All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: Market hits a deep freeze as new rules bite, home sales poised to fall in 2018 says TREB and first-time buyers face a volatile housing market.
Elsewhere: Canadian real estate prices see biggest drop worldwide, should New Yorkers pay more if the Subway is next door and a positive outlook in Norway.
“Lots of people are sitting on the sidelines waiting or hoping that prices would fall,” John Pasalis, president of Toronto-based Realosophy Realty Inc., said in a phone interview. “I don’t expect to see a rapid increase in prices or a big turnaround this year.”
In a preview of its annual forecast, the Toronto Real Estate Board said it expects home sales this year to slip to somewhere between 85,000 and 95,0000, slightly lower than 2017 when there were 92,394 sales.
First-time buyers balking in face of a volatile Toronto housing market (The Globe and Mail)
An Ipsos poll of home-buying intentions conducted for the Toronto Real Estate Board shows first-time buyers account for 41 per cent of people in the Greater Toronto Area who report they are likely to buy a home in 2018, a significant drop from 53 per cent in the same poll a year earlier.
It was a year of extremes in Toronto's new-home market, with pre-construction sales of single-family homes falling 58 per cent in 2017 while new condominium sales soared to a record high.
But whether Amazon comes or not, the idea has raised a crucial issue for Toronto and other Canadian cities hoping to attract high-tech employers. Where are all their high-tech workers going to live?
Canadian real estate prices were the fastest rising in the world, just a few months ago. Now we’re claiming the opposite title, as the market explores where prices should be. Newly released Federal Reserve Bank of Dallas (the Dallas Fed) numbers, show a decline in home prices for the third quarter of 2017. This is the first time in over five years that Canadian real estate prices have declined for a quarter. Despite the quarterly drop, prices still remain significantly higher than the year before.
With combined gross after-tax income of $10,660 per month and net worth of about $1.7 million, they look forward to retirement in 18 years when Lou is 65. They are heavily dependent on the future of the property market. Four-fifths of their approximately $2.36 million of assets is their $1.4-million house and a $480,000 rental condo that loses money every month.
The exchange was indicative of how the B.C. Liberals have approached housing through the campaign: a topic brought up only occasionally, and nearly always framed in the context of having to build more units.
Almost 8,000 apartments were returned to the rental market in Berlin last year thanks to strict property laws introduced in 2016, according to figures from the Senate Department for Urban Development and Housing published by German media on Sunday.
February 2, 2018Week In Review |