Latest Videos
The information you requested is not available at this time, please check back again soon.
New World Development Co. Ltd. has accepted a buyback of seven of its dollar bonds for $610.3 million, an effort to shore up its finances amid a long-running slump in China’s property sector.
New Zealanders are spending less on building new houses despite prices for construction materials and labor climbing in the past year.
Not all Class A real estate is the same.
The Real Estate Board of Greater Vancouver says home sales ticked up last month as the continued increase of newly listed properties has given prospective homebuyers in the region among the largest selection to choose from since 2021.
Canada’s Groupe Mach Inc. is acquiring residential properties with close to 2,000 units as part of a deal that will see it take over $415 million of mortgages from a crumbling real estate entity.
May 21, 2021
, Bloomberg News
The hot Montreal housing market was just added to the Bank of Canada’s watch list, but the Quebec government isn’t worried, at least not yet.
Low interest rates and a pandemic-led rush for extra space have dramatically pushed up prices for residential real estate, and the Quebec government is “paying close attention,” Finance Minister Eric Girard said in an interview.
Even as homes in Montreal become more expensive, the fundamentals of the market remain “really strong,” Girard said, noting that prices are still much cheaper than in cities like Toronto and the economy is enjoying a strong recovery. “It’s still an affordable city,” he said.
The median price for a detached house climbed 18 per cent in metropolitan Montreal last year and was up 31 per cent in the four months through April, to $473,000 (US$391,000), according to the Quebec Professional Association of Real Estate Brokers. Condo price increases weren’t far behind, up 23 per cent.
Girard said he welcomes moves by the banking regulator and by Quebec’s financial regulator to tighten lending qualification rules. The province, Canada’s second-largest, is considering its own measures to ensure house hunters don’t waive property inspections to win deals against other bidders, he said.
“We want to be really sure that buyers remain prudent,” Girard said.
Montreal was one of three Canadian urban markets the central bank flagged Thursday as showing excess “exuberance,” a notable distinction in a country where real estate is soaring almost everywhere.
The Canadian Real Estate Association’s Home Benchmark Price in Montreal was $483,200 in April, versus $1 million in Greater Toronto and $636,000 in Ottawa.
Related
