All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Home prices sink further in August, the buyers are back in the market and interest rates are not a big factor in driving down Toronto home sales.
Elsewhere: Why the Bank of Canada made the right decision on interest rates, how local housing regulations smother the U.S. economy and Stockholm is the fastest growing capital in Europe.
Toronto home prices sink further in August (Toronto Star)
"There are indications in these numbers — even though they look weak on the surface — that things are starting to stabilize," he said. "Solid economic underpinnings," which prompted the Bank of Canada to hike interest rates a quarter point on Wednesday, will eventually shine through in the housing market, said Porter.
Toronto Houses Are Losing Value At A Rate Of $100,000 A Month (Huffington Post)
An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday. That's a drop of nearly $388,000, or 24.5 per cent, since April, when Ontario's government announced a new foreign speculators' tax and other measures meant to cool the housing market.
John Pasalis, President at Realosophy Realty, joins BNN to talk about the latest data from the Toronto Real Estate Board.
The buyers are back in Toronto’s housing market (The Globe and Mail)
John Pasalis, president of Realosophy Realty Inc., is feeling more buoyant about the fall market than he was even a few weeks ago. "I'm optimistic," he says. "Buyers are back … which is the first thing and the main thing we're looking for."
“When a tenant is evicted through no fault of their own, they are forced to scramble to find new accommodations and cover the costs of a sudden move,” Housing Minister Peter Milczyn said in a statement. Landlords will have to pay one month’s rent to the evicted tenant or offer him or her another comparable rental unit.
The Bank of Canada made the right decision to raise interest rates, even if it has a negative impact on Toronto’s housing market, according to David Rosenberg, the influential chief economist and strategist at Gluskin Sheff + Associates.
Are Canadian bank investors worried about the housing market? (Financial Post)
September 8, 2017This Week In Real Estate |