Canadian Real Estate | Latest News and Updates

Real estate news across Canada

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  The Canadian Press

  San Francisco tenants get 6-figure buyout to leave luxe unit

  SAN FRANCISCO (AP) — A wealthy San Francisco couple notched a record nearly half-million-dollar buyout to vacate their luxury apartment of three decades, an indication of what some landlords are willing to pay for tenants to give up their longtime home in a city with strict rent control and soaring market rents. The $475,000 buyout is considered to be the largest in city history and reflects the high-value of the apartment. The tenants, a couple in their 60s with teenage children, had been payin
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  The Canadian Press

  EXPLAINER: What happens after foreclosure moratorium ends

  NEW YORK (AP) — Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government’s efforts to assist families feeling economic pain caused by the pandemic. On Saturday, the ban will end, potentially putting thousands of families at risk. Much like the federal eviction moratorium for rental units, it has been extended several times. The scale of the potential problem is much less than the Great Recession, but it’s still worrisome. An estimated 1
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  Bloomberg

  U.S. Pending Home Sales Decline Unexpectedly on Record Prices

  (Bloomberg) -- A gauge of contract signings to purchase previously owned U.S. homes fell in June, indicating high prices and a limited number of available properties are discouraging prospective buyers.The National Association of Realtors’ index of pending home sales declined 1.9% from May, according to data released Thursday. The median estimate in a Bloomberg survey of economists was for no change.The report shows that prospective buyers remain challenged by a depressed number of listings and
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  CBC

  Moncton planning committee OK's 9 apartment buildings along Centennial Park

  Moncton's planning advisory committee approved plans for a nine apartment building development beside the city's Centennial Park on Wednesday. It's the latest in a series of mid- to high-rise residential buildings proposed and approved in the city where demand for housing has been climbing. The committee voted 2-1 to allow seven bylaw variances city staff described as mostly minor for plans proposed by C.G. Group on behalf of the property owner, Entreprises Mapoma Ltee. The plans call for nine s
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  Bloomberg

  China’s Escalating Property Curbs Point to Xi’s New Priority

  (Bloomberg) -- After a years-long campaign to tame property prices, China is upping the ante to break a stubborn cycle of gains that’s made homes increasingly unaffordable.In recent days, China jacked up mortgage rates in a major city, vowed to accelerate the development of government subsidized rental housing, and moved to increase scrutiny on everything from financing of developers and newly-listed home prices to title transfers. Echoing Xi Jinping’s famous words that “housing is for living in
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  CBC

  Toronto agreed to buy a home to save a 250-year-old tree. Now, the seller wants a higher price

  A legal battle is brewing between the City of Toronto and the owner of a 250-year-old heritage tree who is refusing to sell the property where it stands — the latest snag in a years-long community push to protect the famous red oak. The city entered an agreement with the home's owner, Ali Simaga, in December 2019 to purchase the North York house for $780,000 with certain conditions, including that the community raise $400,000 within a year to go toward the purchase and maintenance of the tree, a
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  Bloomberg

  New York City Takes the Lead as Rents Grow Rapidly Nationwide

  (Bloomberg) -- New York City rent growth is outpacing the rest of the nation as the city’s apartment market roars back from the depths of the pandemic.Rents in New York rose 5.7% in July from June, the biggest gain among the country’s 100 biggest cities, according to Apartment List. That compares with a 2.5% increase across the U.S.Costs to lease a home in New York are still down from pre-pandemic levels, but demand is improving rapidly as tenants take advantage of bargains and workers plot a re
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  The Canadian Press

  US home prices surge 17% in May, fastest in 17 years

  WASHINGTON (AP) — Prices for U.S. homes rose faster in May than they have in 17 years as surging demand for housing outstripped the supply. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, soared 17% in May from a year earlier on top of a 15% jump in April. The May increase was the biggest since August 2004. The hottest markets were Phoenix (where prices surged 25.9%), San Diego (24.7%) and Seattle (23.4%). All 20 cities reported faster year-over-year growth in May than
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  Yahoo Finance Canada

  Residential investment overtakes business in share of Canadian economy: CIBC

  Residential and business investment are usually correlated in good economic times, but COVID-19 has led to the two measures moving in different directions.
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  Bloomberg

  U.S. New-Home Sales Unexpectedly Fall to Lowest Since April 2020

  (Bloomberg) -- Sales of new U.S. homes dropped unexpectedly in June to the lowest since April 2020, showing a further weakening in demand against a backdrop of elevated prices and tight supply.Purchases of new single-family homes fell 6.6% to a 676,000 annualized pace following a downwardly revised 724,000 in May, government data showed Monday. The median estimate in a Bloomberg survey of economists called for a 796,000 rate.Surging construction costs for everything from labor to transportation