In Toronto: Home prices soar despite the coronavirus pandemic as John Tory is pressured to action on Ontario's eviction rules.
Elsewhere: New housing construction rises in Canada, America's looming housing catastrophe, and Lisbon's plan to save housing from Airbnb.
The average price of a home in the region hit $931,000 in June, a new all-time high that surpassed the previous April 2017 market peak of $920,791. Home prices have held steady since the pandemic lockdown in March largely because, as the number of buyers dwindled, so did new listings, said TRREB on Tuesday.
Toronto real estate buyers turn to the suburbs as more people work from home (The Globe and Mail)
Torontonians are increasingly heading to the suburbs and further afield, driving up sales in Niagara, St. Catharines, Burlington and Hamilton, as they search for more space after months of being cooped up in their condos and relatively tiny homes during the pandemic.
“There are some provisions in that bill that sort of say that if you had an agreement with a tenant or cause them to be pressured into signing one for the repayment of rent that happens to be past due, you can move more quickly to an eviction,” Tory told CP24 on Wednesday. “I just think we should stick to the system that has a proper hearing for tenants before they can be evicted.”
Morrison said she’s aware of several properties in the GTA which received multiple offers and is aware of one place in Toronto’s west end that received dozens of bids before it sold over the asking price. “We got a bit of pent up demand and now the number of showings is basically back to pre-COVID levels. Everybody is ready to get out of their house and they want a new home,” Morrison said.
What will the rest of the year spell for the housing market? (Washington Post)
July 10, 2020This Week In Real Estate |