All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Toronto housing price correction eases and the market is puzzling the experts - which is worrying.
Elsewhere: Canada's big housing markets are in a Goldilocks moment, Chinese citizens are buying opulent mansions in the United States and UK market looks cautious, citing a lack of momentum.
Toronto housing price ‘correction’ eases: Report (Toronto Star)
The chill of Ontario’s new housing policies appears to have passed, with signs that Toronto real estate is recovering, according to a new report. In fact, some corners of the GTA market are showing a return to the bidding wars that were commonplace only last spring, says the third-quarter report from Royal LePage.
John Pasalis, founder of Realosophy, a data-savvy brokerage, says stabilizing listings have “brought a little bit more balance to the market.”
The report details the “puzzling” dynamics of the Toronto market and suggests factors other than demand are driving prices higher, leaving Trudeau few options to ease the affordability crisis. It may also mean more needs to be done to promote supply and curb speculation, issues more readily dealt with at the municipal level.
It also needs to wean itself from a growing reliance on the private condos that represent about a third of rentals in the city, says a report published Thursday by the Ryerson City Building Institute and Evergreen, an urban sustainability charity.
Prices in Canada's five biggest housing markets are going up at a similar, healthy pace — the first time that has happened in six years, Royal LePage said Thursday in its latest national house price survey.
Getting a solid grip on the Canadian economy can be like a juggling act, not knowing whether the pins will remain in the air for an extended period or fall flat during any given month.
Although the measure is continually adjusted for inflation, it does not adequately reflect ever-increasing housing costs, geographical variation or the fact that families now spend a lower proportion of their incomes on what they eat.
October 13, 2017This Week In Real Estate |