The Canadian election is over, and the country’s leadership remains largely unchanged. However, a laundry list of election promises mean big changes to real estate are coming. Most of the promised plan seeks to create more demand for housing, which softens price drops. Expect more of the same currently being done, but with a revamped buying and selling process. Here are some of the promises the Liberals are proposing under the “Home Buyer’s Bill of Rights”
The August consumer price index (CPI) inflation rate was released this week and it’s up to 4.1%. The last time the rate was higher was in March, 2003 (4.2 per cent). Probably the biggest factor in this year’s inflation surge is simply the reality that consumer prices fell to unusual lows last year, and it’s against these low prices that we are measuring the current price environment.
The Toronto Regional Real Estate Board (TRREB) is reporting the third-best sales result on record for the month of August. While the market has taken its regular summer breather, it’s clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and prolonged competition between buyers, resulting in double-digit annual increases in selling prices.