All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Developers sit on land hoping prices will keep rising, lack of supply drives GTA market and an Economist calls for a gentle end to house price inflation.
Elsewhere: Debating the merits of Canada's housing shortage, how America accidentally nationalized its mortgage market and the families displaced by the Rio Olympics.
“If you are an owner of potential development land and you are well aware that Places to Grow (provincial policy) will result in in shortage of land by even more than currently anticipated, you will probably not be eager to sell,” said Tal, in his report released Monday.
Lack of supply driving GTA house price surge, studies say (The Globe and Mail)
Toronto is in the midst of a housing heat wave, with sales activity and prices both breaking new records in July. But one thing that seems capable of putting the brakes on the market is what the Toronto Real Estate Board has called the “troubling trend” of a shrinking supply of homes for sale, particularly detached homes.
Shenfeld said the focus needs to be on the supply, not the demand, side of the housing market. Raising interest rates and making it more difficult for consumers to obtain mortgages would "tame" house prices but also "tame" the larger economy, he said. Those measures would reduce home sales and home-building.
The city has put the province on notice that proposed legislation to build affordable housing will leave communities without desperately needed amenities such as community centres, park improvements and child care spaces,
Home inspectors are one of the few professionals tied to Ontario’s real estate industry that are not licensed or regulated, even though nearly 65 per cent of all homes sold on the resale market in Ontario are inspected each year, according to government estimates.
Vernacular architecture is a style linked to a particular locality that arises out of various considerations like available materials, technological prowess, and the economic conditions of the community in which a building is constructed. Driven by utility, aesthetic concerns are rarely a primary factor in such design.