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Written by  Morteza (Morty) Sadeghi

 

Although there are indications that might convince people otherwise especially with the situation in parts of Europe where  the threat of Greece defaulting on its loans still looms, numbers released recently show Canadian consumers are still confident in the buoyancy of the economy here.

 

Perhaps at least partially standing on the fact that Canadian mortgage rates are not going to change any time soon given the financial situation in places like  Europe and other factors, Greater Toronto REALTORS(R) have stated there were 3,149  real estate transactions  during the first two weeks of this month. According to their calculations, that represents a 25 per cent jump when looking at a similar two week period from last year.

It would seem that Canadians are looking at the cheap money that’s being offered by these low Toronto  mortgage rate possibilities and are not overly concerned about the threat of a housing bubble.

There are other numbers pointing to a recovery taking hold in the US that are showing results here in Canada. Consulting firm Cushman & Wakefield  said that although the domestic financial sector is downsizing there is every indication through commercial real estate that American interests are heading this way.

Suburban office spaces are  often favored by foreign companies and after a few bad years starting in 2008, there are numbers supporting the fact these are beginning to full up again. One of the biggest examples is the retailer Target that has inked a deal to fill up lease 200,000 square feet of office space in the burbs. These kinds of real estate decisions generally have a lag effect built in and they generally take a few months to register as statistics but the overall consensus is positive.

 

 

 

 

 

Published in Blog Lists

Written by  Morteza (Morty) Sadeghi

Richard Silver, President of the Toronto Real Estate Board (TREB) made the point loud and clear recently that the people of Toronto spoke when they elected a new vision for City Hall and that vision did not include a flip flop on repealing the land transfer tax. There have been some recent rumblings about a change in the repeal position according to some recent reports.

However, public opinion here remains clear. A recent poll conducted by Ipsos Public Affairs showed an overwhelming majority of the people in Toronto want the tax gone. Seventy five percent of those polled support the mayor’s position here and even when reminded of Toronto’s need to come up with more cash to keep the wheels of government greased, 68% still feel that tax should still be abolished.

There are strong indications keeping the tax would even be harmful to the overall economic recovery affecting the real estate market and the jobs generated by that industry. For example, statistics show 40,000 jobs rely on people buying and selling homes in Toronto. Silver also notes that spin off spending like the money generated from renovations pumped over one billion into the local economy last year alone.

In related news, the good times seem to be continuing for the real estate market in the GTA. Greater Toronto REALTORS(R) recently noted there was an increase in sales from August of 2010. The numbers show there were 12,509 new listings in the time reported and 7,542 sales. That represents an increase of  24 per cent from the 6,083 sales in August of last year. Low mortgage rates that are expected through the first half of 2012 and perhaps to 2013 are a major driver here.

Published in Blog Lists