Photo Credit: CP24
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Micro condos face their first real test, which neighbourhoods could be affected by TDSB school closures and Realtors are left scrambling after threats by MLS.
Elsewhere: The price gap between houses and condos continue to swell in Canada, the NY Times launches a major investigation into foreign wealth flowing into United States real estate and Australians won't spend their housing wealth.
The appeal of so-called shoebox condos -- no larger than the size of two average living rooms -- will face its first real test in Canada this year, with an influx of the compact homes set to hit the country's largest real estate market.
Regardless of the outcome, the choices made will have an impact on communities across the city. Many of the schools shortlisted for review are also the site of daycares, adult programs such as English-as-a-second-language instruction, and other after-school uses such as local community organizations and sports programs, which are not considered in calculating a school’s space utilization.
The move is largely seen as aimed at a new, tech-savvy generation of realtors who believe that all MLS data — and especially sales histories of homes — should be readily accessible online, as it is on popular U.S. sites like Zillow.com and Trulia.com, which allow folks to do more of their own research.
The Canary District: Here comes Toronto’s instant neighbourhood (The Globe and Mail)
That’s the plan. The building’s initial occupants, thousands of Pan Am and Parapan Am Games athletes, arrive in July and will reside in this building for the short term. Then the whole area of six buildings will be renovated to serve new purposes as condos, rental buildings, student housing and a YMCA. It will form Toronto’s newest built-from-scratch neighbourhood.