Banks’ real estate loans rise to P2.14 T Lawrence Agcaoili (The Philippine Star) - May 14, 2019 - 12:00am MANILA, Philippines — The real estate exposure of big and mid-sized banks remained manageable, rising by nearly seven percent to P2.14 trillion as of end-September last year, according to the Bangko Sentral ng Pilipinas. The BSP said the increase was notably slower than the double-digit growth recorded in the past five years. The central bank said the real estate exposure of universal and commercial as well as thrift banks was composed mainly of real estate loans with 85.9 percent, while the rest were real estate investments. Commercial real estate loans, which accounted for approximately two-thirds of total loans, drove the increase in real estate exposure. The BSP reported a 7.7 percent increase in real estate loans to P1.84 trillion despite a deceleration in the year-on-year growth for both commercial real … [Read more...] about Banks’ real estate loans rise to P2.14 T
Fort mcmurray real estate board
Homeowners should seek legal advice when estate planning
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By Bob Aaron Property law Fri., May 10, 2019 Buried in last month’s provincial budget is a measure designed to reduce the cost of obtaining probate — “to provide tax relief for families when they need it most, as the death of a loved one is a difficult time.” Effective Jan. 1, 2020, the Estate Administration Tax will be eliminated for estates with assets of $50,000 or less. For larger taxable estates, the tax will be reduced by $250. The estate tax is collected on filing an application for a certificate of appointment of estate trustee, commonly known as probate. Since June 1992, when the Ontario government tripled its probate fees, the amount payable is $5 per $1,000 on the first $50,000 of estate assets, and $15 per $1,000 on the balance, with no maximum. With real estate prices soaring in recent years, the probate tax payable on an estate with an average $1 million home, without a mortgage, is almost $15,000. Realistically, a $250 … [Read more...] about Homeowners should seek legal advice when estate planning
Risks are receding in Canada’s housing market, agency says
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By Chris Fournier Bloomberg Thu., May 2, 2019 Recent rule changes by Canadian policy-makers, including tightened mortgage lending, appear to be bringing the country’s real estate market more into balance. The federal housing agency lowered its assessment of the overall vulnerabilities in the national market to “moderate,” from “high,” according to a report Thursday from Ottawa. Canada Mortgage and Housing Corp. cited evidence of easing price acceleration for the country as a whole, with prices in Toronto and Vancouver moving closer to levels supported by fundamentals. After being rated “high” for 10-straight quarters, the overall degree of vulnerability for Canada has changed to “moderate,” the agency said in the report. Home sales and prices have slowed in Canada after governments at various levels took steps to mitigate the risks of a crash. The federal banking regulator imposed stress tests on new mortgage … [Read more...] about Risks are receding in Canada’s housing market, agency says
Toronto housing market begins busy spring season with a bounce
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By Theophilos Argitis Bloomberg Mon., May 6, 2019 Toronto’s housing market entered the busy spring property season with a bang, as sales surged 17 percent in April compared with a year earlier and prices also pushed higher. The number of transactions totaled 9,042 units last month, compared with 7,744 units in April 2018, the Toronto Real Estate Board said Monday. On a seasonally adjusted basis, sales were up 11 percent in April compared with March. The average selling price of a home climbed 1.9 percent from a year ago, to $820,148 (Canadian). The rise in sales is an another indication Canada’s biggest real estate market is stabilizing from a recent slump, though it’s off the dizzying heights of a few years ago. Toronto’s housing market cooled considerably last year as officials tightened mortgage regulations, imposed taxes on foreign buyers and took other measures designed to curb runaway prices — raising worries the steps had gone too … [Read more...] about Toronto housing market begins busy spring season with a bounce
Toronto real estate market faces spring test
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By Natalie Wong Bloomberg Thu., May 2, 2019 A one-bedroom condo plus den listed at $648,000 in Toronto’s east end has been sitting on the market for weeks. A similar unit in the same building priced $69,000 cheaper ended up selling way over asking. Whether it’s an apartment in a glitzy new skyscraper or a mansion in exclusive Forest Hill, pricing has become paramount as Toronto heads into the busy spring property season. As the market stabilizes after a year of plunging sales, condos sales are a mixed bag and big detached homes are hard to shift. “The right product, in the right location, at the right price will get lots of interest and likely multiple offers,” said real estate agent Justin Wu, who’s handling the condo that’s still on the market. “Others take more work to sell.” Home sales in the Toronto region have dropped 37 per cent from their peak in 2016 while prices are down 4.4 per cent since maxing out at $815,200 … [Read more...] about Toronto real estate market faces spring test