All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Fears of offshore buyers heading to Toronto grows, John Tory says the city needs more federal dollars to solve the housing problem and construction is to blame for rising noise complaints.
Elsewhere: The Canadian housing boom fueled by China's billionaires, while China's interest in the United States fades and will the Olympics save Rio's hosing market?
Toronto's house price jump stirs fear offshore buyers will head east (The Globe and Mail)
Almost 10,000 resale homes changed hands in the Greater Toronto Area last month, the highest recorded number for the month of July, the Toronto Real Estate Board reported. Average resale prices jumped 16.6 per cent to $709,825, with the cost of detached homes surging 21 per cent from the same period last year, to $952,983.
"We are at the bottom of a very big mountain to climb and we need to have housing so people of any income group no matter what job they have to afford to live in the city."
The number of noise complaints is rising along with the skyline, and the city says construction is to blame for the largest share of complaints in 2016 so far.
How to reduce Toronto’s high cost of housing (Toronto Sun)
Instead of trying to micromanage the housing market by taxing certain categories of buyers, governments in Queen’s Park and at city halls across the Greater Toronto Area should focus on reducing these barriers to new homebuilding.
"They're not going to want to pay that 15 per cent, so they're going to now dump it into the Toronto real estate market, which is already hot."