Photo Credit: New College
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Demand is making it hard for renovators and developers, John Tory must deal with a housing crisis and home buying remains a 'stretch' in Toronto.
Elsewhere: Home ownership is getting slightly more afforadble in Canada, an innovative lawsuit tests U.S home mortgages and David Cameron plans to make life harder for European migrants seeking housing in the U.K.
As Toronto’s real estate market continues its wild run, it’s not just potential homeowners who are having trouble finding affordable properties. For infill developers and resellers – otherwise known as flippers – bidding wars and wild-eyed buyers are making it hard to turn a profit rehabilitating broken homes.
Where would Toronto be without the contributions of Timothy Eaton, Robert Simpson, William Davies, Henry Pellatt, or Ed Mirvish? It's hard to say, but we would all be worse off were it not for the success of their businesses or the timing of their financial investments.
He said the homeless population was becoming more diverse, with an increase of seniors among those living on the streets. He said aboriginals represent one per cent of the city's population, but nearly 20 per cent of its homeless population. He said the push to eradicate child poverty has stalled, which he called "unacceptable".
Toronto got some relief but “owning a home – especially a single-detached home – at market price still appears to be a stretch for a typical household in the area,” said Mr. Wright and Mr. Hogue.