Trending This Week: Toronto Talent Pool At Risk, Millennials Want Action, Move To Small Living

Toronto

Housing crunch could drain Toronto talent pool (The Toronto Star)

If the Toronto region is going to attract and retain top talent, the province needs to fix the area’s housing shortage, in part by revising its recently expanded rent controls, says the Toronto Region Board of Trade.

A survey by the business group last year shows 42 per cent of young professionals would consider leaving the region because of the high cost of housing.

Don’t fall for the staging: Real estate expert on how to avoid rookie buyer mistakes (CTV News)

Being a first-time home buyer without guidance from qualified professionals is like using the internet to diagnose a serious illness — it’s not going to end well. That’s the advice Toronto real estate agent and industry expert Karyn Filiatrault gives to millennials looking to enter the housing market.

She joined CTV’s Your Morning on Tuesday to warn against some of the biggest mistakes she sees real estate rookies make, even when they are getting help from the pros.

 

USA

Post-New Tax Law Changes, Some Pessimistic about the U.S. Housing Market’s Future (World Property Journal)

According to Zillow’s newly released 2018 Q1 Home Price Expectations Survey, new changes to U.S. tax laws led 41 percent of survey respondents to lower their long-term expectations for the U.S. housing market.

When asked how the new tax law impacted their five-year forecast for home values in the U.S., 41 percent of respondents said their overall housing outlook is now more pessimistic, while 31 percent of the panelists had a more optimistic view as a result of the tax reform. The remaining 28 percent of respondents said that tax reform did not change their outlook.

Homeownership is increasingly for the wealthy, according to the latest sales data (CNBC)

The sharp drop in January home sales was not due to a shortage of homes for sale. It was due to a shortage of affordable homes for sale.

While real estate economists continue to blame the pitiful 3.4-month supply of total listings (a six-month supply is considered a balanced market), a better indicator is a chart on the second-to-last page of the National Association of Realtors’ monthly sales report. It breaks down sales by price point.

International

Russian buyers snap up properties in EU countries (Global Property Guide)

Many European countries have reported a strongly increased interest from Russian buyers lured by affordable prices and the opportunity to obtain a European Union (EU) citizenships, according to Knight Frank.
Cyprus is the favorite destination for Russian buyers with demand increasing almost four times last year, compared to 2016. The abolition of the estate tax, the economic recovery, and a lower threshold for obtaining the EU citizenship and an improving housing markets are the primary reasons for the Russian buyers’ renewed interest.

 

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