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: One economist believes the housing slowdown is good for the economy, home buyers and sellers play the waiting game and where is the best place to live if you commute to downtown Toronto?
Elsewhere: Home construction in Canada on pace for biggest year since the recession, the foreign buyers you haven't heard about in the United States and why one Berlin borough is buying out private landlords.
Toronto
Toronto housing slowdown is good for economy (BNN)
“We are going through a natural correction in Toronto real estate. I don’t think it’s going to have a deleterious impact on the national economy. I think it’s actually going to be a positive development,” Rosenberg told BNN in an interview Tuesday.
Toronto home buyers and sellers play the waiting game (The Globe and Mail)
“They’re not sure whether the market slowed down for the summer for normal, seasonal market reasons – or whether we’re on a downward slope,” says Boris Kholodov, an agent with Royal LePage Real Estate Services Ltd, Johnston and Daniel Division.
Non-buyer's remorse: Toronto sellers frustrated as home buyers tack on demands (CTV)
In this rapidly cooling real estate market, some buyers seem to be regretting how much they agreed to pay back in the hot spring sales season. In other cases, buyers aren’t able to secure financing because the home they are buying is not worth the price agreed when they signed the deal.
The best place to live if you commute to downtown Toronto (The Globe)
Canada
Home construction on pace for its best year since recession (Toronto Star)
The ramp-up likely reflects strong demand for new housing from the end of last year into the start of this year, TD Bank economist Diana Petramala said, adding that the new construction market tends to lag real estate demand, which has started to fall.
Vancouver housing on fire with biggest price gains since 1990 (Vancouver Sun)
Montrealer sole resident of condo building after other units rented on Airbnb (CBC)
"Gradually over the past couple of years since I bought my condo, I've noticed the creeping in of more and more short-term renters," he said in an interview on CBC Montreal's Daybreak program Tuesday.
Realtors brace for next mortgage crackdown amid shadow banking fear (BNN)
Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is taking aim at the uninsured mortgage market – where homeowners make a down payment of 20 per cent or more. OSFI is proposing stringent stress tests for those borrowers, in line with what’s already happening in the insured market.
The brainchild of Italian architect Stefano Boeri, Bosco Verticale (meaning “Vertical Forest”) is the concept of residential high-rises packed with greenery, which can help cities build for density while improving air quality. The first “vertical forests” were realized in 2014 in the Porta Nuova Isola area of Milan, where two towers — with over 100 apartments between them — together host nearly 500 medium and large trees, 300 small trees, 5,000 shrubs, and 11,000 plants.
