All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: What it takes to buy a home in the 6ix, a whole different level of insanity in the Spring housing market and the suburbs don't provide respite from bidding wars.
Elsewhere: The CMHC gives its verdict on Canada's housing market, America's great housing divide and six countries that tell the story of Europe's recovery.
“Every time I talked to them, they were just more and more defeated. They were just giving up more and more: ‘Okay, maybe I don’t need a house in this neighbourhood or maybe I don’t need a garage, maybe I don’t need free parking or I don’t need it to be updated. I’m okay with knob and tube, I’m okay with radiant heating.’ They either start doing that or they just start putting in crazy bids, too,” he said.
"There's just a lack of supply and inventory. The inventory has been at historically low levels for really 10 years almost. This year, the inventory is even lower than it was last year," said Forbes.
The housing market that just won’t stop (The Globe and Mail)
Mr. Pasalis said many seeking a relative deal have been priced out of older, more established bedroom communities and are looking to Durham Region, where houses can be had for $500,000. “It’s still super-competitive out in the suburbs,” he said.
The head of beleaguered Toronto property developer Urbancorp said his company has been forced to lay off employees and scale back future development as it grapples with "cash flow challenges" and an international legal skirmish between creditors in Canada and Israel.