This week’s news: Shrinking inventory making Toronto home buyers even more aggressive

real-estate-news-shrinking-inventory
(Source: Stewart Butterfield)

Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending December 16, 2016.

 

TORONTO

Shrinking inventory making Toronto home buyers even more aggressive (Globe and Mail)

It seems so long ago that $200,000 above the asking price was a shocking amount to pay for a comfortable house in Toronto. In reality, it was early 2016.

As the year crept on, the amounts above asking became more jaw-dropping. By about the end of May, deals for $500,000 above a $1.4-million list price became commonplace. The outliers stretched toward a $1-million premium as the spring market drew to a close.

Woman living in shelter after she says real estate agent took her life savings (CBC)

Rita Fulciniti put a down payment on a new west-end condo, thinking that home ownership would bring her a little comfort and financial security in her retirement years. Instead, the 66-year-old is living in a homeless shelter, broke, and still chasing the Toronto real estate agent who borrowed her life savings.

‘More and more people’ looking for barrier-free homes, Toronto real estate agent says (CBC)

Forget fireplaces, granite countertops and stainless steel appliances — soon hot property listings could also prominently feature wheelchair ramps or other accessible design elements.

Jeffrey Kerr is a real estate broker with Re/Max in Toronto and one of only two realtors in the province who concentrates exclusively on barrier-free sales listings.

CANADA

Canadian home sales see biggest monthly drop since 2012 (Globe and Mail)

Canadian home sales in November recorded their biggest decline since 2012, suggesting recent efforts by the federal government to cool the nation’s housing market is having an impact.

Sales fell 5.3 per cent in November, the Canadian Real Estate Association said in a statement. That’s the largest monthly decline since August 2012, the Ottawa-based agency said. Prices though continued marching higher despite the lower sales.

House prices slide for 2nd straight month in Vancouver, rise in Toronto: report (CBC)

A new report released Wednesday indicates house prices in Vancouver retreated for a second straight month in November, with one market watcher saying they have further to fall.

Prices in Toronto continued their ascent, rising for a tenth straight month, as they gained 1.1 per cent in November, according to the report on the Teranet-National Bank housing price index.

USA

Trump’s hotel company takes name off Rio de Janeiro property (Business Times)

President-elect Donald Trump’s hotel management and development company took its name off a beachfront hotel in Rio de Janeiro, citing construction delays and a difference in strategy.

The removal of Trump’s name came after prosecutors opened a criminal investigation into investments in the hotel. A spokeswoman for Trump Hotels declined to comment on the probe. The name will be pulled on Thursday, according to the Washington Post, which first reported the decision to sever ties.

Why are the world’s top real estate investors risking billions on Miami’s riverfront renaissance? (Forbes)

Inevitably it seems that rivers are one of two things to a city: either a vital, vibrant artery stitching it historically together (think the Seine through Paris, the Sumida through Tokyo, or the Chicago River through the downtown Windy City), or an industrial, black water pipeline which, decade after decade, sacrifices a thriving, walkable waterfront for a persistent no man’s land of warehouses, ports, power plants, and sewage treatment facilities (think the Delaware River in Philadelphia).

Despite heightened levels of uncertainty and likely turbulence, North America real estate should perform well in year ahead (PR Newswire)

Ripple effects from the recent presidential election in the U.S., coupled with the Federal Reserve’s expected increases of interest rates will shape the economic outlook for North America in 2017, according to LaSalle Investment Management’s Investment Strategy Annual (ISA) 2017.

INTERNATIONAL

Signs of housing loan rebound in China’s capital “worth attention” (Business Times)

The latest figures of new home loans in China’s capital, Beijing, has raised eyebrows again, as their growth rebounded from the previous month despite property curbs to contain sharp price rises, state news agency Xinhua reported on Thursday.

New mortgage loans extended by commercial banks in Beijing rose 13 per cent in November to 33.9 billion yuan (S$7.03 billion) from a month earlier, Xinhua said, citing Beijing’s banking regulator. “This phenomenon is worth our attention,” Xinhua said.

Why India’s real estate market is in for a big boost (Fortune)

Global real estate investors will soon be able to invest in real estate and infrastructure in India, as Real Estate Investment Trusts (REITs) are expected to make their debut in the world’s largest democracy. Next year, Blackstone is expected to offer its first issuance of these securities, a development that could pave the way to boost India’s broader market for properties.

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