Week In Review: Buyers and Sellers Try To Stay Afloat + Complications After The Big Chill

Realosophy Team in Media RoundupToronto Real Estate News

CityTorontoPhoto Credit: City News

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

This week in Toronto: Home buyers and sellers try to stay afloat and the city has more housing than you think (which could be a problem).

Elsewhere: Why you can't afford an apartment in Canada's big cities, is New York's High Line the solution for others and London's Grenfell Tower risks went unheeded. 

Toronto 

Toronto home buyers and sellers try to stay afloat in a rocky market (The Globe and Mail)

Ideally, fundamentals such as demographics and employment are at play, and the price gains reflect natural household growth getting ahead of supply. If that’s true, the market should eventually stabilize once new supply kicks in.

But Marc Pinsonneault, an economist with National Bank, said his index needs to be examined more closely and, as his firm went out of its way to explain in a note, that the index reflects a three-month rolling average, or what it calls a ‘smooth index’. The 2.1 per increase was an average of May, June and July and therefore not fully reflective of the falling Toronto market.

Canada

Year-over-year, average price for homes fell in July: CREA (The Star)

The number of homes sold on the Multiple Listings Service (MLS) also dropped for a fourth consecutive month by 2.1 per cent between June and July, the Canadian Real Estate Association (CREA) reported on Tuesday.

Canada's housing bubble has vanished without a 'crash landing', say economists (Financial Post)

“It has ceased. It has expired and gone to meet its maker,” said Douglas Porter, chief economist at BMO Capital Markets, parroting a famous Monty Python quote. “This is a late bubble. Bereft of life, it rests in peace.”

Why You Can't Afford an Apartment in Canada's Biggest Cities (The Walrus)

In Canada’s largest cities, housing prices are well past the point of affordability for all but the genuinely affluent—a detached single-family house in Vancouver costs roughly twenty times the city’s annual median household income. Canada could do well to become a nation of renters in the tradition of such urbanized, wealthy countries as Germany, France, and Denmark.

As condo prices surge, young Canadians struggle to buy their first homes (The Globe)

 
International
 
Ferraris and Opera Were Urgent, but Grenfell Tower Risks Went Unheeded (New York Times)
 
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