Photo Credit: Best Western
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: A Toronto couple has their million-dollar dream home ruined by a hydro pole and housing affordability isn't improving anytime soon in our city.
Elsewhere: The condo boom has help stabilized the Canadian housing market, the United States Supreme Court takes a stand against housing discrimination and where do Europeans spend the most on rent?
Shirley and Todd Ankenmann, a couple in the city’s neighbourhood of Bloor West Village, say their million-dollar dream home just isn’t the same since the electric utility installed a power pole in front of the house and ruined the view.
A report by RBC Economics says housing affordability continued to decline in Toronto and Vancouver, while conditions for homebuyers improved in Alberta during the first quarter of the year as lower oil prices caused the real estate market to soften.
The booming condo market has so far been a stabilizing, rather than a destabilizing, force in Canada’s housing landscape – an affordable safety valve for first-time buyers, renters and newcomers.
The hedge fund investors, known as short sellers, are betting against what they believe is a housing bubble in Vancouver, Toronto, Calgary and other Canadian cities. They believe Canadians hold too much mortgage debt, and that Canadian banks, mortgage insurers and “subprime” private lenders will lose money on unpaid loans when property prices fall.