Week In Review: TREB Urges Caution Over Vacant-Home Tax + Why The Worst May Be Yet To Come

Realosophy Team in Media RoundupToronto Real Estate News


Photo Credit: Daily Hive

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

This week in Toronto: TREB urges caution over vacant-home tax, why the worst may be yet to come for Toronto housing and why you shouldn't bank on your house for your retirement fund. 

Elsewhere: Banks say the Canadian housing market is in good shape, a discouraging lesson for homeless advocates in LA and a blow to Jeremy Corbyn's housing proposal. 


Toronto Real Estate Board urges caution over vacant-home tax (Toronto Star)

The Toronto Real Estate Board is urging the city to exercise caution regarding a possible vacant-home tax. The board says it’s worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing.

Why the ‘worst may be yet to come’ for Toronto housing (BNN)


The Canadian housing market is in good shape, and so are the banks, analysts say (Financial Post)

Despite rising interest rates and various policy measures implemented to slow pricing growth, the Canadian housing market is not on track for a sharp decline. It nonetheless bears watching, as the domestic mortgage market is a big factor for the Canadian banks.

Canada’s GDP stall shows housing is becoming drag on the economy (Financial Post)

Over the past year, Canada’s economy has been running at a pace rarely seen in the past couple of decades, including an annualized 4.5 per cent rate in the second quarter. The above potential growth is soaking up all the remaining excess capacity in the economy, prompting the Bank of Canada to raise interest rates twice since July.

Housing affordability the worst it’s been in 27 years. Here’s a cross-Canada look (Global News)

“We estimate that this potentially could lift the RBC aggregate affordability measure up by a further 3.5 per cent nationwide,” RBC’s senior economist Craig Wright said in a press release, noting that other factors such as income gains could affect this. The least-affordable place to purchase a home remains the Vancouver area, where it worsened after two quarters of improvement.

A Labour-run council has said it is opposed to Jeremy Corbyn’s proposal to force local authorities to ballot residents before carrying out housing redevelopments because a yes/no vote would risk oversimplifying a complex issue.
If you don’t follow British architecture closely, you may not know the name of the 2017 recipient of Britain’s most prestigious lifetime architectural achievement gong, the RIBA Royal Gold Medal. Yesterday, the Royal Institute of British Architects awarded the medal to Neave Brown, an 88-year-old American born, London-based architect whose work has focused on that least prestigious and most reviled of specialisms, public housing.
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