommodation. Read the full story.
Saskatoon listings are up but sales are flat
The number of properties for sale in the Saskatoon area is up 15 per cent from this time last year. There are currently 1,553 homes for sale in the city and surrounding area according to new figures from the local realtors association. While supply of new homes is up 30 per cent year-over-year, sales are roughly flat and Saskatoon Region Association of Realtors CEO Jason Yochim says price is of concern to potential buyers Read the full story.
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