All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Distorted home prices push the market higher, bold solutions are needed for Toronto public housing and how a serial fraudster took advantage of Toronto's red-hot real estate market.
Elsewhere: Mixed opinions on Harper's plan to target foreign real estate investment, good numbers out of the United States and a housing shortage in Germany's biggest cities.
The average home price climbed 8.9 per cent last month, to $437,699, but excluding the “distortion” created by Vancouver and Toronto – which account for 60 per cent of the national market – prices climbed a much more tame 4.1 per cent (to an average $341,438).
Toronto's public housing needs bold solutions (Toronto Star)
It is the second largest housing organization in North America and is fully dependent on government funding, but as it now operates that funding isn’t enough. The organization has failed to adapt and the lack of visionary leadership has created a rigid environment where following procedure matters more than innovative ideas. Instead of adapting to the lack of funding, TCHC has allowed its housing to fall into such a state of disrepair that they estimate it will take approximately $2.6 billion to cover all the capital repairs required over the next decade.
They had no inkling about what was really going on: Gubb was a serial fraudster who made a living by renting houses, claiming to be a tenant, then illegally subletting rooms to as many residents as he could cram in—almost always young women desperate for a piece of downtown living. Dinnick and Verma were only his latest victims.