Current Information, Brent Reid, Toronto Real Estate

Let's make it more confusing ! -- The Funhouse Mirror

GTA Realtors^® Release Resale Market Figures – March 2012

GTA Realtors^® Release Resale Market Figures – November 2011

MARKET WATCH: Canadian real estate outperforms in developed world

Canada’s housing market stands out among developed world nations for its resilience and longevity, according to a recent report by Scotia Economics. Although economic slowdown is occurring globally, Canada remains a “notable outperformer” among global nations, according to the latest Global Real Estate Trends report, quoting Adrienne Warren, senior economist and real estate specialist at Scotia Economics. Of nine major developed markets tracked by the bank, only Canada, France and Switzerland registered positive year-over-year price growth. Visit www.scotiabank.com and click on Economics Publications, Sept. 27, for details.

GTA Realtors^® Release New Quarterly Condo Market Report

Federal EcoEnergy Retrofit Program Renewed

TREB 2011-2012 Housing Market Forecast

MPP introduces motion to enshrine private property rights in the Constitution

Randy Hillier, MPP (Lanark-Frontenac-Lennox and Addington) has introduced a motion in the Legislative Assembly of Ontario to amend Canada’s Constitution, embedding property rights for Ontarians within the Charter of Rights and Freedoms.

Canada’s constitution contains no provision protecting citizens, in any province, against financially ruinous, uncompensated, restrictions on the use of their property. This leaves Ontario residents with no constitutional protection from seizure of property or unjust treatment. The Canadian Bill of Rights, 1960, makes explicit mention of the right of the individual to life, liberty, security of the person and enjoyment of property, and the right not to be deprived thereof except by due process of law, but the Bill of Rights is a federal statute, not binding upon any province.

If it is passed in conjunction with an identical motion in the House of Commons, this motion would entrench property rights alongside the rights to Life, Liberty, and Security of the Person currently afforded all citizens of Canada under Sec. 7 of the Charter of Rights and Freedoms.

To read a copy of the resolution visit the Ontario Legislature’s website.

More stability in Ontario housing markets

Ontario housing activity has stabilized in recent months and housing demand will show a modest recovery through the latter part of 2011 and into 2012, according to the Canada Mortgage and Housing Corporation (CMHC).

Highlights of the Ontario forecast include:

Ontario economy lags activity in rest of Canada during 2011/12 after leading in 2010.
Current trends suggest existing home sales will be hard pressed to match last spring’s activity in 2011 but should grow modestly into 2012
Owing to economic uncertainty, Ontario sales will range between 165,000 and 217,000 transactions this year and next
Ontario home prices will grow closer to inflation this year and next as markets remain balanced
Ontario home starts will weaken from 2010 levels reaching 56,200 units in 2011 and 59,500 units in 2012
Owing to economic uncertainty, starts will range between 49,000 to 68,000 units this year and next
Demand for apartment ownership and rental accommodation will remain strong

“Fourth quarter activity in 2010 confirms that housing markets have stabilized across the province,” said Ted Tsiakopoulos, CMHC’s Ontario Regional Economist. “Momentum in housing activity should slow in the next year from the volatile pace in recent years as moderate economic growth, fewer first time buyers and rising mortgage carrying costs temper increases in sales and prices,” added Tsiakopoulos, from Orea.