All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Home sellers get a taste of buyers' anxiety, the affordability crisis that hit Vancouver comes to Toronto and a debate on the Ontario foreign buyers tax.
Elsewhere: Vancouver home price gains spill over to nearby markets, how homeownership became the engine of American inequality and gentrification, Roman-style.
Toronto home sellers starting to get taste of buyers’ anxiety (The Globe and Mail)
A surge in real estate listings in the Greater Toronto Area is helping to calm potential buyers as the anxiety shifts to sellers who now have to wonder if anyone will show up on offer night.
“The Fair Housing Plan didn’t really do anything to cool demand at all,” Pasalis, the co-founder of the Realosophy Brokerage, which publishes market commentary via its Move Smartly blog, tells BuzzBuzzNews. The foreign-buyer tax of 15 per cent doesn’t get his praise either. “When you look at it closely, there’s so many exceptions,” Pasalis says. “There’s so many loopholes that it’s not really going to slow demand on that front.”
To call what is happening in Toronto a “debate” is to mislead somewhat. Differing perspectives are offered up, but the idea that many in the debate are interested in a search for “the truth” is questionable. As in Vancouver, the industry line in Toronto is that only “supply, supply, supply” can solve the problem. This has been debunked countless times, but it shuffles along unperturbed. It is a classic “zombie idea,” as Paul Krugman would say. That’s because there is simply too much money at stake for powerful people to ever allow the idea to die.
To get a sense of how the debate over the province’s plan is shaping up, we brought together two people who have very different views on the health of Toronto’s real estate market.
The funniest real estate agent ads in Toronto (Toronto Life)
Still, realtors need to work hard to land those clients in the first place. To stand out among the roughly 48,000 agents in the GTA, some of them are getting creative—and, well, a little shameless. Here, a collection of Toronto’s wackiest realtor ads.
While home sales have cooled in Vancouver since the provincial government implemented a tax on foreign buyers last year, the housing market there remains one of the most expensive in the country, and prices are not far from their 2016 peak.
Prices for new housing in Canada rose by 0.2 percent in March from February on gains in Toronto and Vancouver, two of the country’s hottest markets in recent years, Statistics Canada data indicated on Thursday.
The news comes as troubled mortgage lender Home Capital has sparked concern about whether Canada is about to experience its very own housing and debt crisis, some 10 years after the global financial crisis.
Canadians are notoriously good at paying off their mortgages. However, by definition subprime lenders, who give out mortgages to people the big banks have rejected, would be first to suffer in a property downturn.
How Homeownership Became the Engine of American Inequality (New York Times)
Almost a decade removed from the foreclosure crisis that began in 2008, the nation is facing one of the worst affordable-housing shortages in generations.
FRONTLINE and NPR join forces to examine the crisis in affordable housing, exploring why so few people are getting the help they need, and whether government programs designed to aid low-income Americans with rent are working as they should.