All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Millennials think they can afford a house in Toronto, three things you don't know about the market and there's nothing free about the housing market.
Elsewhere: Housing boom rolls on in four Canadian cities, the affordable housing crisis moves in-land in the United States and housing is tougher to find in the world's big cities.
About two-thirds of millennials in the Toronto area expect to own their own home, according to a survey by Pollara for Bank of Montreal being released Wednesday. That’s despite a higher average purchase price of $465,000 in Toronto, compared to the $350,000 national average.
Toronto’s real estate market is red hot. According to the Toronto Real Estate Board, sales of detached homes in the Greater Toronto Area rose nearly 12 per cent last month. Condo sales, meanwhile, surged more than 25 per cent. That strong demand coupled with limited supply has continued to push up prices, which rose 14 per cent in the first three months of the year.
The standard script runs as follows. “We need to gather more data about the role of foreign non-resident purchasers before we can sensibly formulate policies. We don’t want to disrupt our economies by taking rash actions. And we should not disturb the ‘free market,’ which is always self-correcting.”