All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: An article in the Toronto Star raises a huge fuss, condo owners look to list and protecting condo owners from fraud.
Elsewhere: Canada's national housing agency raises questions, how Penn Station saved New York and righting a wrong in Paris.
Midtowners battle the rise of the midrise (Toronto Star)
“I’m really concerned about my property value going down,” says Lisa Goodwin, 49, a stay-at-home mother of two who has lived in a four-bedroom dwelling on Keewatin Ave. for 19 years. “Right now all the houses are $1.1 to, say, $2.2 (million) but they’re looking at putting in places that are only $500,000.”
Toronto, Vancouver condo owners look to list over next 5 years: CMHC (The Globe and Mail)
The changes were driven largely by investors in Toronto, where 52 per cent of investors expected to own their unit for at least five years, down from 61 per cent from a year earlier. In Vancouver, the number of investors who said they planned to hold their units for less than two years rose from 8 per cent to 12 per cent. The biggest increase was among investors who planned to hold their units for between 2 and 5 years.
In the wake of a massive condo boom, Ontario is overhauling its outdated rules governing condominium living, giving the province’s 1.3 million condo owners new rights to battle boards and unscrupulous property managers.
Toronto is towering above the rest of the world’s luxury property markets, as the only city to record an acceleration in the sales rate of high-end homes from 2013 to 2014. The Canadian city, well known for its economic stability, experienced a 37pc increase in the sale of luxury penthouses, apartments and houses in the 12 months to the end of December, after just a 4pc rise in the previous year, outstripping San Francisco, Sydney and Miami, according to a report from Christie’s international real estate group.