Toronto: New home sales in GTA hit worst April in decades and the city puts focus on two and three bedroom units.
Elsewhere: Mortgage stress tests aren't killing the Canadian housing market, behind New York's housing crisis and Amsterdam bets on social housing.
Greater Toronto New Home Sales Clock Their Worst April In Decades (Huffington Post)
"While home-buying intentions remain strong, a combination of challenges is keeping many interested buyers out of the new home market this spring," said Patricia Arsenault, executive vice-president of Altus Group, the consulting firm that carried out the research for BILD.
There are one million millennials still living with their parents in the Greater Toronto and Hamilton Area, and over the next decade, 700,000 of them will be looking to move into their own houses, according to a report released Tuesday.
The city’s sweeping TOcore plan for downtown growth considers many aspects of living, working and being in Toronto’s core, including expanding and improving parks; fostering walking, cycling and transit, and protecting open spaces from shadow.
Almost half of Toronto tenants are paying too much in rent and are one health emergency or lost job away from losing their homes, in a city where rental rules favour profits over people, according to a new study.
Despite a slide in residential home prices and sales, Toronto brought in $30-million more than expected from its land-transfer tax in the first three months of the year, thanks to an unexpected boost from the commercial real estate market.
The stress tests ensure you can afford a mortgage if rates climb well above current levels. In some cities, people are finding that the house they want to buy wouldn’t be affordable if they had to pay a higher mortgage rate. The housing-industrial complex says this is bad – a cruel denial of every Canadian’s right to live the dream of home ownership.
The cost of housing has been going through the roof in many parts of Canada. Most government policies have focused on curtailing the demand for housing. Ontario and B.C. have introduced foreign-buyers taxes. Ottawa has put in place new rules on mortgages. But supply constraints are more likely the key cause of surging prices.
It’s no longer unusual to see multiple offers, lightning-fast closings or a waving of conditions, and listings are vanishing almost as quickly as they appear. Well-situated tear-downs are selling for in excess of $500,000.
May 25, 2018This Week In Real Estate |