All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Toronto is the least affordable housing market in the country yet home buyers remain optimistic and no December slowdown is expected.
Elsewhere: Vancouver housing prices face a double-digit correction, Philadelphia sheds affordable housing and Italy is overwhelmed.
Toronto's screaming real estate prices have made it the least affordable market in the country, with the relatively scarce supply of detached housing one of the leading stressors, according to RBC.
High prices and tighter lending conditions aren’t dampening consumers’ optimism and enthusiasm for real estate in the Toronto region, where half of homebuyers still expect to purchase that most expensive and elusive asset, a detached home.
Sotheby’s International Realty Canada says the first couple of weeks of December have not seen any type of slowdown in the Toronto housing market — consumers are expected to keep searching and buying for property right up until Christmas day.
New York University has launched a pilot program that’s matching students with seniors who have spare rooms in a bid to find budget friendly housing. The idea has lots of people talking about affordable solutions to red-hot real estate markets, like Toronto’s.