Market Hits A Deep Freeze + Home Sales Poised To Fall In 2018

 Realosophy Team in Media RoundupToronto Real Estate News

Hive2Photo Credit: Daily Hive

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. 

Toronto

Once-Hot Toronto Housing Hits Deep Freeze as New Rules Bite (Bloomberg)

“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.”

Toronto home sales poised to fall in 2018 amid regulatory changes: Real estate board (BNN)

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.

Tale of two markets: 2017 Toronto condo demand soared while sales of new single-family homes slumped (The Globe)

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.

Making room for Amazon is Canada's and Toronto's housing challenge: Don Pittis (CBC)

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?

Canada

Canadian real estate prices see biggest drop worldwide (Macleans)

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.

Ditching money-losing condo the first step in helping this couple reach a prosperous retirement (Financial Post)

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.

Housing speculation a big debate topic — unless you want to lead the B.C. Liberals (CBC)

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. 

USA
 
 
 
The following maps show the evolution of this process across Greater Los Angeles over the past half-century or so. On the maps, light blue represents areas of new single-family construction; orange indicates areas of medium-density developments, of two to 48 units; red shows areas of large multifamily construction, of 50 units or more; and dark blue indicates virtually no construction at all.
 
 
The reason gentrification has a bad rap is due to the inequity between race and housing. "Race is, at its heart, a class issue," Schlichtman says. The devaluing of lower-class neighborhoods, usually residents of color, is the result of a history of unjust policies, including government defunding and redlining.
International
 
 
Norway’s housing prices hit record-highs in the spring of 2017, but have since fallen as tighter mortgage regulations, lower population growth and a boom in construction weakened demand at a time of rising supply.
 

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.

Realosophy Realty Inc. Brokerage is an innovative residential real estate brokerage in Toronto. A leader in real estate analytics and pro-consumer advice, Realosophy helps clients make better decisions when buying or selling a home.  Email Realosophy
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