All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Real estate prices soar during hot August, Toronto is the new Vancouver but a chill is coming and the federal government mulls measures for highly charged housing market.
Elsewhere: The CMHC issues a warning, anything is for sale in Silicon Valley and McDonald's offers free housing in Eastern Europe due to labour crunch.
Toronto real estate prices soar during hot August (Toronto Star)
Toronto home prices and sales showed no signs of slowing their climb last month in the face of dwindling listings, according to the latest statistics from the Toronto Real Estate Board (TREB).
Toronto is the new Vancouver, but this housing market will also cool (The Globe and Mail)
In contrast, the Toronto market has picked up steam. According to the Toronto Real Estate Board, existing home sales hit a record in August and the average home price was up 18 per cent (roughly $100,000) from last year. Toronto’s appreciation in average home prices since early 2015 has now exceeded Vancouver’s.
Speaking Tuesday in an interview in Hong Kong, Morneau identified housing as one of the “key” issues for his administration in coming weeks and months, and said policy makers are trying to assess the local and national “implications” of Canada’s two most expensive markets.
Before someone decides to hold off on selling until they've committed to a new purchase, it's important to analyze how attractive their property is to potential buyers, said John Pasalis, president and broker at Realosophy in Toronto. "You need some certainty that your house is going to sell quickly," he said.
The Toronto region has a “missing middle” of affordable, family-oriented midrise, stacked townhouse and townhome development. They’re the kind of homes that create “gentle densities” — urban villages where people live an easy walk to rapid transit, shops and services.
As housing sales in Toronto and the Greater Toronto Area hit a record high, some people choose to not be fazed by the property wars and stress that comes with purchasing a home, but instead find unique ways to create their own definition of what a home is.