Slow Sales Could Signal Return To Normal Market + The Supply And Growth Plan Paradox

 Realosophy Team in Media RoundupToronto Real Estate News

Toronto3Photo Credit: Daily Hive

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

This week in Toronto: Tumbling sales signal a return to a normal market, the supply challenge and growth plan paradox and will Toronto follow Vancouver's lead on speculation tax?

Elsewhere: S&P warns more mortgage fraud could emerge at Canadian banks, a ponzi scheme sapping L.A's trophy home market and house prices fall in the UK.

Toronto

Tumbling Toronto home sales signal a return to normal market, say analysts (Toronto Star)

Although prices appear relatively flat, house sales were down about 40 per cent over the last two weeks in the Toronto area compared to the same period in 2017, while condo sales dropped about 30 per cent, said Pasalis, president of Toronto’s Realosophy brokerage.

Toronto’s housing supply challenge and the growth plan paradox (The Globe and Mail)

New homes replace demolished ones at a sharply lower rate than early this decade, completion times for multi-family projects have doubled and prospective buyers have far fewer new homes to choose from than only a few years ago.

Expect Toronto to follow suit if Vancouver's 'very aggressive' speculation tax on property succeeds (Financial Post)

“The Toronto market is still adjusting to that round of measures so it’s probably a little early for any new moves yet,” said Robert Kavcic, senior economist at BMO Capital Markets. “But if we start to see evidence that the market’s taking off again and foreign investment starts rising I think B.C’s speculation tax in particular, is a key measure they’ll need to take a closer look at.”

Condo owners allege former board members siphoned money, left them on hook for $750K (CBC)

Condo owners at a Toronto highrise are suing several former members of their board for $800,000, alleging those members conspired to divert hundreds of thousands of dollars from the building's operating budget for their own benefit.

Canada

S&P warns more mortgage fraud could emerge at Canadian banks (Bloomberg)

USA
 
 
In many instances, Woodbridge purchased sites from noteworthy people, such as Hard Rock Café founder Peter Morton, who owned the Stradella Road site; Larry Ellison’s daughter, Megan Ellison, who owned the Sunset Strip home; and one formerly owned by Vinny Smith, the former chief executive and chairman of Quest Software who now runs Toba Capital, a San Francisco- and Newport Beach-based venture-capital firm, public records show. None of those people are linked to Woodbridge’s operations or accused of wrongdoing by the SEC. 
 
 
In Philly’s Center City live its richest residents—those who can pay the premium for that walkable, amenity-rich, green neighborhood. But just across the river, blocks away from the lush, expanding campuses of the University of Pennsylvania and Drexel University, the visual landscape of the city changes: Pawn shops, fast food eateries, boarded-up store fronts, and dilapidated houses.
 
 
Joshua Harris, a founder of Apollo Global Management, was advising Trump administration officials on infrastructure policy. During that period, he met on multiple occasions with Jared Kushner, U.S. President Donald Trump’s son-in-law and senior adviser, said three people familiar with the meetings. Among other things, the two men discussed a possible White House job for Harris.
 
International
 
 
UK house prices fell unexpectedly in February for the first time in six months, as the squeeze on household incomes and weaker economic backdrop weighed on the property market, according to the mortgage lender Nationwide.
 

There are a lot of people in Hong Kong – 7.4 million to be more specific, all in an area that’s 106 sq km (41 sq mi). Alongside a dense population, prices have soared at breakneck speed, leaving many unable to afford the dizzy heights of property prices.

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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