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All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Home renovations are the new housing boom, the impact of supply-side economics on Toronto's housing prices and how to pay off your mortgage in three years.
Elsewhere: Finding out where Canada's priciest rental markets are, the Economist provides a reality check on American housing prices and a possible solution for more affordable homes in London.
Home renos are the new housing boom: CMHC (Toronto Star)
Basement renos are going to be big business across the Ontario housing market over the next few years, as will be the remaking of the province’s aging rental buildings, more than 85 per cent of which are creeping up on 40 years old.
The impact of supply-side economics on Toronto’s rising house prices (The Globe and Mail)
Normally, in the private economy, when demand for a product or service picks up, prices begin to rise and suppliers respond by increasing supply, which in turn, moderates the initial price increase. While homebuilders are like other suppliers in their desire to increase the production of homes, they are unable to do so as there is a severe shortage of sites in the GTA for new single and semi-detached houses and townhouses.
In 2012 Cooper bought a house in Toronto for $425,000. He then embarked on a painstaking financial plan — including working three jobs and living like a pauper — to pay off his $255,000 mortgage as soon as possible.