Alternative lenders increase share of slowing Canadian mortgage market: CMHC

Alternative lenders increase share of slowing Canadian mortgage market: CMHC
OTTAWA — A new report from the Canada Mortgage and Housing Corporation suggests more people are turning to alternative lenders, while the overall number of new mortgages slowed amid government interventions aimed at cooling the housing market. CMHC estimates alternative lenders held $13 billion to $14 billion of outstanding Canadian mortgages in 2018 — up from $11 billion to $12 billion... Read More

China’s economy growth cools further amid US tariff war

China’s economy growth cools further amid US tariff war
BEIJING — China’s economic growth slowed to its lowest level in a decade in the quarter ending in June, adding to pressure on Chinese leaders as they fight a tariff war with Washington. The world’s second-largest economy grew 6.2% over a year ago, down from the previous quarter’s 6.4%, government data showed Monday. That was the weakest growth since the... Read More

Toronto stock market falls as Canadian dollar hits nine-month high

Toronto stock market falls as Canadian dollar hits nine-month high
TORONTO — While U.S. markets set record highs, Canada’s main stock index ended the week lower as the loonie hit a nine-month high. The S&P/TSX composite index closed down 39.78 points to 16,488.12 after hitting an intraday high of 16,525.70. Seven of the 11 major sectors decreased, led by a 4.5 per cent drop by cannabis-heavy health-care sector. A fifth consecutive day of... Read More

Luxury real estate sales rise in Toronto, Montreal; fall in Vancouver

Luxury real estate sales rise in Toronto, Montreal; fall in Vancouver
Luxury real estate sales flourished in Montreal with property sales over $4 million jumping by triple digits in the first half of 2019, but continued to dwindle in Vancouver, according to a new report. “Canada’s top-tier real estate markets veered in separate directions,” read a report released Wednesday by Sotheby’s International Realty Canada, which tracked the number of condominiums, townhouses and... Read More

Montreal home buyers squeezed in tighter market as sales and prices rise

Montreal home buyers squeezed in tighter market as sales and prices rise
MONTREAL — The Montreal real estate market continues to tighten as home sales rose amid a drop in listings last month. The Quebec Professional Association of Real Estate Brokers says residential sales hit 4,339 in June, a year-over-year increase of seven per cent. The uptick came during the 45th consecutive monthly drop in the number of active listings, prompting a spurt in... Read More

Metro Vancouver’s benchmark home price falls below $1M in June: real estate board

Metro Vancouver’s benchmark home price falls below $1M in June: real estate board
VANCOUVER — Metro Vancouver’s once hot housing market is experiencing an “expectation gap” between buyers and sellers as the benchmark property price fell under $1 million for the first time since May 2017. “Sellers are often trying to get yesterday’s values for their homes, while buyers are taking a cautious, wait-and-see approach,” Ashley Smith, the real estate board’s president, said... Read More

Sidewalk releases grand vision for controversial Toronto development

Sidewalk releases grand vision for controversial Toronto development
TORONTO — Sidewalk Labs has released its vision for a substantial new development on Toronto’s eastern waterfront that is facing criticism for its ambition and overreach. The plan sets out what Sidewalk Labs, a subsidiary of Google parent-company Alphabet Inc., hopes will be a blueprint for urban development that will incorporate the latest concepts in building design, mobility, sustainability and inclusivity. The more than... Read More

US home sales climbed 2.5% in May amid lower mortgage rates

US home sales climbed 2.5% in May amid lower mortgage rates
WASHINGTON — U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges. The National Association of Realtors says that existing homes sold at a seasonally adjusted annual rate of 5.34 million last month, up from 5.21 million in April. The recent gains likely came from reduced borrowing costs that made it easier... Read More