Photo Credit: CBC
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The condo construction boom create housing starts surge, condo developers head directly to China to court buyers and a price breakdown of the red-hot market.
Elsewhere: More than one in five renters in Canada are affected by the affordable housing crisis, Murdoch's media behemoth sees growth thanks to digital retail services and Cuba could be the next real estate haven for Americans.
Toronto condo developers head directly to China to court buyers (The Globe and Mail)
In the Fairmont Hotel in Beijing, couples walk across the marbled floors to an elevator, riding it to a small conference room where a group of Toronto real estate agents have come to sell them condos in Canada’s largest city.
Toronto-area home sales were up more than 5 per cent from this time last year, but the average sale price for the year has dipped by approximately $5,000 from last month.
Toronto’s housing market is showing few signs of slowing down. Sales in the Greater Toronto Area jumped 5.7 per cent in August from a year ago, according to new data from the Toronto Real Estate Board, while the average price for all home types surged 10.3 per cent to $602,607. The average sale price of a detached house in Toronto was above the $1-million mark, up nearly 13 per cent from a year ago.
In a statement, the company said it is facing delays caused by city building inspectors and by the fire marshal's office. The company is paying for hotel rooms to temporarily house the students. The students paid between $400-$2000 a month to live in the private dorm facility which promised luxury features and proximity to major schools.