This week’s news: Canada’s housing bubble makes America’s look tiny

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Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending November 4, 2016.

 

TORONTO

What’s Really Driving Toronto’s Red Hot Real Estate Market (CBC)

Ontario Premier Kathleen Wynne is signalling she won’t follow British Columbia’s lead and slap a tax on foreign buyers of residential real estate in the Toronto area. People who watch the Toronto market closely say that makes sense, arguing that foreign buyers are a limited factor in driving up local prices. They’re pointing to a different, home-grown source of the surge in demand: investors who are buying houses not as a place to live, but as a place to grow their money.

Should Mississauga Welcome a Condo Boom? (Insauga.com)

According to CityNews, the city of Toronto is gearing up to say no to numerous developers who have proposed literally thousands of storeys of commercial and residential space on Yonge Street between Bloor and Gerrard. While you can’t quite compare Mississauga to Toronto in terms of density just yet, TO’s move to actually say no to overzealous builders begs an important question: Should Mississauga be mindful of the potentially negative impact the influx of new condo developments could have on its downtown core, or should it seize the opportunity to perhaps attract developers to the ever-growing City Centre area?

CANADA

Canada’s Housing Bubble Makes America’s Look Tiny (Macleans)

It’s been just over a decade since the U.S. housing market peaked, and rarely a day goes by without stories exploring the hot real estate market in Canada. Whether it’s warnings about elevated levels of household debt, government regulations to cool prices or the influx of foreign money, residential real estate generates sustained discussion and debate. After witnessing the housing crash south of the border, and the carnage it wrought, this is to be expected.

Law Firm Opens Real Estate Brokerage: Is It the Future? (REMOnline.com)

An interesting development in Picton, Ont., provides a glimpse into a possible future business model for real estate brokerages across Canada.

For the first time that I am aware of, a law firm in Ontario has established its own real estate brokerage to handle the needs of the local community. Henderson Williams Realty Ltd. is owned by Wade Williams, Kelly Henderson and Matthew Page, three partners of Henderson Williams LLP, a local full-service law firm.

Kamloops South Shore a Good Place to Invest in Real Estate (CBC)

South Kamloops has just been named one of the top 100 places to invest in real estate in Canada. The Canadian Real Estate Wealth Magazine released its top 100 neighbourhood list last week. The Magazine says the south shore of Kamloops has the stability which much of B.C. lacks right now.

INTERNATIONAL

What $5 Million Could Buy You in Real Estate Around the World (Forbes)

From a 925-square foot apartment to a 1,752-acre airport plus residence, a $5-million property could be drastically different around the world.

Generally speaking, $5 million is considered the barrier of entry for luxury properties, while uber-luxury properties in the Hamptons and Greenwich, Connecticut could command at least $10 million, according to Greg Todora and Justin Petraglia, leading brokers at The Todora-Petraglia Team at Douglas Elliman.

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