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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Sunday, February 19, 2017

Resale slowdown and price acceleration stoke ‘bubble’ concerns

Latest data from the Canadian Real Estate Association (CREA) revealed that resale volume in the national housing market has declined by 1.3 per cent month-over-month in January, accompanying continuous price growth in the Toronto housing market—an unstable concoction that has escalated fears of the housing bubble being finally here.

Average home resale prices in Toronto have seen a significant 22.6 per cent year-over-year upward spike in January, pumping the national average by 15.0 per cent, Reuters reported.

BMO Capital Markets chief economist Doug Porter issued a strong warning after the Wednesday (February 15) release of the CREA data.

“Let's drop the pretense. The Toronto housing market - and the many cities surrounding it - are in a housing bubble,” Porter wrote in a research note.

“Toronto and any city that is remotely within commuting distance are overheating, and perhaps dangerously so. It's a very different story in most of the rest of the country, where conditions are generally calm and under control.”

The statement mirrored the latest edition of the Teranet-National Bank Composite House Price Index, which found that the consistently exceptional performance of the Toronto housing market has propelled the national home price average to new heights last month.

And despite dampened sales volume recently due to tighter federal mortgage rules, CREA noted that price growth might not slow down even this year due to supply scarcity in red-hot markets (including Toronto).

“Unless sales activity drops dramatically, the outlook for home prices remains strong in places that face a continuing supply shortage,” CREA chief economist Gregory Klump wrote in the February 15 report.

MBN

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