Real Estate

Average home prices to fall in 3 oil producing provinces next year: CREA

OTTAWA – The Canadian Real Estate Association expects average house prices in Alberta, Saskatchewan and the province of Newfoundland and Labrador to fall next year because of the downturn in the oil industry. The association is estimating Alberta’s average housing price will fall in 2016 by 2.5 percent. The decline in Saskatchewan is expected to …

Amid hot real estate sector, Montreal properties remain a relative bargain

MONTREAL – Sergio Bonici is disappointed that his fourplex in Montreal has attracted little interest in four months on the market. Despite only 10 people coming for a viewing, the 50-year-old has no plans to budge from his asking price of $525,000, saying the property is a revenue-generator and ideally located near a Metro station …

No end to sizzling home prices, voracious demand in B.C.: forecast

VANCOUVER – A dramatic shift is underway in Metro Vancouver’s housing market as costly detached homes become a “luxury product” out of reach for many families, a new forecast reveals. Central 1 Credit Union predicts that a widening price gap between apartment or condominium units and houses will be “difficult if not impossible to bridge.” …

Montreal, Saskatoon real estate to lure foreign investors: report

TORONTO – A new report on real estate trends says foreign investors may start looking beyond Toronto and Vancouver and begin targeting markets in Montreal and Saskatoon in the coming year. The report by PwC Canada and the Urban Land Institute says both foreign and domestic real estate investment will shift in 2016 from Western …

Mortgage brokers calling for tighter regulations in wake of alleged fraud

TORONTO — Mortgage brokers are advocating for tighter industry rules in the wake of allegations that dozens of brokers working with Home Capital Group Inc. falsified client income information. Home Capital announced late last month that it had suspended 45 brokers for allegedly committing fraud on mortgage applications, leaving the industry in damage control mode. …

Housing affordability declines in Toronto, Vancouver in Q1: Report

TORONTO — A report by RBC Economics says housing affordability continued to decline in Toronto and Vancouver, while conditions for homebuyers improved in Alberta during the first quarter of the year as lower oil prices caused the real estate market to soften. RBC says mortgage rate cuts improved the affordability of homes in many Canadian …

Ontario legislation casts spotlight on issue of phantom real estate bids

TORONTO — Starting next month, homebuyers in Ontario will have new protections against phantom bids, a practice used by unscrupulous real estate agents to drive up the prices of homes. Agents may hint they have received competing offers when they haven’t in order to spook potential buyers into raising their offers or rushing into a …

Clark Green City’s banking on smart urban planning

MANILA — Clark Green City, the largest development of the state-owned Bases Conversion and Development Authority (BCDA), is seen banking on its smart urban planning to attract investors to locate in the rising central business district (CBD) in Central Luzon. Oxford Business Group’s (OBG) newly launched The Report: The Philippines 2015 has highlighted the Clark …

Traders look to housing, jobs data for clues about central bank rate intentions

TORONTO — Canadian investors could get some idea of the direction of interest rates this week amid the latest readings on housing starts, home prices and job creation. Last week, U.S. employment data for February came in much stronger than expected with a gain of 295,000 jobs for the month. But the showing raised concerns …

SM Prime’s 2014 profit up by 13% to Php18.4-B

MANILA — Property conglomerate SM Prime Holdings, Inc. (SM Prime) booked a 13-percent increase in profit in 2014 on the back of higher revenues. In a statement to the Philippine Stock Exchange, Henry Sy-led SM Prime said its consolidated net income reached Php18.4 billion last year from Php16.3 billion in 2013. “We expect this performance …