All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Luxury home sales are booming, the real estate industry pushes for increased supply and the majority of Torontonians oppose a land transfer tax hike.
Elsewhere: Regional disparities in Canada are expected to narrow in 2017, Ben Carson faces the senate and giving cities room to breathe and innovate.
Greater Toronto Area booms with $1-million-plus home sales (The Globe and Mail)
“Local demand remained the primary overall driver even as international demand, particularly from mainland China, continued to play a key but secondary role,” according to a new report by Sotheby’s International Realty Canada.
Vancouver’s loss seems to be Toronto’s gain with the real estate company predicting 10 per cent growth in prices in the region with the average Greater Toronto Area home selling for $793,000 in 2017, up from $720,761 in 2016.
"We ended up selling it for a good $75,000 more than what that agent had brought before it went on the market," Brown said. And "that agent who came in with the original offer to them, was nowhere to be seen."