All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: A spike in sales makes Toronto the hottest real estate market in Canada, where gentrification is really happening and luxury property can sell in a hurry.
Elsewhere: Canadian housing prices tick upwards in August, the ugly choice American cities face and which European cities have the most affordable housing?
Toronto sees spike in house sales as Vancouver market cools (The Globe and Mail)
Toronto is experiencing a spike in sales of single-family homes fetching at least $1-million while the Vancouver market slows down, a trend that is forecast to carry over into the fall.
As TD Bank's Diana Petramala says in the Globe and Mail, the average price of a home in Toronto is up 18 per cent since last year and we hit record sales in August. "Toronto's appreciation in average home prices since early 2015 has now exceeded Vancouver's," she writes.
House prices skyrocketed there, too. Excluding condominiums, the average price of a home increased by a whopping 140 per cent — from $319,753 in 2005 to $764,124 in 2015, according to data provided by Realosophy.
The house sold in three days, for $132,000 over asking. Soltanian believes the sale price is the most that has ever been paid for a 45-foot lot in this neighbourhood.
Meerai Cho was first charged in 2014 with 75 counts of fraud over $5,000, possession of property obtained by crime and breach of trust. The charges relate to an alleged fraud where buyers lost $14.9 million in a North York condo building that was never built.