Photo Credit: Julie Kinnear
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The price gap between houses and condos rises, affordability in the GTA continues to fall and the best day to buy a house in January.
Elsewhere: Analysts weigh in on the Bank of Canada's interest rate cut, a resurgent housing market is propping up the U.S. economy and the end of a Thatcher policy in the U.K.
Price gap between Toronto houses, condos hits record high (The Globe and Mail)
The growing price gap between condominiums and houses hit a record high last year in the Toronto area, as the market saw a huge jump in the number of newly built condos and buyers battled over a persistent shortage of houses.
The more than decade-long GTA housing boom now has us outpacing New York, requiring 6.5 times the average income to buy a house here, up from 4.8 times the average income in 2006, Petramala said in a telephone interview.