Week In Review: Is Toronto Housing Market On Verge Of Severe Correction? + Home Buyers Lose Steam and Cash in Canada

Realosophy Team in Media RoundupToronto Real Estate News

CP242Photo Credit: CP 24

All you need to know regarding the housing market in Toronto, Canada and abroad.

This week in Toronto: Is the housing market on the verge of a severe correction, Ontario developers combine forces to mitigate housing reform and a Toronto housing agency pleads guilty in deadly fire. 

Elsewhere: Home buyers lose steam and cash in Canada, Black homeowners struggle as U.S housing market recovers and China's housing market proves impossible to tame. 

Toronto 

Is it a blip, or is the GTA housing market on the verge of severe correction? (The Globe and Mail)

John Andrew, a professor at Queen’s University and executive director of the Queen’s Real Estate Roundtable, is calling it a blip. He expects strength to return to the market after prospective buyers get their heads around the Ontario government’s recent policy changes. But the business professor cautions there are risks to his prediction.

‘Correction’ to soften Toronto home prices: Report (Toronto Star)

One of the country's biggest real estate companies is predicting an 18.5 per cent year-end price increase in the Toronto housing market this year, compared to a 13.8 per cent national year-over-year rise.

Ontario developers form group aimed at mitigating housing reform (The Globe and Mail)

A group of high-powered Toronto real estate developers has banded together to hire lobbyists in an effort to persuade the Liberal government to water down its sweeping reforms to the Ontario Municipal Board, the province’s controversial land-use tribunal, and other changes to housing policies.

 

'$100,000 for four lives?': Toronto housing agency pleads guilty in deadly fire (National Post)

“Just like what happened in England,” she said, referring to the massive fire at the Grenfell public housing tower in London that has caused “a crisis of faith” in Britain’s public institutions, as the Associated Press put it. 

Canada

 

Home Buyers Lose Steam, and Cash, as Canada Rate Hike Looms (Bloomberg)

“There’s a bit of a domino effect, it’s all sort of happening right now and we don’t know the extent of it," said Pasalis, president of brokerage Realosophy Realty Inc. in Toronto. “People are digesting rules, the amount of inventory on the market with lower prices -- and there’s even more to come."

27% of Canadians 'in over their head' with mortgage payment: MNP (BNN)

An alarming number of house-poor Canadians are teetering close to the edge in terms of meeting their debt obligations, according to a poll conducted on behalf of MNP. The report from the chartered accountancy firm says even a modest increase in interest rates could push many homeowners over the edge.

'Sanity' returning to Toronto housing market, as Vancouver, Calgary show recovery: Royal LePage (CBC)

"Sanity" started returning to the Greater Toronto Area's real estate market in the second quarter, while home sales in Greater Vancouver and Calgary showed signs of recovery, Royal LePage says in its latest national survey and forecast.

International
 

Pei Zhiyong, a 56-year-old advertising executive, was barred by the new restrictions from buying a third apartment in Guangzhou. One Sunday in April, he drove his BMW SUV to Foshan, an hour away, to check out a new riverfront high-rise. He figures it’s the ideal time to buy.

Here are the factors slowing down the UK's 'stagnant' housing market (Business Insider)

Much of the focus has been on what's happening at the top end of the market — expensive London boroughs, for instance, which have seen sharp price falls since the Brexit vote. Although the slowdown has been sharpest in the capital, a softening has occurred across the entire country. 

Realosophy Realty Inc. Brokerage is an innovative residential real estate brokerage in Toronto. A leader in real estate analytics and pro-consumer advice, Realosophy helps clients make better decisions when buying or selling a home.  Email Realosophy
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