Montreal home sales climb six per cent in November as housing supply tightens

Montreal home sales climb six per cent in November as housing supply tightens
MONTREAL — The real estate market in Montreal and the surrounding area continues to show strength, as the number of homes sold climbed six per cent in November compared with a year ago, amid declining supply. The Greater Montreal Real Estate Board says there were 3,630 residential sales last month, setting a new sales record for the month of November. It also marked the... Read More

13 and 4: Real estate’s unlucky numbers and what some cities are doing about it

13 and 4: Real estate’s unlucky numbers and what some cities are doing about it
TORONTO — It’s an open secret among real estate agents that in certain communities, condo units on the fourth floor can take longer to sell. “When I was younger, I didn’t believe any of these things. I thought it was just BS,” said Tina Mak, a Vancouver-area real estate agent who has been in the business for nearly 30 years. “You... Read More

Greater Toronto home sales drop nearly 15% in November, prices still climb

Greater Toronto home sales drop nearly 15% in November, prices still climb
TORONTO — The number of homes sold across the Greater Toronto Area pulled back sharply in November, compared with a year ago, but prices continued to see moderate growth, suggesting that Canada’s largest city remains a seller’s market. The Toronto Real Estate Board said Wednesday there were 6,251 residential transactions recorded last month through its Multiple Listing Service (MLS) system, down 14.7 per cent versus a... Read More

Metro Vancouver home sales and prices down to more ‘historical’ levels: board

Metro Vancouver home sales and prices down to more ‘historical’ levels: board
VANCOUVER — Both sales and prices for Metro Vancouver homes have dropped in what the head of the Real Estate Board of Greater Vancouver says is a return to historical demand levels. Board president Phil Moore says home buyers have been taking a wait-and-see approach for most of 2018 and the slower activity has prompted home prices to edge downward across all property... Read More

Majority of Montreal condo investors have negative cash flow: CMHC

Majority of Montreal condo investors have negative cash flow: CMHC
TORONTO — A report by Canada Mortgage and Housing Corp. suggests a majority of landlord investors who bought properties in large, high-rise condominium buildings in downtown Montreal are not collecting enough rent to recoup their operating expenses. The national housing agency estimates that investors who made a 20 per cent down payment on their properties are spending more on mortgage payments,... Read More

Second group interested in developing LeBreton Flats as Melnyk-backed proposal flounders

Second group interested in developing LeBreton Flats as Melnyk-backed proposal flounders
OTTAWA — A second group has expressed its interest in developing Ottawa’s LeBreton Flats, and it says an NHL arena is part of its plan. DevCore Group, which submitted a bid to develop the area near Parliament Hill in 2016 but lost to a group co-headed by Senators owner Eugene Melnyk, said in a statement Monday that it remains ready to... Read More

CMHC earned $387 million profit in Q3 amid cooling conditions in housing market

CMHC earned $387 million profit in Q3 amid cooling conditions in housing market
OTTAWA — Canada Mortgage and Housing Corp. saw its third-quarter profit drop compared with a year ago as the housing market showed signs of cooling off. The country’s largest mortgage insurer says it earned $387 million for the three months ending on Sept. 30, down from $467 million in the same period a year earlier. Revenue totalled $1.05 billion in... Read More

Demand grows for vacation condos in Whistler, Mont-Tremblant: Royal LePage

Demand grows for vacation condos in Whistler, Mont-Tremblant: Royal LePage
TORONTO — Demand from retirees, investors and those looking for a winter getaway is driving strong demand for condominiums in popular recreational real estate markets, at times, nearly double the rate for detached homes, says a report by Royal LePage. The realty brokerage says the median price for a condominium located in Whistler, B.C., grew by 26.5 per cent to $610,000 this year, compared with a year... Read More

HBC faces renewed criticism from activist investor Land and Buildings

HBC faces renewed criticism from activist investor Land and Buildings
TORONTO — Hudson’s Bay Co. activist investor Land and Buildings Investment Management LLC is attacking the Toronto-based retailer’s board again for failing to take decisive action to unlock value for shareholders. In a letter sent to shareholders, Land and Buildings says it believes HBC could double or triple its share price and find benefits by selling Saks Fifth Avenue to a luxury department... Read More

National vacancy rate falls to 2.4 per cent, demand still outpacing supply: CMHC

National vacancy rate falls to 2.4 per cent, demand still outpacing supply: CMHC
OTTAWA — Canada’s overall vacancy rate dropped for a second year in a row, as demand for rental housing grew at a faster pace than supply, according to the Canada Mortgage Housing Corp. In its annual rental market survey, the housing agency says in 2018, the vacancy rate across the country was 2.4 per cent, down from three per cent in 2017.... Read More