Daily Market Update

No Supreme Court hearing for the Toronto Real Estate Board on ‘virtual realtors’ offices’ case… Saskatoon sees rise in construction… Calgary developments designed for the outdoor types… And US new homes sales weaker than predicted.


Court dismisses appeal hearing on TREB case

The Federal Competition Bureau says it has a second chance to force the Toronto Real Estate Board to allow realtors to publish historical data on their virtual office websites. Yesterday the Supreme Court in Ottawa said it would not review a lower court’s decision that a second hearing should take place; TREB won the first round. The competition regulator maintains that not allowing the publishing of data, which is allowed to be communicated by other means, is unfair on realtors who may wish to run a low cost online model. TREB says it has a duty to protect the data entrusted to it by the general public. The case has been ongoing since 2011 and has been through the competition tribunal and the Federal court, which is where it will now be heard again. Read the full story.


Saskatoon construction is on the rise

The year over year figures for building permits in Saskatoon show an increase of almost 300 units to 1,639. The value of the residential sector is up from $288 million for the first half of 2013 to $328 million for the same period this year. Non-residential has seen a decrease of 10 per cent in permits issued with value down $95 million due to fewer high cost single developments. Increased population seems to be driving the rise in home building. Read the full story.


Calgary area highlights the best of outdoor life

New communities in Calgary are making the most of outdoor amenities to give residents that ‘on vacation’ feeling all the time. Mahogany for example, is all about the active lifestyle with an exclusive beach club due next year, hockey rinks, tennis courts and what will be the city’s largest lake. Artesia provides golf lovers with a 27 hole course, Watermark is a BBQ fan’s dream with a full outdoor kitchen and fire pit, while Riverstone provides great fishing. As a nation of outdoor lovers, these are the kind of purpose built communities that are set to thrive. Read the full story. 


US new homes sales fall

Sales of new homes south of the border saw a sharp decline in June and May’s figures were revised down. Statistics released from the Commerce Department show an 8.1 per cent decline for June and May’s figures were 12.3 per cent lower than had been predicted. It’s a worrying trend and Fed chair Janet Yellen has expressed concern that the market is still underperforming. Factors for the slowdown include a lack of available land, tighter lending rules and higher mortgage rates. Read the full story.


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