This week’s news: Rising interest rates in the Toronto condo market a real concern

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Photo credit Umair Khan

Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending September 30, 2016.

 

TORONTO

Why Rising Interest Rates in the Toronto Condo Market are a Real Concern (Toronto Star)

When considering the affordability risks facing Toronto’s condo market, the big one that comes to mind is rising interest rates. Here’s why it’s a real concern.

Is the Competitive Rental Market Pushing Torontonians Out of the City? (CBC)

Rising housing and rent prices and the use of services like Airbnb for short-term rentals have made renting in the city a lot tougher, according to two Torontonians who feel like they’ve been pushed out of the city they love.

 Rent-Free: Well-Dressed Professional Tenant Won’t Leave Yorkville Apartment (CBC)

A Toronto landlord says she’s been conned by a “professional tenant” who’s been living in her Yorkville home since July without paying rent. “It’s been a living hell for the past two months,” Robin Ennis said in an interview with CBC News. The matter is the subject of a case being heard by the Ontario Landlord and Tenant Board.

Mississauga to Host 10-Tower Condo Project (Toronto Star)

A parcel of land bought in the 1960s by Ted Rogers in farm country at the western edge of what is now downtown Mississauga is to be transformed into a 10-tower condo development hailed as a fitting tribute to the telecom pioneer who passed away in 2008.

CANADA

Trudeau Aides Moving Scandal Sheds Light on Real Estate Commissions (Globe & Mail)

The commissions buyers and sellers typically pay on real estate trades came under scrutiny last week after two top aides to Prime Minister Justin Trudeau racked up some hefty moving expenses. With commissions causing such a ruckus, it’s a good time to remind sellers and buyers that they are negotiable and the local real estate market matters.

Vancouver Tops List of Bubble Cities on Global Real Estate Risk Index (Financial Post)

Canada’s priciest city to buy residential real estate also has the biggest risk of being in a bubble, according to a new international study of real estate markets. The UBS Global Real Estate Bubble Index 2016 listed 18 cities around the globe and their risk and found Vancouver with the greatest probability of a bubble.

Rising Vancouver Prices Prompt Real Estate Refugees to Relocate to St. John’s (CBC)

John Duchow and Marla Clarke dreamed of buying a home in Vancouver. But when housing prices kept outpacing their savings, the pair say they became real estate refugees, forced out by an ever-climbing market.

How Justin Trudeau Sparked the Ottawa Real Estate Market (Globe & Mail)

The Trudeau Effect hasn’t just boosted Canada’s foreign relationships, image or voter morale. The one-year-old Liberal government has also helped to buoy residential housing in the nation’s capital, according to recent housing statistics and Ottawa-based experts.

U.S.A.

Trumps Real Estate Blues: The Biggest Reason Hes Down $800 Million This Year (Forbes)

Despite forays into airlines, casinos and steaks, Donald Trump’s fortune remains largely tied up in the industry that made his family rich: real estate. A new Forbes investigation into Trump’s wealth pegs his net worth at $3.7 billion, down $800 million from a year ago. Much of that drop — some $475 million — comes from a decline in the estimated value of his properties.

Bill and Hillary Clinton Expand Their New York Real Estate Portfolio (Forbes)

While Bill and Hillary Clinton are hoping to move back into the White House after Election Day, the political pros have decided to make a purchase in the meantime. The former POTUS and the hopeful future POTUS just dropped $1.16 million on the property next door to their current home in Chappaqua, NY: a 3,631-square-foot, three-bedroom, three-and-a-half-bathroom ranch-style home on a 1.5-acre lot.

Luxury Property Sales Soften But Here’s Why It’s Not All Bad (CNBC)

In the luxury real estate market this year, the headlines have been dour if not outright grim, with the message unmistakable: High end homes prices are clearly losing altitude all around the country.

INTERNATIONAL

100 Million Open Houses: Zillow and House Hunters and How Real Estate Became Entertainment (Slate)

Not so long ago, if you wanted to buy a house or rent a house or price a house or learn what your neighbor paid for her house or learn about the price of houses in Nashville so as to idly daydream about living there, you needed to talk to a real estate agent. If you wanted to see inside a house—eye the floor plan and the counters, the paint job and the cabinets, the size of the closets and the owner’s taste—you needed the permission of the person who lived there.

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