Toronto: Will a $10-million housing solution be affordable and Toronto beats the Bay Area in tech jobs.
Elsewhere: Vancouver's real estate market ranked as least affordable in North America, who should pay for a city's homelessness crisis and Europe turns away tourists.
Who Just Beat the Bay Area in Tech Jobs? Toronto (Bloomberg)
Toronto’s tech scene is so hot the city created more jobs than the San Francisco Bay area, Seattle and Washington, D.C., combined last year, while leapfrogging New York in a ranking of “talent markets.”
A 13-acre site along Toronto’s waterfront between Lower Sherbourne and Parliament streets will see a mix of residential, office and retail development. 215 of the units will be affordable housing condos but just how affordable is up for debate.
Affordable housing must become a municipal election issue (Toronto Star)
With the Toronto City Council elections approaching in October, the issue of affordable housing will be front and centre. And for good reason: Torontonians live in an increasingly unaffordable city.
The vote comes amid what many experts are calling an affordable housing crisis in the city. A recent City of Toronto survey of some 4,895 publicly-available rentals found the average monthly rent was $1,829 per month, far higher than the figure the Canada Mortgage and Housing Corporation defines as affordable: $1,240 per month
A report by Mortgage Professionals Canada, which represents mortgage brokers and others working in the mortgage industry, estimates about 100,000 Canadians have been prevented from buying their preferred home since late 2016, because of new federal mortgage rules that aim to ensure buyers can still afford their mortgages even if interest rates are significantly higher than the rate they negotiate.
Vancouver is known for being Canada's most unaffordable real estate market, but according to a new study, the city ranks above all other metro areas across North America too.
Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.
It’s not about skipping the avocado toast or making that latte at home — scrimping on a few simple pleasures will not make a crushing housing market more affordable.
July 27, 2018This Week In Real Estate |