Real Estate

This Week’s Top Stories: Canadian Real Estate Prices Absurd Compared To G7, Forecast To Fall

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canada’s Real Estate Bubble Is Batsh!t Crazy Compared To Other G7s

Canadian real estate prices are moving like nothing else in the developed world. New data from the US Federal Reserve shows Canadian home prices have risen much faster than any other G7 country. Despite recent growth being attributed to population, this issue pre-dates the recently adopted narrative. Since 2005, Canadian home prices have shown more than double the growth of any other G7 country.

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Canadian Real Estate Markets Improved, But Prices Are Still Falling: BMO

Canadian real estate sales rose but not enough to stop prices from falling. Home sales showed monthly growth of 8.7% in December, while new listings fell. Despite the mild tightening, prices continue to fall—dropping another 0.8% in December. It was the fourth month that home prices fell, with at

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Real Estate

Mirvish Village developer Westbank faces lawsuits over unpaid bills and more of this week’s top real estate stories

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Home of the Week, 29 Swanwick Ave., TorontoRaffi Tutundjian/Raffi Tutundijan/Jagged Lens

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

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Property developer Westbank faces lawsuits over sprawling Mirvish Village redevelopment project

High-profile Canadian real estate developer Westbank Corp. is being sued by four construction companies for more than $25-million in unpaid work at the large Mirvish Village rental apartment project in Toronto, writes Shane Dingman and Rachelle Younglai. In a statement, Westbank said the issues stem from disruptions after it took over as its own construction manager on the site, and said that construction is “progressing” as it plans to finish the residential portion of the Mirvish project in 2024.

Westbank

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Real Estate

This Week’s Top Stories: Canadian Real Estate & Labor Markets Are Weakening

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Canadian Real Estate Balancing In A “Meaningful” Way, Pause Unlikely To Boost Market: BMO

The Canadian real estate market is back to cooling after a brief jump in activity post-rate pause. Existing home sales fell, and new listings have been climbing to the point the market is now considered  “balanced.” Despite getting another rate pause a few days ago, BMO says it’s unlikely to reignite the market the way the January pause did. The economy is much weaker, record building will supply even more inventory, and most importantly—the mortgage market is much tighter, and won’t provide any relief. 

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If Canadian Unemployment Is So Low, Why All The Long Job Lines?

Canada’s unemployment is just off the record low, and by all technical measures—means we’re facing a very robust market. Yet social media is filled with

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Forec

Iqaluit condo residents without water or sewage services for weeks

Some people living in Iqaluit’s Brown Row condo units haven’t had water or sewage services for several weeks.

It was caused by heating issues and a city water shutdown that left some residents with frozen pipes during the coldest time of the year. 

Jaban David, the Brown Row condo board’s president, said there is extensive damage to the condo units as a result. 

“We have a couple of units that had sewage back up where there’s sewage leaking through the walls,” David said, sitting in his Brown Row unit. 

“Most of the damage is hidden underneath the building … in floors or in walls,” he added. 

Jaban David, president of the Brown Row condo board, says he is still trying to assess the cost of the damage done to buildings from a water and sewage freeze-up. (David Gunn/CBC)

David said he’s taken three weeks off work to deal with the

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Real Estate

What’s next for the Bank of Canada, and why mortgage holders are still holding on: This week’s top real estate stories

Royal LePage Terrequity Realty

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

The Bank of Canada holds off on interest-rate hikes, but the door remains open

The Bank of Canada held its benchmark interest rate at 4.5 per cent this week, pausing its year-long campaign to increase borrowing costs. The widely anticipated decision makes the Bank of Canada the first major central bank to halt monetary-policy tightening and puts it on a different trajectory than the U.S. Federal Reserve, whose officials have said they expect to increase interest rates several more times.

This sounds like good news for borrowers, but central bank officials say they need more evidence that the economy is cooling and inflation is slowing before ruling out further interest-rate hikes, reports

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