All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: A federal agency says a house-price correction is coming, evidence of overbuilding in the market and the 10 weirdest homes in the city .
Elsewhere: Chinese buyers make their mark in Vancouver, the fragile state of housing in Ferguson and is a China housing crash coming next?
Toronto is now at “high” risk of a housing correction — up from “moderate” just four months ago, says a quarterly examination of risks to the national housing market, released by the Canada Mortgage and Housing Corporation Thursday.
The reasons for concern are not the same in each city. In Toronto, the main concern is that "the rise in house prices has not been matched by growth in personal disposable incomes" the CMHC said, adding there is evidence of overbuilding in the market, with a historically high level of unsold units.
Real estate expert John Andrew says there are quality rentals available in hot real estate markets, Toronto and Vancouver — if you're willing to pay a premium price for a condo. "If you can afford the $2,000 a month, which is pretty typical for a one-bedroom [condo], you're fine," says the Queen's University professor.
Earlier this year, The Economist ranked Toronto as the world's best city to live in. Now, the architecture and design trade publication Metropolis Magazine has followed suit by naming Toronto as the most liveable city in the world.
The 10 weirdest houses in Toronto (Blog TO)
All across Toronto there are residential streets lined with uniform, unremarkable homes. So when someone breaks the mould with a strange front yard or weird architecture, it tends to stand out. Some express their individuality with front yard ornaments, others through bold design.