Week In Review: Buyers Retreat In Toronto + Condos Continue To Dominate

Realosophy Team in Media RoundupToronto Real Estate News

MacleansPhoto Credit: Macleans 

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

This week in Toronto: Is this the best time to buy a home in Toronto, house prices plunge as buyers retreat and condos continue to dominate the market. 

Elsewhere: What a housing collapse would mean for the Canadian economy, angry residents in California fight back against gentrification and Belfast tries something new. 

Toronto 

Why This is the Best and Worst Time to Buy a Home in Toronto (Move Smartly)

Some buyers are buying in relatively stable neighbourhoods and are getting good value for their money. But it's important to remember that not every house, nor every neighbourhood, is a smart buy today. 

‘There’s nothing positive’: Toronto home prices plunge as buyers retreat (The Globe and Mail)

Mr. Pasalis said some of areas where average prices are now lower than they were a year ago – including Richmond Hill and Whitchurch-Stouffville north of Toronto – are also regions that appeared to have the highest number of speculators and foreign buyers prior to the downturn. Their withdrawal from the market has had a greater impact on prices than in more central neighbourhoods in the City of Toronto.

Average Toronto home price drops $173,000 since April (Toronto Star)

The real estate industry is downplaying a third consecutive month-to-month decline in Toronto-area home prices that saw the average cost of a home drop $173,000 between April and July — from $919,449 to $746,216.

 

New home sales soar in June, as condos dominate market (The Star)

The gains in the newly-built home market are almost entirely due to apartments and stacked townhouses, which accounted for 91 per cent of the 6,046 homes sold in June, according to the latest numbers from the Building Industry and Land Development Association (BILD) on Tuesday.

Renting in Toronto Is a Total Nightmare (Bloomberg)

Ask Kin Lau. Normally, landlords would be swiping right on him. He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom—only to discover another suitor had snapped it up first.

Richmond Hill real estate brokerage fined $250,000 for mishandling trust accounts (The Star)

Fishman was also fined $30,000 and ordered to pay $64,000 in restitution to an insurance company, which had to pay out deposits and commissions. The court sentenced him to 100 hours of community service and two years of probation for failing to ensure the brokerage complied with the real estate act.

Canada

How Canada's economy is affected by the real estate collapse (CTV)

Realosophy Realty's John Pasalis weighs in on the Canadian Real Estate industry and the end of the housing boom. 

A Housing Slowdown Would Hit Canadian Jobs Hard (Huffington Post)

While housing has long been the main engine of Canadian growth, economists say a drop in home sales has already started to weigh on the economy and if price declines follow, consumer spending and jobs will suffer.

Large commercial operators a growing concern in the Airbnb market, study says (The Star)

Large commercial players are dominating the short-term rental market in Toronto, Montreal and Vancouver, and raking in most of the revenue, according to research analyzing Airbnb activity.



Facing Wave of Refugees, Montreal Opens Up Stadium for Housing (New York Times)

International
 

It is a model where flats are built purely for private rent, with the building owned by a large investor. It has been encouraged by the UK government as a way to increase the supply of rental properties.

Allies of Jeremy Corbyn urge him to commit to EU freedom of movement (The Independent) 

Senior figures on the left of the party have set up a new grouping, the Labour Campaign for Free Movement, and issued an ultimatum to the leadership that says Labour must be “the party of all working people, regardless of where they were born”.

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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