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Max Ortoli & Nikki Lobello
Sales Representatives
mortoli@trebnet.com

Homelife Romano Realty Ltd.
Brokerage
Independently owned and operated.

Max Ortoli & Nikki Lobello Sales Representatives

Homelife Romano Realty Ltd. Brokerage

Independently owned and operated

3500 Dufferin St., Suite 101, Toronto Ontario, M3K 1N2

Direct: 416-970-0352

Phone: 416-635-1232

Fax: 416-636-0246

Inbox: September 30-October 4, 2019

October 4, 2019 - Updated: October 6, 2019

Photo Credit: Verne Ho

 

In The News

 

 

September 30-October 4, 2019

 

 

 

Toronto & GTA

 

Real estate industry needs to remain flexible as expectations shift says PwC

 

For the average consumer, the price of real estate is well out of reach. This is slowly becoming a reality for developers. It is increasingly difficult to acquire land and gain zoning and building approvals to develop. Developers are looking to address the affordability factor through mixed-use developments incorporating purpose-built rentals, co-living, fractional ownership, and subscription models.

 

Toronto home prices jump most in 21 months, bringing $805,500 benchmark close to record

 

Sales increased 22 per cent and prices continued their upward trajectory to $805,000 – a 5.2 per cent increase year-over-year.

 

Ontario weighing registry for private mortgage lenders as sector grows

 

The provincial government has a target of 2020 to create a registry that incentivizes registration for private lenders as the amount of consumers resorting to private channels for mortgages continues to increase.

 

Toronto’s unaffordability will lead people to consider leaving the city: Forum poll president

 

Nationally, Torontonians spend the highest proportion of monthly income on rent, as expressed through a survey conducted by Forum Research of 3,572 randomly selected Canadians. It was also reported that those spending the most on rent include individuals between 35 and 54 years of age, women, those earning between $60,000 and $80,000 annually, and those with a post-secondary education.

 

 

Canada

 

Bottomed out? Metro Vancouver home sales leap 46.3 per cent

 

The argument that Metro Vancouver real estate market has bottomed out continues to pick up steam with sales increasing 4.6 per cent in September over the month prior.

 

Tens of thousands of homes are sitting vacant across Canada: report

 

Point2Homes analyzed demographic information from Statistics Canada and determined that empty homes represent 8.7 per cent of the real estate market at the end of 2016.– an increase from 8.4 per cent ten years earlier. The largest increase in vacant homes over the same time period were found in three cities in Alberta.

 

 

USA

 

U.S. office vacancy rate rises marginally in third quarter - Reis

 

U.S. office vacancy rate rose to 16.8 per cent year-over-year in the third quarter. The rate at which available space was absorbed also decreased 9.5 per cent.

 

Manhattan real estate prices take the biggest tumble since the financial crisis

 

The average price of real estate in Manhattan in decreased 14 per cent in the third quarter over the same time period last year marking the largest fall since 2010, when the city was dealing with a financial crisis. Moreover, the amount of inventory may be pushing oversupply and having a negative impact on prices, especially for luxury homes where inventories increased ten per cent. There is now a two-year supply of luxury apartments.

 

Manhattan’s Co-Op Market Had Best Week Since City Mansion Tax Hike

 

While the average price of luxury real estate in Manhattan decreased, luxury co-op sales experienced their best week since the introduction of the luxury tax became effective on July 1.

 

 

International

 

Not just slowdown, Indian home sales are brought down by ‘Shraadh’ custom and heavy rains

 

The second quarter saw India’s real estate sector contract twenty per cent in housing sales. This may have resulted due to failed site visits because of heavy rainfall and the ban on subvention schemes during the ‘shraadh’ period of September 13 to September 28, 2019. The slowdown has also lead builders to withhold new supply.

As China Retreats From Global Property Deals, Korea Fills Void

 

China’s clampdown on capital leaving the country has created a void that is partly being filled by South Korea. “Limited properties with well-qualified tenants and established locations” at home is forcing institutional investors to diversify abroad in order to match “pension liabilities of an increasingly elderly nation.” Korean spent more than four times the amount by Chinese firms.

 

Capital Controls, Sky-High Rates Crush Argentine Housing Market

 

Buying real estate in Argentina has a become increasingly difficult. They have the world’s highest interest rate, a currency value that has decreased 68 per cent since the beginning of 2018, and it is where properties are priced in U.S. dollars and mortgages are offering only in pesos. Transactions with a mortgage have plummeted 87 per cent in the city of Buenos Aires this year alone. All home sales have decreased 41 per cent. To make matters worse, the government implemented cash transactions to $10,000 per month. This disrupts a market where most transactions are completed with cash and without mortgages.

 

Negative interest rates are inflating real estate prices. These cities are at risk of a bubble

 

With Brexit fears continuing to permeate Great Britain, “undermining the city’s status as a financial capital,” low interest rates are bolstering prices in other European states. Cities like Munich, the risk of overvaluation has increased. It is also where homeowners spend about half of their income on their mortgage.

 

Tel Aviv Real Estate Bubble: UBS Warns Investors

 

Much like the cooling of Toronto’s real estate bubble, it is argued that prices of apartments in Tel Aviv remain inflated despite the past two years of cooling. Prior to that, Tel Aviv experienced the highest price increase among cities surveyed in the last thirty years.

 

Switzerland pays $3.48 million for condo in Pinnacle building

 

Canada already owns a three-bedroom, 2,600 square-foot condo in the Buckingham building in Chicago that houses the consul general, but the government of Switzerland just paid $3.48 million for a $5,300 square-foot condo in the Pinnacle building.

 

The global cities where property bubbles are about to pop

 

Once near the top of the global bubble risk rankings, the real estate market in Sydney, Australia corrected by double-digits within a year, lowering its risk to overvaluation, due in part, to stricter mortgage lending.

 

 

 


Tagged with: real estate real estate news canadian real estate toronto toronto real estate global real estate international real estate gta us real estate
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