House prices have been falling for the last three months suggesting that Canada's hot housing market has cooled. Toronto (−1.4%), Hamilton (−1.6%), Ottawa-Gatineau (−0.8%) led that way, with a .5% drop overall. Toronto's overall drop was 7.1%.
The Teranet-National Bank house price index fell by 0.5 per cent in November, which is the largest drop for the month of November recorded outside of a recession said National Bank economist Marc Pinsonneault.
If the market slowdown is causing you to consider your options, contact us to see how we can help.
In response to the Federal Court of Appeal upholding the Competition Tribunal's TREB ruling, several website have now moved to include sold data into their websites. MongoHouse, HouseSigma, and Sold.Watch have all started showing TREB sold data.
Competition Tribunal had ruled the Toronto Real Estate Board prevented competition, stifled digital innovation by prohibiting its realtor members from posting sales data online.
If you are feeling the pinch of the changing market landscape, contact us to see how we can help.
Last year the Competition Tribunal ruled that the Toronto Real Estate Board prevented competition and stifled digital innovation by prohibiting its realtor members from posting sales data on their websites. TREB has appealed this decision.
"By denying agents the ability to introduce new and innovative real estate brokerage services using the internet, consumers are ultimately denied the benefits of greater competition.
Competition Bureau"
TREB's strict rules stiffel what real estate brokerage services could offer, which denys the consumer from the benifits of increased competion. Increased competion usually provides consumers with lower prices. Should the Federal Court of Appleal find in favour of the Competition bureau, this may further erode the ability of realtors to earn a decent living.
If you are considering your options, contact us to see how we can help.
Last April, the Competition Tribunal ruled the Toronto Real Estate Board prevented competition, stifled digital innovation by prohibiting its realtor members from posting sales data online.
Yesterday the Federal Court of Appeal’s decided to uphold an April 2016 Competition Tribunal ruling.
TREB now says it will seek a Supreme Court of Canada appeal to fight this ruling further dragging out the battle. It says it will also seek an order staying the decision until the outcome of the appeal.
If you are considering your options, contact us to see how we can help.
According to the HuffPost, morgage rates have dropped 47 per cent in the third quarter of the year. This is mostly due to the new stress test rules that where announced by the Federal Government in the forth quarter of 2016. New home buyers are now finding it increasingly difficult to purchase a home.
Read the full article here.