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All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Bidding wars enter a new territory, the housing price boom is a good sign for the city and getting a detached home will cost you major bucks.
Elsewhere: Housing prices sink in Calgary, what are America's most overpriced cities and an ominous housing bubble approaches Asia.
In Toronto, bidding wars enter new territory (The Globe and Mail)
Mr. Guatieri is not worried that builders are building too many new condo units in the city because there aren’t enough single-family houses to meet demand. While Toronto still has more than 50,000 condo units under construction, he notes, the number has declined and pre-sold units will take years to complete. Still the number of unsold, vacant, newly-built condos shot higher in January and that’s a move that bears watching, the economist cautions.
Steady on, now. The rise of real estate values is based on more than just crazy speculation or vulture investing. Although rock-bottom interest rates have certainly fuelled the boom, not just in Toronto but across the country, it says some good things about the city and its evolution.
Last month the average sale price of a detached house in the 416 region sailed past $1 million as demand remains high for houses that don’t require a killer commute, and supply sinks to new lows.
The plan calls for 1,000 units of rental housing plus retail and restaurants spread throughout 55 buildings that range in height from 2.5 storeys to a 29-storey “micro-tower” — a term used by architect Gregory Henriquez because of the building’s small footprint — on the northeast corner of the site.