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No sharp dive in housing market says CIBC economist

According to a top CIBC economist, suggesting the anticipated housing decline will not be as sharp or as long as earlier projected because of immigration.

“It turns out fears of a long and sharp downturn in the housing market, are highly exaggerated and very premature,” said Benjamin Tal, deputy chief economist at CIBC. “In fact demographic forces will be supportive to real estate markets in the coming decade.”

Tal predicts immigration, which is responsible for most of the population growth, will be a major force impacting housing demand.

“What’s more, there is significant jump in the home ownership rate among immigrants as they pass the three-year mark,” said Tal. “In fact, after 10 years in Canada, the propensity among immigrants to own a house is higher than among native Canadians.”

While there will be a decline in the number of Canadians under the age of 25 and those between 45 and 54, those age groups account for a relatively small portion of home buyers, Tal writes in his latest Consumer Watch report.

By contrast, the number of Canadians between the ages of 25 and 35 – the age group that makes up the vast majority of first-time home buyers – will continue to rise, the report said.

“From a housing market perspective, what counts is not only the change in population of a given age group, but more importantly, the level of housing market activity among these groups,” said Tal. “In other words, the group that is most likely to buy a house will grow faster in the coming decade.” Source: Brokernews.ca

 
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Posted by on August 23, 2012 in Brampton, Builder's Home, canada wonderland, Cinema, City of Toronto, Cloud, Cloud 9 Condos, CN Tower, Commercial, Commercial Real Estate, Condo Prices Grow at Moderate Pace in Q2, Condominiums, Detach, Detached, Detached Homes, Diamond @ Don Mills, Don Mills, Dream Home, Dream Tower, Dream Tower Condominiums, Dream Tower Condos, E Condo, Florida, Florida Real Estate, Home, Home for in Pickering, Home For Sale in Richmond Hill, House, House for sale, hwy#7 outlet stores, Index, Kingshill, Kitchener, Kleinburg, Land Transfer tax, Lawrence Park, Leslie, Local at Fort York, Lofts, lot for sale, Love Condo, Love Condominiums, Low Rise Homes, Luxury Homes, Luxury Townhomes, New Announcement, New Canadian Mortgage Rule, New Canadian Mortgage Rules, New Condominiums, New Condos, New Construction, New Development, New Homes, Nexus South, No sharp dive in housing market, Oakville, office, One Bloor, Palace, Pan Am, Pan Am Games, Pan Am Games 2015, Perspective, Pickering Condos, pickering Homes, pickering Real Estate, Pickering Town Center, Pickering Town Centre, Pikcering Homes, Port Union, Port Union waterfront Festival, Pre Construction, Residential, Restuarant, Retail, Richmond Hill, Richmond Hill Real Estate, RIMS, Semi, Shopping Mall and Plazas, Shopping Plazas, Single Family Home, Strip Plazas, Sunset, Sunset Condos, Ten, Ten York, The Beverly Hills Condos, Toronto Housing, Toronto Land Transfer Tax, Toronto New Condos, Tower, Town Homes, Townhome, USA Cheap Real Estate, Vaughan, vaughan condos, vaughan mills mall, Woodbridge, woodbridge condos, Yonge St

 

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Condo Prices Grow at Moderate Pace in Q2

Condo Prices Grow at Moderate Pace in Q2

July 18, 2012Greater Toronto REALTORS® reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.

“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”

The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.

“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 6,435 6,609 Second Quarter 2012 Second Quarter 2011

 

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CANARY DISTRICT CONDOS

Canary District Condos is a new condo and townhouse project by Waterfront Toronto and Dundee Kilmer Developments Limited currently under construction at Front St E & Cherry St in Toronto. The project is scheduled for completion in 2016. Available condos/townhouses start in the low $200,000’s. The project has a total of 369 units.With the inimitable legacy of the Pan Am Games, The Canary District Condos offer buyers a rare chance to own a piece of Toronto history. Conveniently located at Front St E and Cherry Streets, an easy walk to public transit and a short drive to the Gardiner Expressway and Don Valley Parkway, they provide the very first opportunity for buyers to opt in to the brand new Canary District neighbourhood.
 

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Pan Am Games

Designs unveiled for Pan Am Games athletes’ village

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TORONTO, Ont. – The design for the athletes’ village for the Pan American and Parapan American Games has been unveiled.

During the games, the area will house the thousands of athletes and coaching staff. After the games the it will be given a second life.

Officials are calling this a milestone in the development of the West Don Lands.

Toronto councillor Mark Grimes told 680News the village will transform the area.

“Very exciting time. This will be the biggest sporting event that not only Toronto but Canada has ever seen.  It’s double the size of the Olympics and to me it’s going to be absolutely fantastic for the city.”

The provincial minister responsible for the games, Charles Sousa, said a lasting legacy will be left behind.

“Hundreds of new, affordable housing units, hundreds of condo units, a brand new YMCA recreation centre.”

There will also be a new residence for George Brown College.

Pan Am silver medal winner Crispin Duenas told 680News, the athletes’ village will bring the unique and personal experience to the people of Toronto.

“For them to see the athletes, to be able to see them walking to their venues off of the bus,” said Duenas.

Ian Troop from Waterfront Toronto said the village will transform the community.

“This redevelopment will be the envy of the world,” he said.

The construction is also expected to create more than 5,000 jobs.

Construction is now underway and officials say they are on time and on budget.

Source: 680 News

 
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Posted by on May 11, 2012 in Athlete, City of Toronto, Pan Am, Pan Am Games, Pan Am Games 2015, Sport, Toronto Housing

 

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