The Greater Toronto Area Real Estate Market Remains Stable, with Condominiums Accounting for 75 Percent of New Housing Starts, Reports Condo.ca

Condo.ca reports this week on a stable Canadian real estate market, with much of the supply of condominiums going to the rental market and investors. Other indicators, national home sales growth of 0.6 percent indicate market stability.

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Much of the supply of new condos goes to the rental market. Additional supply will ease conditions for renters, says CIBC’s Benjamin Tal. Chart source CIBC

The Canadian Real Estate Association (CREA) reports once again that Canada’s housing market remains stable and balanced. Home sales across the country were up slightly in the month of April on a month-over-month basis.

Toronto, Canada (PRWEB) May 16, 2013

Condo.ca—Canada’s Condominium Magazine—this week reported on a stable condominium market, despite the investor wild card. According to the report, everything is cool in Toronto’s condo market, according to cool, calm Benjamin Tal, deputy chief economist of CIBC World Market, if you look at the situation in context. Tal has consistently taken the view that the prophets of doom in the media were mistaken when predicting a US-style real estate crash in Canada. Last fall, for instance, he said in a report that anyone who compared the Canadian real estate market with the pre-crash American market suffered from a “deep misunderstanding” of those markets. And today he reiterates that “zooming in” on the condo market for the sake of simplicity, as some commentators have done, without an understanding of the “broader housing market,” can easily lead to a misdiagnosis. Read more on Condo.ca…

Other highlights this week in Condo.ca—Canada’s Condominium Magazine:

National home sales rose 0.6 per cent in April: CREA

The Canadian Real Estate Association (CREA) reports once again that Canada’s housing market remains stable and balanced. Home sales across the country were up slightly in the month of April on a month-over-month basis. Compared to March, there were 0.6 per cent more sales nationwide; compared to April 2012, however, there were 3.1 per cent fewer sales. The monthly improvement in homes sales was seen in more than half of local markets, led, CREA says, by the GTA, Winnipeg, Victoria and Calgary. Read more…

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Condo.ca is all about living and lifestyle. Thousands of subscribers and readers rely on Condo.ca’s in-depth coverage of the condominium scene and urban living each week. Condo.ca is committed to following and discussing the trends: urban lifestyle, design and neighborhoods, with a special focus on inspiration. Our daily news beats include:

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  • Communities and Condominiums: our coverage of new communities coming into the market.
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