The Canadian Parvasi - Issue 19

The International News Weekly MONEY/REAL ESTATE
18
November 03, 2017 | Toronto
Toronto, Vancouver home sales above average in October
The Canadian Press
VANCOUVER: Canada's
two hottest housing
markets experienced
above-average home sales
last month, according to
local real estate board
figures, as buyers appear to
be snapping up properties
ahead of new mortgage
requirements in January.
Vancouver area home
sales jumped 7.1 per cent
from September to October
with 3,022 properties sold,
and 35.2 per cent from the
same month last year,
according to the Real
Estate Board of Greater
Vancouver.
The
federal
government's plans
to tighten mortgage
requirements helped spur
short-term activity, said
the board's president Jill
Oudil in a statement.
Among the changes
being considered is
a requirement that
homebuyers who do
not require mortgage
insurance still have to
show they can make their
payments if interest rates
rise.
In Toronto, home sales
rebounded by 12 per cent
from September to October
with 7,118 homes sold,
according to the Toronto
Real Estate Board. That's
down about 27 per cent
from Oct. 2016.
Every year, the board
generally sees a jump
in sales between the
two months, said board
president Tim Syrianos,
but this year's "was more
pronounced than usual"
compared to the previous
10 years.
"While the number
of transactions was still
down relative to last year's
record pace, it certainly
does appear that sales
momentum is picking up,"
he said.
The Greater Toronto
Area's hot housing market
was dampened after the
provincial government
imposed a number of
measures, including a tax
on foreign buyers, earlier
this year.
In addition, the Bank of
Canada raised interest rates
twice in recent months to
the current overnight rate
of one per cent, signalling
a clampdown on cheap
borrowing and driving the
big bank prime rates and
the cost of variable-rate
mortgages higher. The cost
of new fixed-rate mortgages
have also risen as yields on
the bond market moved up.
The policy-driven
changes in the Toronto
market, which include a
tax on foreign buyers, have
followed the trajectory of
the Vancouver market,
with a pullback directly
after new rules were
introduced followed by a
pick up after a relatively
short time, said TREB's
director of market analysis
Jason Mercer.
"It appears that the
psychological impact of
the Fair Housing Plan,
including the tax on
foreign buyers, is starting
to unwind."
TREB will conduct its
annual poll this month and
next, which will include
a look at whether recent
and proposed government
policy changes impacted
potential homebuyers and
sellers' intentions, he said.
The average selling
price for a home in
Vancouver last month was
$1,042,300 — up half a per
cent from September and
12.4 per cent from the same
time last year, according
to the Vancouver board.
In Toronto, the average
selling price was $780,104,
up less than one per cent
from September but up 2.3
per cent compared with
October 2016, according to
the Toronto board.
Price growth in
both cities was driven
by appreciation in
townhomes and condos.
In the Vancouver area,
the benchmark price of
a condo rose to $642,000
in October. That's up one
per cent from the previous
month and 22.7 per cent
from Oct. 2016. The
townhouse price jumped
to $802,400 — up two per
cent from September and
17.7 per cent from the
same month last year.
Oudil attributes that to
high demand with limited
supply, as well as shifting
preferences for smaller
yards due to hectic lives.
The average price of
a townhouse in the GTA
was up 7.4 per cent yearover-year
at $629,507,
while the average condo
price was $523,041 up 22
per cent year-over-year,
the most of any housing
type.
Canada auto sales
to cross 2-million
mark in 2017
Agencies
RICHMOND HILL: DesRosiers Automotive Consultants
says annual vehicle sales are easily on track to cruise past
two million for the first time after another record-setting
month. The consulting firm says October sales hit about
164,200 vehicles for a 6.3 per cent increase from the same
month last year. October's numbers brought total sales this
year to about 1.76 million, up 5.6 per cent from last year,
with every month but April hitting a new record.
General Motors led the pack last month with its sales up
26.5 per cent at 26,847 units.
GM's chief rival Ford followed closely behind, with its
sales down two per cent at 21,068 units.
That puts GM within 10,000 units of Ford, the biggest
overall seller in 2017, for total sales so far this year.
DesRosiers says October's total sales included about
115,400 light trucks, up 13.6 per cent, while passenger car
sales were down 7.9 per cent at about 48,800 units.
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Jaitley is India's worst-ever finance minister: Congress
Agencies
NEW DELHI: The Congress on Tuesday
accused the government of trying to hide
behind World Bank reports to mask the
"grim reality" regarding the economy
and said Arun Jaitley has proved to be
"the worst Finance Minister in Indias
history".
Reacting to Jaitley's press conference
over India jumping 30 places in World
Bank's Ease of Doing Business rankings,
Congress leader Randeep Singh
Surjewala said the BJP government was
clutching at straws to stay afloat "as it
sinks the economy and hurts trade and
businesses".
He said the Narendra Modi
government has failed India's economy
by "sheer adhocism and inexperience".
"The hurriedly convened press
conference by the Finance Minister to
seek manufactured relevance from the
World Bank report was evidence of the
actual distance from ground realities
and suffering of people of India,"
Surjewala said in a statement.
He said the government lives in
"a make believe cuckoo world" as it is
blinded by the blinkers of "Achhe Din"
and was unable to "see, feel, judge or
address India's pain".
He said private Investment is "in dire
straits", ‘Make in India' is floundering,
exports were plunging, credit growth is
at a 63-year old law and inequality is the
highest in 100 years. "Crores of job losses
in the informal sector have resulted in a
‘Cease of Doing Small Businesses'.
All this is due to Prime Minister
Narendra Modi's "personal adventurism
in policy making. The double whammy
of demonetisation and GST has wreaked
havoc for the economy". Surjewala said
that ‘Ease of Doing Business' rankings
have not taken into account the "utterly
flawed implementation of the GST."
"The cut-off date for implementing
any reforms for the said study was June
1 while the GST was imposed on July 1,"
he said, adding that numerous slabs and
complex filing requirements has turned
GST into a "Gabbar Singh Tax". He said
inherent flaws in the GST has crippled
micro, small and businesses, stunted the
economy and has led to insurmountable
job losses.
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