All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Condo inventory falls to decade low, foreign buyers snap up a house in Etobicoke and John Tory calls for governments to relieve housing supply shortage.
Elsewhere: Trudeau finds himself in a bind, starter homes remain elusive in the US and Tokyo may have found a solution to soaring housing costs.
Homeowners in Canada’s largest city facing rapidly rising prices for ground level housing are driving up demand in Toronto’s condominium market, as buyers are increasingly looking for larger units.
Foreign buyers snap up Etobicoke house (The Globe and Mail)
Vancouver’s tax may be Toronto’s gain. West end agent Mike Donia says he sold this Etobicoke home last week to Chinese buyers scared off Vancouver real estate by that city’s new 15 per cent tax on foreign buyers.
Toronto Mayor John Tory wants to free up unused public land for housing developments in a bid to get more supply into the tight market. In an interview on BNN, Tory said the municipal government could expedite the approval process for such projects, but only if other levels of government are willing to sell land to developers.
Hudak later held three cabinet portfolios, including consumer and business services, where the Ontario Real Estate Association said it “worked closely” with him on issues like electronic signatures on real estate transactions, a grow-op registry, and fighting municipal land transfer taxes.