Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending November 11, 2016.
Toronto’s Grudge Against Apartments (Toronto Star)
Toronto has a grudge against apartments, a sentiment expressed in various ways.
A few weeks ago, a group in Parkdale held a public meeting on development in their community and invited speakers from other neighbourhoods to share knowledge on how to influence good development. The byzantine planning process is difficult to negotiate, so sharing knowledge is critical to being effective. Good design, affordability, and community amenities are all part of what people want.
Ontario will take steps next week to deal with rising house prices, but it will not follow British Columbia’s lead and impose a tax on foreign buyers. Finance Minister Charles Sousa says “something has to be done” to help people deal with soaring home prices in Toronto, especially first-time buyers who find it nearly impossible to save a big enough down payment to enter the market.
Toronto’s hot housing market is driving residents to seek more affordable options outside Canada’s largest city, pushing demand for new properties to new highs in these outlying towns. Residential permits in Hamilton, a city of about 500,000 people an hour’s drive from Toronto, more than doubled to a record C$204 million ($153 million) in September, according to Statistics Canada. That’s the largest jump in more than six years for the area reliant on manufacturing and steel production. The value of permits in St. Catharines, in the wine-growing Niagara region, jumped to the second highest on record to C$66 million in the month.
Tiny House Project Can Help Solve the Density Problem in Toronto (The Eyeopener)
Liz Lee’s first apartment was the size of a walk-in closet. At 120 square feet, there wasn’t much room for anything. Instead of a kitchen, she had a kettle and an electric pot. Her work desk doubled as a cutlery drawer. The third-year Ryerson theatre production student paid around $560 a month, including utilities, for the room near Jane Street and Finch Avenue—an hour and 15 minute commute from school.
Hidden Cameras Reveal Toronto Agents Peddling Insider Information (Mortgage Broker News)
The explosive results of a recent CBC Marketplace investigation showed that as much as 60 per cent of agents in the Greater Toronto Area are willing to provide insider information to clients who are willing to bend the system and gain unfair advantages in bidding wars.
Royal LePage Chief Executive Officer Phil Soper thinks some Americans will make good on their vows to move to Canada if Donald Trump is elected President. In an interview on BNN, Soper said a recession triggered by Trump’s social and economic policies could convince disenfranchised Americans to head north.
The Wealthiest Americans Have a New Attitude About Homebuying – And It Has Led to a Crisis in Luxury Market (Business Insider)
Before Zillow, Trulia, Redfin, and Realtor.com, someone interested in buying a home would have to consult a local realtor to access information about what was available on the market. But as these online property databases rose to prominence, homebuyers became more picky. That is leading to some serious problems in the luxury market, where expensive homes are increasingly taking longer to sell.
President-elect Donald Trump started his career in real estate. His father was a real estate tycoon, and he has made a fortune building or licensing his name to luxury condominiums, hotels and casinos. But will that experience enable him to help the middle class, which faces a lack of affordable housing and rising prices?