Patrick Kavanagh Chicago - Whittier Real Estate

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Cooling Real Estate Dents Canadian Consumer Confidence

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Canadians became less confident this month about housing and prospects for the economy amid the troubles of a Toronto mortgage lender , according to telephone polling . The Bloomberg Nanos Canadian Confidence Index fell to 58.5 in the week ending May 26. That’s down from 59.4 at the end of April, the first monthly decline in four. The share of respondents who felt home prices would rise dropped to 45.5 percent, from a record 50.1 percent this month . Sentiment has suffered after mortgage lender Home Capital Group Inc. sought refinancing after a run on its deposits, and Moody’s Investors Service downgraded Canada ’s largest banks. Toronto’s market has also shown signs of cooling after Ontario Finance Minister Charles Sousa imposed a foreign buyer’s tax to clamp down on speculation. “Recent declines in consumer confidence scores were most likely to be driven by a cooling of real estate sentiment after hitting a high in early May,” Nanos Research Group Chairman Nik Nanos said...
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Ontario to query citizenship, residency for real estate purchases starting Monday

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Starting Monday , home buyers in Ontario will have to provide more information about their citizenship and place of residence when they buy a piece of real estate anywhere in the province. The government first announced the news in last fall's economic statement, but the new rules come into effect on April 24. Starting then, anyone who buys a piece of land in the province that contains between one and six single-family homes — or agricultural land — must fill out the Prescribed Information for Purposes of Section 5.0.1 Form — one more piece of paper in the sea of red tape associated with real estate. The form will be incorporated with documents that govern the payment of land-transfer taxes, which is a tax everyone in the province must pay when any property changes hands. (First-time buyers, however, don't pay the tax on the first $368,000 of a home's purchase price and can receive a rebate of up to $4,000 after that.) How it works: explaining Toronto's land ...
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