All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: First-time buyers face a stressful reality, the city makes a push for more laneway housing and what you need to know about the investors scooping up skyline property.
Elsewhere: The money vanishes from Vancouver's housing market, how the U.S. housing market will react to President Trump and Brexit boosts Germany's housing sector.
First-time home buyers face stressful economics (Toronto Star)
First-time buyers in Toronto's hot property market must be wondering when they will catch a break. A second major bank announced Tuesday it was raising its mortgage rates — a day after the province introduced a tax refund designed to help first timers step on to the property ladder.
Ontario increases tax refund for first-time home buyers (The Globe and Mail)
“Purchasing your very first home is one of the most exciting decisions in a young person’s life,” Finance Minister Charles Sousa told the legislature in Monday’s fall economic statement. “But many are worried about how they will be able to afford their first condo or house.”
Forget low interest rates and the lack of single-family homes. Agents and analysts are pinning Toronto’s real estate insanity on a new scapegoat: a wave of wealthy foreign investors who swoop into showings over Skype, toss cash around like Canadian Tire money and leave their luxury penthouses empty.
The flurry comes after Marketplace shone a light on agents who end up “double-ending” a higher-than-average percentage of their deals. The practice, also known as multiple representation, involves an agent who represents both the buyer and the seller for the same property. Multiple representation also refers to a broker or agent representing more than one competing buyer in the same transaction. It’s within the rules but only if the parties are fully informed and agree to it in writing. There can be no sharing of confidential information.
Ward 32 Councillor Mary-Margaret McMahon and Ward 18 Councillor Ana Bailão are working together on bringing laneway suites to Toronto. These are detached units located behind more traditional properties and help to transform empty or underused spaces, such as a garage, shed or parking pad.