House price index climbs 5.4 per cent in a year; 0.2 per cent month to month
The Teranet-National Bank index of home prices has increased by 5.4 per cent from a year ago. The latest figures show that Vancouver, Calgary, Hamilton and Toronto led the annual increase. On a monthly basis prices nationally were up by 0.2 per cent from September to October with 5 out of 11 markets gaining. Calgary led the increases, up 9.1 per cent with Toronto up 7.4 per cent, Hamilton up 7.3 per cent and Vancouver up 6.5 per cent. There were also increases in Edmonton (4.9 per cent) Winnipeg (2.5), Quebec City (1.0), Halifax (0.4) and Ottawa-Gatineau (0.2) but Victoria’s prices dropped 0.1 per cent from September to October.
Lenders still cautious about micro-condos
Size isn’t everything but when it comes to condos it could be the difference between getting a mortgage and not. With space and budgets being tight micro-condos are gaining popularity, especially in Toronto, but lenders are not so keen. Condo researchers Urbanation say that around 5 per cent of the new condo supply in Toronto’s core is less than 500 square feet; by the end of next year it will be 11 per cent. However lenders are cautious about the trend and many, including B lenders, have policies of not issuing mortgages for a property of less than 500 or 600 square feet. Some do though and RBC has granted loans on 301 square foot homes. Inevitably as the market grows lenders will become more interested; with more than 3000 micro-condos expected in Toronto by the end of next year they may be hard to ignore. Read the full story.
Jobs growth is driven by Ontario
While recent figures show that a greater proportion of Canada’s wealth is heading west that could change as Ontario is leading the way on job creation. More than half of the new jobs in Canada over the last two months have been in Ontario says BMO economist Robert Kavcic. Unemployment figures also show that, for the first time since 2006, Ontario hit the national average of 6.5 per cent.
Royal LePage CEO wins PR award
The Canadian Public Relations Society Toronto has awarded its CEO Award of Excellence in Public Relations to Phil Soper, the President and Chief Executive Officer of Royal LePage. The society says that his “work in defining the company’s vision and communicating it with impact across Canada has been a demonstration of how communications can be a game changer in business strategy and business results”. Congratulations Phil.
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