The latest headlines in Toronto and Canadian real estate from September 30th to October 6th.
This week’s recap:
Toronto house-price slump ends with September rise.
Greater Toronto home prices jumped in September as buyers appeared to put an end to a slump that began in the spring with government measures to cool a scorching real-estate market.
The Toronto Real Estate Board (TREB) said the average GTA home sold for $775,546 in September, up 5.9 per cent from August’s average of $732,292.
Prices were up 2.6 per cent compared with September last year, but remain 15.8-per-cent lower than they were at the market’s peak in April before the downturn began.
Mirvish selling Toronto high-rise condo development to Great Gulf.
The Great Gulf real estate group is buying a high-profile, high-rise development in Toronto’s entertainment district from Ed Mirvish Enterprises.
The Mirvish+Gehry project currently calls for two towers — one 82 storeys and the other 92 storeys — near the Princess of Wales theatre on King Street West. Terms of the transaction weren’t disclosed in Monday’s announcement.
Stricter mortgage regulations to be finalized.
Stricter regulations aimed at tightening mortgage lending to take some of the risk out of the market will be finalized by the end of the month, the federal financial regulator said Tuesday.
Final changes to the Office of the Superintendent of Financial Institutions’ (OSFI) residential mortgage lending guidelines, also known as B-20, will come into force two or three months afterward, its head, Jeremy Rudin said during a speech to the Economic Club of Canada in Toronto.
Average Toronto house price rebounds in September.
The average Toronto area re-sale home price rose by about $43,000 or 6 per cent in September compared with August — a sign, say some realtors, that the slumped market is waking up, or at least levelling off.
“The increase in price is seasonal, but it’s still a positive sign because it tells you the market isn’t falling further,” said Realosophy president John Pasalis.
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Header image via Globe and Mail.