By Tony Wong
Global real estate prices slowed in the second quarter of 2010, but Canada had the most “dramatic” cooling off of all countries, says a report by the Bank of Nova Scotia.
Australia and Canada led the pack in housing price appreciation at the beginning of the year, followed by Sweden and the U.K. The U.S., Japan and Spain all saw declines.
But Canada has had the most severe decline in pricing in the second quarter, says the bank in a report released Tuesday.
“Demand and prices have softened alongside moderating global …

By Stefania Moretti, QMI Agency
After leading its peers in the global real estate rebound of 2009, Canada’s housing market is now cooling faster than any other country’s, and a new batch of data shows no end in sight, experts say.
An ultra-low interest rate environment combined with favourable jobs and lending conditions saw price tags in Canada and Australia rise nearly 17% year-over-year in the first quarter of 2010, a new report by Scotia Economics shows.
Sweden, the U.K. and Switzerland all saw moves to the plus side. The U.S. and …

Ashley Csanady
Housing sales in the GTA fell by 34% in July compared to the same month last year, the Toronto Real Estate Board (TREB) reported today.
There were 6,564 sales last month, down from a record 9,967 sales in July 2009. New listings also took a hit, dropping to 10,825 — the lowest level for July since 2002.
Despite the lag, total sales for 2010 are still up 12 per cent from last year. A combination of factors played into the sudden dip, according to Jason Mercer, senior manager of market analysis …

By Tony Wong
If anything kept him awake at night, says David Gerofsky, it was an overwhelming sense of responsibility.
“This is a larger-than-life project, and there were a lot of expectations,” said Gerofsky, president of the Great Gulf Group of Companies.
“So we had to do it right the first time.”
Gerofsky is talking about One Bloor. The mixed-use project at the intersection with Yonge St. has been the site of controversy since the original developer, Bazis International, became a poster child for the global economic meltdown last year.
“There is only one Yonge …

The Toronto-area real estate market will continue to do well in 2010 before retrenching significantly next year, a CMHC forecast says.
Sales of new homes in the Toronto area are expected to rise 30 per cent compared with 2009, while existing home sales should be up 2.5 per cent, according to a report released Tuesday by the Canada Mortgage and Housing Corp.
“We have entered this year with significant amounts of momentum as a number of temporary factors have boosted sales and prices in recent months,” CMHC economist Ted Tsiakopoulos said.
“But moving …