All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Most condos owned by end users, Tower once considered cutting-edge comes down in Regent Park and Community housing won't get a cash influx anytime soon.
Elsewhere: Stats Can fixes its numbers, Winners and losers in Canada's houing market, the income gap in the United States widens and the United Kingdom pauses for a breath.
Canada’s federal housing agency has tried — yet again — to pull back the curtain on Toronto’s and Vancouver’s condo market and says a new survey of condo owners shows just 17.1 per cent are investors and 82.9 per cent own the unit in which they live.
Second Last Dickinson Tower Coming Down at Regent Park (Urban Toronto)
A couple months have passed since the teardown started, and work has now moved on to the demolition of the adjacent high-rise apartment tower at 42 Blevins Place, the second last of five similar towers on the site which were designed by the late Canadian architect Peter Dickinson. Dickinson is chiiefly credited with moving Toronto into the era of Modernist architecture.
“The funding announced today cannot be used for TCHC buildings, as part of the arrangement with the federal government says that projects that have an agreement with CMHC (Canada Mortgage and Housing Corp.) relating to finance, operation or occupancy are not eligible for funding. This includes TCHC,” a McMeekin spokesperson said an email statement to the Star.
At 29-storeys, the stacked design highlights the unique nature of each unit, while keeping things visually stimulating for those walking by. With landscape design from Claude Cormier, the outdoor spaces show play well off of the rest of the development, with a green roof and lap pool serving as particular highlights.
Six-way fight helps Harbord home go $239,567 over asking (The Globe and Mail)
In early June, buyers had a decent list of homes to choose from in Harbord Village, but this semi-detached Victorian was on a street with little turnover, so it was intentionally priced at less than $1-million and offers held off for one week. All those factors combined resulted in a bidding war between six shoppers, and one party assembled $239,567 over the list price.
(The report does note in an aside that politicians often claim to have much more influence on a city’s economy than they actually do—but adds, “elected officials in general, and at the City level in particular, have little direct control over broad economic trends such as GDP growth, housing booms, or unemployment rates.”)