In Toronto: Airbnb conversions into long-term furnished condos spike and potential trouble looms in the housing market.
Elsewhere: Purplebricks pulls out of Canada, Americans are about to lose their homes but it's different from 2008, and the '15-minute' city.
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Toronto sees 52% spike in furnished condo listings, pointing to Airbnb conversions (The Globe and Mail)
The Greater Toronto Area is seeing an increase of furnished condos hitting the long-term rental market as investors flee Airbnb and related services because of bylaws and travel restrictions that have severely reduced bookings.
Housing markets during COVID-19 are suggesting a shift in preferences to larger ground-oriented units with balconies or backyards from smaller dwellings in highrises. Condominium sales, which usually dominate housing transactions in the City of Toronto, were down by 13.6 per cent in June from the year before. Condominium sales also declined in the suburbs.
Mr. Hull says the coronavirus and the measures imposed to contain it seem to have prompted many people to think about a change in lifestyle. As restrictions were eased and the market began to open up again, buyers swarmed to Prince Edward County, which is about two hours east of Toronto.
Even though the number of home sales fell during the pandemic, prices were stable because buyers and sellers pulled back in equal measure, TRREB estimated. If listings lag, it could crunch supply, said TRREB, assuming that the spread of COVID-19 continues to be contained.
The summer when houses were hardly selling in Toronto (CBC)
The cobwebs on the graphic over The National host George McLean's shoulder weren't there for Halloween. They were meant to illustrate the stagnant nature of the Toronto housing market in July 1982. "People who would like to buy a home are confused about what the government is doing to help them," explained CBC reporter Larry Rose.
Ottawa didn’t enforce rules for employers of migrant farm workers during pandemic (The Globe)
The federal government allowed some employers of migrant farm workers to submit three-year-old housing inspection reports in order to secure labour during the pandemic, instead of requiring up-to-date evidence of compliance with the temporary foreign worker program.
The wealthiest country in human history has trouble keeping its people housed, even in good times. In 2017, the United States boasted one of the strongest economies in the world, and nearly half of its tenants were rent burdened. A majority of households in the bottom quintile of our nation’s income distribution give more than 40 percent of their disposable income to landlords each month. Only three other developed countries force their poor to shoulder heavier housing costs.
July 17, 2020This Week In Real Estate |