All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Blue-collar communities in the 905 area code feel the affordability crunch, housing starts decline and Ontario is urged not to follow BC's lead.
Elsewhere: Predictions of change and pain for Canada's housing market, the United States needs better housing policies and how the refugee crisis is remaking Europe.
The 905 feels the heat from Toronto’s hot housing market (Toronto Star)
The search for affordability in the Toronto region's hyper housing market is changing the character of some traditionally blue-collar communities in the 905 area code around the city, according to one of Canada's biggest real estate brokers.
Toronto was an exception, with the seasonally adjusted rate dropping to 30,232 units from 40,406 units in August -- mainly as a result of fewer apartment starts. Canada's most populous city helped pull down Ontario's overall activity to 67,426 housing starts in September, from 70,262 units in August. Several smaller Ontario cities also recorded but others showed gains.
Ontario urged not to follow BC's lead to tackle housing issues (The Globe and Mail)
The Ontario government needs to focus on the supply side of housing to tackle affordability issues in the Greater Toronto Area while steering clear of taxing foreign buyers, says Tim Hudak, the Ontario Real Estate Association’s incoming chief executive officer.
Travellers looking for a bargain find their way to this property “in the heart of downtown Toronto” via online lodging site Airbnb, where host “Silvana” offers 12 units starting at $34 for a “simple room with a single bed” to $100 a night for a room with two double beds.