Realosophy Team in Media Roundup, Toronto Real Estate News
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: What the federal budget means for the city, how a real estate titan has weathered the ups and downs of the real estate business and real estate crowdfunding goes residential.
Elsewhere: Should we take the IMF's views on Canadian housing seriously, home ownership out of reach for average Americans and Germany has Europe's best housing market.
Toronto
Budget cash for transit, housing repairs 'very sexy, indeed,' mayor says (CBC)
Mayor John Tory says the investment in housing and transit in yesterday's federal budget will allow the city to make repairs to key infrastructure that may sound unglamorous, but which he defended as "very sexy stuff, indeed."
How Bosley weathered ups and downs of Toronto’s real estate business (Metro)
Bosley has the relaxed satisfaction of a self-made man in the twilight of his career. Despite its deep roots, W.H. Bosley and Co. was drowning in debt when Thomas took it over in 1985. He turned it around by focusing almost exclusively on residential property sales, and by training real estate agents who last year made $1.3 billion worth of property transactions under his company’s banner.
Conrad Black sells Toronto mansion for $5-million below asking (The Globe and Mail)
According to the Multiple Listings Service (MLS), which tracks real estate sales, the home was sold for $16.5-million on March 21. It was originally listed at $21.8-million Black and his wife, Barbara Amiel-Black, plan on continuing to live in the home, which was sold as part of a lease-back deal.
Real estate crowdfunding goes residential (The Globe)
Crowdfunding has arrived in the Toronto residential real estate market, but while these deals have the potential to be lucrative for investors, they’re not without risk.
Canada
The IMF's Take on Canada's Housing Dilemma Is So Absurd I Can't Even (Bloomberg)
The problem: There is no dilemma here. The key flaw in this analysis is presenting this so-called problem for Canadian monetary policymakers as a binary choice dictated by the level of the policy rate.
A government-imposed housing correction is the last thing Canada needs (The Globe)
While it’s clear that the beleaguered energy sector is driving these unemployment highs, there is one strong facet of the current Canadian economic climate: housing in British Columbia and Ontario, driven by Toronto and Vancouver. The government would do well to avoid stunting the growth in that sector given the fragile economy.
Chinese Buyers In Vancouver Real Estate Account For One-Third Of Sales Volume: Bank (Huffington Post)
Routledge came to his conclusions using two sets of data: one from the U.S. National Association of Realtors (NAR), the other from a Financial Times survey of 77 affluent and high net worth individuals from China — "not a statistically significant sample size," he admitted.
When it comes to Canada’s housing market, ignorance is not bliss (The Globe)
Nobody really knows to what extent foreign investors are bidding up Canadian home prices, especially in the hot markets of Vancouver and Toronto. Is non-resident money a leading actor in the real-estate market, or a bit player? To what extent are foreign students or residents with family abroad investing in Canadian real estate, and pushing up prices? Good questions – to which there are still no good answers.
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