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August 4, 2010

New condo sales drop

Toronto's new condo market has apparently cooled down as sales decreased for the first time since 1994.

"Despite the quarter-over-quarter decrease, sales during the past four quarters were near record highs," said Ben Myers, Urbanation executive vice president. "When we consider the rapid sales pace of the six months prior to Q2, the new sales market is softening. Expect a slightly slower sales pace for the remaining two quarters of 2010."

According to Urbanation Inc, a Toronto sales tracking company, there were 4,991 Q2 sales, an eight per cent decrease from the first quarter.

Sales of new condos had posted quarter-over-quarter gains for the past 16 years.

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BREAKING NEWS

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September 1, 2010
Not that there are a lot of people buying houses these days, but the answer to the age-old question of whether to go long or short on your mortgage is unclear yet again.
August 25, 2010

CALGARY - It's taking Calgarians longer now to sell their homes on the MLS market.

According to preliminary unofficial data on the website of realtor Mike Fotiou, of First Place Realty, so far this month up until Sunday the average days on the market for a single-family home to sell was 52 while it was 53 days for condominiums.

August 17, 2010
Five of Canada's major banks reduced many of their posted mortgage rates by one-tenth of a percentage point, effective today.
August 11, 2010
When investing in real estate, sometimes it’s necessary to look beyond your own backyard. The Real Estate Investment Network (REIN), a national organization of investors, has compiled what it says are the top 10 Canadian cities in which to invest.

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