IMF warns again about Canadian housing market
It’s not the first time that the International Monetary Fund has published a warning about the Canadian housing market, but in its latest report it says that Ottawa has not done enough to cool the market. While it is still calling for a soft landing for the market over the next few years, the report highlights a 60 per cent rise in home prices over the last 15 years and suggests that the market is between seven and 20 per cent overvalued. The report also says that Canadian households have debt above those of most other western nations. The IMF also says that there needs to be more information about the state of the housing market and repeated its calls for the balance of risk to move from the CMHC to the private sector. Another issue that was cause for IMF concern was the conclusion that many buyers of expensive properties have borrowed to finance their downpayment and it urged regulators to start collecting accurate data on that. Read the full story.
Realtor defies TREB on housing data
Real estate agent Ara Mamourian of SpringRealty.ca has resumed sending weekly emails containing purchase prices of homes sold in his area. Mamourian consulted with lawyers after receiving an email from the Toronto Real Estate Board (TREB) reminding Realtors about the potential violation of privacy from sharing information. He told The Huffington Post
: “We don’t want to do anything to upset TREB in that way, we just want to give people the information, the way they expect to receive it in 2015.” The real estate board is concerned that data supplied on websites or in email lists without sellers’ consent could be against privacy laws and warned its members that they could be blocked from the MLS if they continued to share such data. The sharing of data can be done through phone calls, direct email to a client or in person. Read the full story.
Ottawa multi-family market among Canada’s most stable
has one of the most stable and sought-after multi-family rental markets in Canada, according to a report by Colliers International. The bi-annual Multi-Family Real Estate Report
looks at the sector in Calgary
, Montreal, Ottawa
. It concludes that while the value of commercial sector transactions in Ottawa
was down by 11 per cent last year, the multi-family development market was up by 33 per cent, while the number of sales transactions increased by more than 61 per cent. Colliers’ Oliver Tighe commented: “Owners are attracted to the stability and lower relative price of apartment buildings in Ottawa
versus other major markets.” The report reveals a move towards more national ownership of multi-family units rather than private ownership. Vancouver
continue to see the strongest demand. Tighe adds: “Not surprisingly, Vancouver
also have the highest average rental rates for 2014, with the average one-bedroom rental in Vancouver
at $1,198 and Toronto
at $1,168.” Read the full report.
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