All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The housing bubble is very real, soaring prices trigger new warnings and population growth isn't driving house prices.
Elsewhere: Immigration from abroad and the rest of Canada adds to Ontario's housing crunch, a Portland start-up smashes barriers to affordable housing and renters find relief in Germany's priciest cities.
An unprecedented imbalance between the supply and the demand for Toronto-area homes is exerting a disproportionate impact on the national picture, according to the Canadian Real Estate Association (CREA).
Soaring home prices in Greater Toronto Area trigger new warnings (The Globe and Mail)
The affordability crisis in Toronto and surrounding regions stands in stark comparison with a 2.9 per cent year-over-year decrease for Calgary’s home prices and 1.0 per cent dip in Saskatoon. Regina, Ottawa, and Greater Montreal recorded unremarkable increases, roughly between 3 and 4 per cent. And with Vancouver prices continuing their gentle decline from their August peak, Victoria and Vancouver Island were the only areas outside Ontario to see strong growth.
"Canadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulatory changes that will push up mortgage financing costs," CREA president Cliff Iverson said in a release.
But if averages mean anything, Canada as a whole has reached a turning point where, on average, one of the strongest justifications for paying more than you can really afford for a home has disappeared.
Poole launched NoAppFee.com in beta in 2015. This version was targeted at the general housing market, not just affordable-housing seekers. Eight Portland-area management companies agreed to participate and provide their open units—at, above, and below market rates—and screening criteria to Poole and his team. They paid nothing to include their listings (about 80 at first); renters had to enter their Social Security number and date of birth and pay $35 for a credit and background check, refundable once they have paid the first month’s rent. In return, they’re matched with all vacancies that they qualify for, automatically.