Week In Review: Home Prices Sink Further In August + The Buyers Are Back

Realosophy Team in Media RoundupToronto Real Estate News

TripsavyPhoto Credit: TripSavvy

All you need to know regarding the housing market in Toronto, Canada and abroad.

This week in Toronto: Home prices sink further in August, the buyers are back in the market and interest rates are not a big factor in driving down Toronto home sales. 

Elsewhere: Why the Bank of Canada made the right decision on interest rates, how local housing regulations smother the U.S. economy and Stockholm is the fastest growing capital in Europe. 


Toronto home prices sink further in August (Toronto Star)

"There are indications in these numbers — even though they look weak on the surface — that things are starting to stabilize," he said. "Solid economic underpinnings," which prompted the Bank of Canada to hike interest rates a quarter point on Wednesday, will eventually shine through in the housing market, said Porter. 

Toronto Houses Are Losing Value At A Rate Of $100,000 A Month (Huffington Post)

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday. That's a drop of nearly $388,000, or 24.5 per cent, since April, when Ontario's government announced a new foreign speculators' tax and other measures meant to cool the housing market.

Interest rates not the big factor driving plummet in Toronto home sales: Realosophy Realty (BNN)

John Pasalis, President at Realosophy Realty, joins BNN to talk about the latest data from the Toronto Real Estate Board.

The buyers are back in Toronto’s housing market (The Globe and Mail)

John Pasalis, president of Realosophy Realty Inc., is feeling more buoyant about the fall market than he was even a few weeks ago. "I'm optimistic," he says. "Buyers are back … which is the first thing and the main thing we're looking for."

Landlords can no longer evict tenants without compensation (The Star)

“When a tenant is evicted through no fault of their own, they are forced to scramble to find new accommodations and cover the costs of a sudden move,” Housing Minister Peter Milczyn said in a statement. Landlords will have to pay one month’s rent to the evicted tenant or offer him or her another comparable rental unit.


Rosenberg: It’s called the ‘Bank of Canada’ not the ‘Bank of the Greater Toronto Area' (BNN)

Are Canadian bank investors worried about the housing market? (Financial Post)

Despite persistent fears that the domestic housing market was in a dangerous bubble bound to burst in a disruptive fashion, data from the Toronto Real Estate Board suggests otherwise. While resales in August remained on the downtrend relative to a year ago (falling 34.8 per cent), the annual decline was the smallest in three months.
While Toronto’s housing market melts down, Montreal’s sizzles (Financial Post)
The Greater Montreal Real Estate Board says booming condo sales drove an eight per cent increase in residential sales across the Montreal region. There were 2,899 sales, with condo transactions surging 19 per cent. Single-family homes that account for more than half of sales rose four per cent.
Stockholm is the 'fastest-growing capital in Europe' – and soon its surroundings could turn into 8 new cities (Business Insider)
With elections expected next spring, the forcible eviction last month of hundreds of migrants, many from Eritrea and Ethiopia — former Italian colonies — shocked Rome for its violence and inflamed a wrenching national debate over migration.
Realosophy Realty Inc. Brokerage is an innovative residential real estate brokerage in Toronto. A leader in real estate analytics and pro-consumer advice, Realosophy helps clients make better decisions when buying or selling a home.  Email Realosophy
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