Another part of the GTA price surge story
The much talked-about foreign investment impact makes headlines but Toronto’s hot housing market is more than a single story. In the old City of Toronto the house prices have also been driven higher by renovation. Where a decade ago you would have found run down properties, you are now likely to find revitalised homes and new dwellings created with infill housing. As modern buyers want to live near the city core; cutting their commute and being close to leisure and shopping facilities; the ageing neighbourhoods are being transformed. While critics will talk of density being too high and the effect on prices, it is simply the market reacting to demand in an area where land is at a premium. Read the full story.
Planning to buy south of the border? Do the research
Canada continues to provide a steady and large flow of buyers of real estate in the US but realtors and mortgage brokers south of the border advise that there’s research that needs to be done. Firstly on location; Florida, Hawaii and the valleys are popular choices for Canadians looking for a second home but there are many affordable areas in the states that are also worth considering. Parts of Ohio, Georgia and even New York state are very affordable and while they may not always provide the weather of some other options, they may still be viable. The other thing to consider is the mortgage. Although many Canadians pay for their US property in cash when a home loan is required it is not always as straight forward as a Canadian mortgage. The time it takes to arrange, the paperwork required, and the popularity of fixed-term loans of longer durations are all considerations.
ATB Financial: Alberta economy will slow down for the next few years
Experts are predicting that there will be a softening of the economy in Calgary and throughout Alberta next year and for a few years after. ATB Financial’s chief economist Todd Hirsch said that he sees nothing on the horizon that would be a ‘bust’ but the economy would “pullback” maybe by half of one percentage point. That would mean growth in the region of 2.5 – 3.0 per cent.
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Investment Hot Spots:
Mundare, Chester Basin, Fox Point, Theodore, Hay Lakes