All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The housing boom refills empty nests, Mayor Tory meets with experts to discuss overheated market and one report says a foreign home buyers tax will not be enough.
Elsewhere: Canadian house prices see a record breaking month, Trump's budget hits the department of housing and urban development hard and Germany's housing costs are set to become an election issue.
Author Josh Gordon, an assistant professor at the Simon Fraser University School of Public Policy, says a levy on foreign buyers needs to be done soon to calm the market, but even that might not be enough.
Tory said Monday he is “deeply concerned” about housing affordability in Canada’s largest city, where the average price of a detached home has pushed past the $1.5 million mark.
As an influx of people move to the province, in particular the Greater Toronto and Hamilton Area, the growing demand for housing -- also fuelled in part by low interest rates -- is outstripping the current supply, Charles Sousa said.
The more house prices rise, the longer it will take Sarah to save up enough to move out. But the longer she and thousands like her stay with their parents, the fewer houses are put up for sale — and that scarcity is a big reason prices are soaring.
I Was Blinded To Toronto's Dark Real Estate Future (Huffington Post)
Little did I realize that despite the glow of the market, ours could very well be the last generation to bask in the light of the Toronto real estate dream. The last generation to believe in the starter home, and the last generation for whom home ownership would be within reach.
Canadian House Prices See Record-Breaking Month (The Globe)
Finding and keeping an affordable place to live can be an all-consuming chore in Silicon Valley. Some of the area’s teachers, administrators, and teachers have to live two hours from school to find housing that fits their budget. Some combine two families into one apartment. Others move in with relatives.
The Chinese company, Anbang Insurance Group, would pay to get a high-profile piece of Manhattan real estate and would commit to spending billions more to completely transform the 60-year-old tower into a chic condominium and retail citadel.
The administration’s budget includes $6.2 billion in cuts to the U.S. Department of Housing and Urban Development. Relative to funding levels necessary for HUD in fiscal year 2017, the cuts amount to a 15 percent reduction—the largest cuts in housing aid since the Reagan administration.