Statistics this week suggest the U.S. housing market may have hit bottom and begun to rebound. But in Canada, real estate is red hot. (Source: NPR) Despite some recent positive signs, the housing market remains in a slump in the United States. But north of the border, housing is hot. In Toronto, bidding wars are driving prices through the roof. Read the transcript, and listen to the NRP report here (July 31, 2009).

(Source: Comox Valley Echo) The Vancouver Island Real Estate Board does not favour the B.C. government’s plan to introduce a harmonized sales tax next year. Vancouver Island Real Estate Board president Ray Francis said he doesn’t like it. “I don’t think a lot of people will,” said Francis. “That’s because the price of houses will go up.” Effective July 1, 2010, the provincial government will harmonize the seven per cent provincial sales tax with the five per cent federal goods … Read More

(Source: TCN) Everyone seems to want to live in the Beach. And why not, said local realtor Sally Cook, the charming community, which has a small town feel despite being located in a large urban centre, is both close to public transit as well as the water. The proof is in the pudding as Cook sold her Beach home in just two days. And that was back in March 2008. This extreme demand, she explained, is pushing the cost of … Read More

(Source: Daily Commercial News) Construction is moving upwards on the Vibe at Liberty Village condominium project in Toronto, Ont. Monarch Corp. has scheduled completion of the 24-storey, 315-unit project for May 2010. The project also includes retail on the ground floor. The Vibe at Liberty Village was designed by Graziani + Corazza Architects Inc. Consultants are GENIVAR Consulting Group Inc. (structural); and MV Shore Associates (1993) Ltd. (mechanical/electrical). Subtrades include: Michael Bros Excavating; Fourwinds Construction Inc. (drainage); Rumble Foundations (Ontario) … Read More

(Source: The Wall Street Journal) The economic crisis began with a housing downturn that spread to housing finance, and then to the entire economy in the form of a deep recession. Stability in the financial sector and growth in the economy will not resume until there is recovery in housing. But what will constitute a recovery in housing? While the news this week about an uptick in home prices and sales in some markets is encouraging, those anticipating a return … Read More

BuzzBuzzHomeJuly 31, 2009 Construction has risen above grade at the Four Seasons, and moving fast! While not the best picture, it can be seen from this Bay Street picture that construction is progressing, and the project has risen above ground. There are three cranes onsite and lots of action constantly happening. The Four Seasons Hotel at Avenue (between Cumberland and Yorkville) has been the icon of life for more than 25 years in Toronto. With the development of a new … Read More

One Cole is one of the biggest successes in June’s numbers as developer promotes a build first, sell later strategy (Source: Globe and Mail) In an astonishing turnaround, new condo sales soared in June. RealNet Canada Inc. reports 1,706 sales for the month, off just 9 per cent from the same period last year and more than double the sales reported in May. It may be premature to say the new condo housing slump is over, says RealNet president George … Read More

(Source: Globe and Mail) The mighty hotel and condominium tower proposed for the southeast corner of Toronto’s Yonge and Bloor streets crossing appears to be doomed. Amid a snowstorm of legal paperwork last week, Bazis International, the Kazakhstan-based developer of the high-rise, blaming hard times, seemed on the brink of surrendering the vacant lot. The potential buyer has so far not been named. It could be the consortium of local creditors that has been publicly battling Bazis the past few … Read More

(Source: Nuwire Investor) A crash of the commercial mortgage market could be imminent due to loans that are set to mature on properties that have lost a significant amount of value. This is according to the San Francisco Federal Reserve president who warns of potential price drops in the neighborhood of 30-40%. As the industry looks for signs the housing sector is beginning to stabilize, the threat of a crash in the commercial mortgage market grows, according to San Francisco … Read More