Photo Credit: Global
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Globe and Mail-Realosophy Home Survey shows how Toronto's housing price boom is spreading to suburbia, see how much homes are in your neighbourhood and finding a house for under $500,000.
Elsewhere: Overvalued home prices could put new owners at risk, stale homes are tightening up the U.S. housing market and Sweden's plan to cool its housing market is hit by a legal challenge.
Toronto’s house price boom spreads to suburbia (The Globe and Mail)
John Pasalis, president of Realosophy Realty Inc., says the data have revealed some surprisingly hot pockets in Oakville, Thornhill and Durham region, for example. “It’s pretty clear this isn’t a Toronto phenomenon.”
Using a data mapping methodology developed by Realosophy Realty Inc., Brokerage, Toronto Real Estate sales and pricing information have been assigned to actual neighbourhood boundaries. Grey areas on the map correspond to areas of high commercial or industrial activity with low residential use or where sales activity was negligible.
How four buyers found a Toronto house for under $500,000 (Toronto Star)
These often tiny, imperfect houses — especially if they are within reasonable distance of major transit lines and shopping — are quickly disappearing and in high demand from first-time buyers, flippers and investors looking for a cheap rental property.
“This is a great resource. It could help people make a better decision on where they want to live,” said John Pasalis, co-founder of Realosophy, a real estate agency and data-driven website that gives people looking to buy a home a wealth of information about neighbourhoods and the ability to create customized maps online.