All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Condos buck Canada's housing crunch, luxury home sales are set to rebound and the market feels the effect of the foreign-buyers tax.
Elsewhere: Worries about proposed mortgage rules changes in Canada, one U.S housing forecast predicts a decline in new demand and a study finds Europe's Muslims are hampered by prejudice in the housing market.
Sales of $4 million-plus Toronto homes poised to rebound (Toronto Star)
It predicts "a brisk and active top-tier real estate market" in the fall, despite a pervasive plunge in home sales volumes this summer. "Toronto is to Canada what a combination of New York, Los Angeles and Chicago are to the U.S.," said Sotheby’s CEO Brad Henderson.
Toronto housing market feels effect of foreign-buyers tax (The Globe and Mail)
Purchases of Toronto homes by foreign buyers dropped over the summer after a new tax in Ontario began targeting international property investment, falling from 7.2 per cent of sales in May to 5.6 per cent of homes sold over the three months ending in August.
“When you look at the organization, you look at the number of people we’re responsible for — it’s 4 per cent of Toronto’s population — and the opportunity to really make a difference, to me it resonated both professionally and personally at this stage in my career.”
After reassessing their finances over the summer, the Mastroiannis decided to walk away and not close the home purchase. They knew they would lose their deposit, but they didn’t realize they would be on the hook for so much more.
A proposal by Canada's banking regulator to expand "stress tests" for mortgage borrowers will reduce how much house Canadians can afford by 21 per cent, says a new report from mortgage comparison site Ratehub.
Canada’s economy will grow at a faster clip than expected in 2017, a new report says, but an overheated housing market still threatens to bulldoze optimism over rosy economic data in recent quarters.
I Don't Envy The Politician Who Tries To Sort Out Canada's Housing Mess (Huffington Post)
The biggest dilemma our government and elected officials face is between keeping housing affordable, while not reducing the housing equity of Canadian homeowners.
September 22, 2017This Week In Real Estate |