Toronto Real Estate Market News
Some mixed media reports on the state of Toronto's real estate market. TD Waterhouse vice-president Patricia Lovett-Reid suggests that the Canadian real estate market is in great shape with no signs of a bubble:
"You have a bubble situation when there is a lot of speculation and leverage in the market. We are not seeing that in Canada now."
Ms. Lovett-Reid also believes that new condo sales are being 'driven by fundamentals, not speculation' because the buildings are pre-sold prior to construction. In contrast, Re/Max is reporting that anywhere from 60-85% of new condo sales can be linked to investors.
Gehry Faces Lawsuit
Perhaps innovation comes with a price? U.S. educational landmark, MIT, has filed a lawsuit against Toronto-born architect Frank Gehry, claiming that the crazily-angled Stata Center has posed numerous problems due to "design flaws."
Perhaps those living close to the Art Gallery of Ontario (AGO), currently undergoing a $254 million "innovative architectural expansion" at the hands of Gehry (see photo left), should insist on straight lines.
Taxing the Pooch
It may get hairy when the City gets back to talking taxes at the end of the month. This time, it's about Toronto's dogs. A new proposal may see professional dog walkers paying $200 to obtain a licensing fee.
Fun in Toronto
Looking for something to do tonight? You might want to head down to the ROM to witness Toronto's first ever Lightsaber Battle. The gang at Newmindspace (who we can thank for the Nathan Philips Square Pillow Fight) will be hosting the event this Friday, November 16th at 9:30pm.
November 16, 2007This Week In Real Estate |