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All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: A new generation is driving the condo demand, how young people entering the workforce will prevent a real estate crash and home prices in this city continute to sky rocket
Elsewhere: Calgary and Montreal lead the home bulding surge in 2014, Home Depot points to the U.S housing recovery as the reason for big sales and Melbourne is the world's most liveable city according to the Economist.
Why rents are softening and what’s in store for Toronto’s condo market (The Globe and Mail)
I think a lot of the demand is demographic driven as a wave of baby boomer children are finishing school and moving out on their own. This has been helped by improving job opportunities, which were scarce for younger adults for several years following the recession. Canada
Weisleder: Real estate to crash? Not by these yardsticks (Toronto Star)
Rent controls have persuaded developers to build condominiums instead of apartments. Yet young people entering the workforce still need a place to live. That is why the vacancy rate for new condominiums in Toronto is close to 1 per cent. If the units are filled with tenants or owners, prices cannot crash.
8 Mind-Blowing Numbers From Toronto’s Real Estate Market (The Motley Fool)
Toronto is on the verge of becoming the second Canadian city where the average price of a detached home exceeds $1 million. July data from the Toronto Real Estate Board, or TREB, revealed that the average selling price of a detached house downtown was $880,433, up 11% from the same period a year earlier.
Home prices in red-hot Toronto race higher and higher (Global News)
Broken down by home type, TREB’s mid-month data show still huge demand for detached homes despite their far higher price tag compared to condos and townhouses. Detached prices are up 12.3 per cent on average across the metro area and suburbs, to $692,402.