Photo Credit: Torontonicty
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Condos in the city enjoy a banner year, John Tory's victory a setback for those looking to eliminate land transfer tax and Hamilton benefits from Toronto's high housing costs.
Elsewhere: Canadians spend more income on housing than almost anyone in the world, American real esstate agents clean up and China's housing headache in one chart.
Toronto condo market sees one of its best years, agency says (The Globe and Mail)
“Sales were boosted by a number of highly successful new project launches during the quarter, but more importantly by increased absorptions at pre-existing projects,” Urbanation said, which means the number of unsold units, from those in pre-construction to those completed, shrank by 11 per cent.
“It’s time to get back to basics. Mayor-elect John Tory did not commit to getting rid of the land transfer tax. Obviously, we were hoping that he would. He does understand the problems though, so that’s encouraging,” said Palmer in an interview with BNN.
Toronto housing exodus good news for Hamilton (Hamilton Spectator)
"Move-up buyers coming from the more expensive Greater Toronto Area (GTA) housing markets will support a strong single-detached housing construction in Hamilton. Move-up buyers are typically in the 45 to 54 age group," reads the report.
Urbanization is here to stay & it's clouding property lines (Digital Journal)
With continuing migration to the urban core, the outlook for suburban office has softened and retailers are following people to the city centre. The condo market continues to be strong, while the lack of affordable housing is expected to spur multi-residential rental development.