Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending August 19, 2016.
Toronto Bidding Wars Pushing Out Inspections (Toronto Star)
Toronto’s scorching real estate market has the roof falling in on the home inspection industry, where business is down by more than 65 per cent in many areas.
Tensions are rising in the corridors of Toronto’s condo buildings as some owners look to cash in by listing their units on short-term rental sites like Airbnb, while others are calling on the city to step in and stop them.
Toronto’s Don Mills Neighbourhood Comes of Age (Metro Toronto)
The Don Mills neighbourhood started off on paper as Toronto’s first post-war, master-planned suburb during the 1950s to ’60s. The design was based on a circular plot of land divided into four equal quadrants. Each quadrant had its own school, a church and a park.
He had to wait two years, but billionaire Alex Shnaider has finally managed to find a buyer for his custom mansion at 10 High Point Road. The 24,000-square-foot home, built on 2.3 acres of Bridle Path real estate in 2010, has a spacious, richly decorated interior. Its amenities include a colonnaded ballroom with space for 100 guests, a dressing room so large it spans two floors, and a pool house with its own lounge area and bar.
Evidence from realtors and MLS data is showing the Vancouver real estate market is in the midst of a major slowdown, with prices dropping and sales plummeting, but some experts say it’s too soon to tell.
Vancouver, Toronto and Calgary are numbers three, four and five on a list of the world’s most livable cities, rankings unchanged from last year despite growing global instability affecting other nations’ positions.
Chinese investment in the Calgary real estate market isn’t new, but some say the trend is on the rise due to an overheated Vancouver market and bargains caused by soft oil prices. There are hundreds of listings in Calgary on Juwai, China’s largest international property website for buyers.
An Investor Who Owns 4,000 Apartment Explains Why Multi-Family Real Estate is the Best Investment He’s Made (Business Insider)
In my opinion, real estate is the best way to grow wealth. If you want to get super rich, get involved in real estate — but I’m not talking about just any real estate. I recently wrote an article that explained why buying a house is for suckers. A home is not an investment, because it doesn’t pay you each month — you have to pay it.
Around the World
When one thinks of the top cities for luxury real estate, places such as London, New York and Monaco come to mind. But now add Auckland to that list.