In the City: Cottage country denizens face off with Toronto buyers and condo buyers get more space in Waterloo and Hamilton.
Elsewhere: Cannabis gold rush will boost real estate sales in Canada, the saga of the world's most valuable real estate and public housing attracts Instagram denizens from far away.
Locals in Ontario’s cottage country prepare for battle with big-city home buyers (The Globe and Mail)
Finding the perfect home is a challenge that many Torontonians know all too well. But as lack of affordability and scarcity of properties drive buyers out of city bounds, those native to cottage country are feeling the effects.
Buyers of new condos get twice the space in Waterloo as in Toronto (Financial Post)
New condominium buyers deterred by soaring Toronto prices are apparently venturing further afield to Hamilton, Kitchener and Waterloo, which offer more bang for their buck and the promise of new transit links that will improve accessibility.
"When we decided to sell, it was because the kids weren't around that much anymore and the house was just too big for us," said Tino Petrossi, a GTA resident. Petrossi, 54, sold his custom-built house in Aurora, Ont., and moved into a condo in Burlington, Ont., in 2015.
Two contrasting pictures of Toronto’s housing market have emerged in the past week. One shows the market is recovering from last year’s slump when prices and sales fell. The other shows the market is becoming increasingly unaffordable, prompting one mayoral hopeful to make affordable housing a central plank of her campaign.
The money laundering hub on the U.S. border? It’s Canada (Wall Street Journal)
After a Vancouver-based real-estate agent wired almost $240,000 from Canada’s Bank of Montreal to an account in Boston last year, U.S. authorities swooped in. They arrested Omid Mashinchi and in January charged him with laundering drug money. Mr. Mashinchi pleaded guilty to the charges in late July in federal court in Massachusetts.
RioCan Real Estate Investment Trust said it’s anticipating a “gold rush” from Canada’s legalization of recreational marijuana in October, bringing premium rents and boosting demand for retail real estate across the country’s biggest markets.
August 11, 2018This Week In Real Estate |