All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The great equalizer in the buying blitz, CMHC cools fears of housing bubble high-rise condo market and restructuring at Urbancrop leaves hundreds of hopeful homeowners in limbo.
Elsewhere: Housing boom creates surplus for province of BC, what to do in the American rust belt and housing prices in London fall following post-Brexit
When the housing market is the great equalizer after a buying blitz (The Globe and Mail)
Two four-bedroom houses in a subdivision east of Toronto sold within a few days of each other in June. The houses on Avondale Drive in Courtice are both built of buff-coloured brick with the doors on their two-car garages painted cranberry red.
“Condo building activity in Toronto seems to be well managed. In spite of this encouraging information, future inventory management will be critical,” said Dana Senagama principal, market analysis, with CMHC.
Today their dream, and those of many other homebuyers, lie in ruins. Urbancorp, beset by creditors in Israel and Canada, has filed for protection for some of its properties under the Companies Creditors Arrangement Act, and to restructure other properties under the Bankruptcy and Insolvency Act. A judge has approved a plan to sell the land intended for the couple’s home (and 64 other homes), possibly to buyers in China.
Toronto is an expensive city, especially when it comes to real estate. For many of us, buying a home is a pipe dream considering the average price of detached house is sitting at just over $1 million. But not all neighbourhoods are that exorbitant.
Opening doors to affordable housing in Toronto (Toronto Star)
Toronto will spend more than $272 million over the next five years to boost construction of affordable housing through fast-tracked building approvals, development fee exemptions and property tax holidays.