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Toronto house sells for more than $1M over asking amid record year for home sales; Makes our housing appear undervalued
Topic Started: 8 Jan 2017, 01:08 PM (4,755 Views)
Ex BP Golly
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Bardon
8 Jan 2017, 01:08 PM
Article says everything you need to know- "few listings around at the moment".

Then we have a couple of Chinese cleptocrats in a rush to wash comrade dads ill gotten wealth.

Then we have fools in Australia cheering crazy purchases as good news because it confirms their lazy/ dumb investment strategy.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Chris
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skamy
10 Jan 2017, 12:19 AM
7 to 10% average annual growth is not unexpected for big wealthy growing cities. The market has been stagnant and is now playing catch up.

Where does the money come from ? I asked myself that question almost 3 decades ago when a waterfront at Tamarama had the audacity to sell for $450K. You will be in for a massive shock when money really starts to flow again into the global economy, you are like a naive child Chris.
I'm naive? Mmmmmm

What were you saying about Perth at the start of last year?

Didn't you say there would be no declines just a stagnation before the next massive boom, you know get in now, don't let the doomsday cult brainwash me and take away a golden opportunity to own property in Perth?

Weren't you that naive f***wit that said that?

Shammy you are a snake oil merchant and a terrible one at that, given your advice on Perth over the last 2 yrs I can't imagine anyone will ever take you seriously ever again (assuming they did in the first place). You have zero credibility.
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Bardon
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Canadian investors might start buying up better valued Australian properties.

Toronto Home Prices Just Jumped Another 33%

Toronto’s housing market showed no signs of cooling last month, with the average sale price soaring the most in almost three decades as the cost of a detached downtown home climbed to nearly C$1.6 million ($1.2 million).

Prices increased by a third in every major housing category, including townhouses and condominiums, amid intense competition among buyers, according to figures from the Toronto Real Estate Board. More people opted to put their homes on the market in March as new listings rose 15 percent to 17,051, after a drop in February. Still, the gap between listings and sales underscores a tight market, with supply and demand out of sync, the trade group said in a statement.

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Bardon
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5 things you could buy if you sold off all Toronto's housing

The total value of all Toronto’s residential real estate is now $490.2 billion, according to the latest report from Teranet. That means the value of Toronto’s housing stock is now greater than the market capitalization of Exxon Mobil (XOM.N 1.54%) when adjusted for currency. In fact, only six publicly-traded companies in the U.S. top the Greater Toronto Area in terms of valuation.

Below, a selection of other things worth less than the total value of the nation’s hottest housing market.

The entirety of U.S. government gold reserves:
............................

http://www.bnn.ca/5-things-you-could-buy-if-you-sold-off-all-toronto-s-housing-1.722472
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Bardon
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These sellers are suffering from the opposite of FOMO, whatever that is.

Toronto homeowners cash out of hot real estate market amid uncertainty


Sarah Blakely recalls feeling some trepidation when she and her husband shelled out more than $300,000 for a modest 1 1/2-storey house in a less-desirable part of Toronto.

Seven years later, they found themselves on the right side of a hot housing market, with values tripling in a 'hood suddenly considered up-and-coming for young families seeking detached homes.

They recently sold that renovated three-bedroom for more than $1 million and now expect to live mortgage-free in a four-bedroom purchase in their hometown of Ottawa.

Finance Minister Charles Sousa hints at new measures to cool real estate market in upcoming budget

The 34-year-old says it made sense to cash out of a city that was draining their finances, energy and family time.

"My husband and I saw an opportunity to take advantage of the recent gains in real estate and to move to a less expensive city to live mortgage-free, support our savings for retirement and also to be closer to family," says Blakely, whose new home has nearly twice the square footage.

http://www.cbc.ca/news/canada/toronto/housing-jackpot-1.4072258
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Bardon
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Canadian home sales hit record in March as Toronto prices soar
The national average price for homes sold in March this year was $548,517, up 8.2 per cent from a year ago according to the Canadian Real Estate Association.

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The number of Canadian home sales hit a record high last month with the sizzling Toronto-area market pulling up the rest of the country, according to the Canadian Real Estate Association (CREA).

"Toronto always swings the biggest bat in Canada, but even more so lately," said CREA senior economist Shawn Cathcart on Tuesday.

Non-seasonally adjusted Canadian sales were up 6.6 per cent year over year in March, with Toronto climbing 17 per cent in that period.

That offset a 31.5 per cent decline in Vancouver sales, the latest drop since the introduction of a foreign investor tax and vacant homes taxes last year.

The monthly CREA statistics came Tuesday as the provincial and federal finance ministers and Toronto Mayor John Tory met to discuss the imposition of potentially using similar taxes to cool Toronto's increasingly unaffordable property market.

CREA cautioned politicians, however, against destabilizing other Canadian markets in any attempt to temper Toronto prices.

"If Toronto is the only hot market in Canada, you don't want to be throwing cold water on everybody," said Cathcart.

He said the city's "prices are as tight as they've ever been."

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Bardon
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Yee cannae change the laws of physics.

Ontario to tax non-resident foreign housing buyers 15%


TORONTO - Moments after introducing a package of measures designed to cool the GTA’s red-hot housing market, Premier Kathleen Wynne conceded she’s open to doing more if her plan doesn’t work.

Wynne made the much-anticipated announcement on the housing market and new rent controls with condos in one of Toronto’s trendiest neighbourhoods as her backdrop.

The 16 measures include the imposition of a 15% foreign speculators tax and closure of a loophole that allowed landlords to raise rent by any amount on units built after 1991.

Wynne acknowledged that the government will wait and see what impact the measures will have and wouldn’t rule out taking further action, if necessary.

“We’re going to continue to pay close attention to what happens in the housing market,” she said. “There’s nothing here that gets changed and then that’s it ... If there’s more that we need to do, if there’s changes we need to make, then we will make them.”

http://www.torontosun.com/2017/04/20/ontario-to-tax-non-resident-foreign-housing-buyers-15
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Bardon
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Property scalping a catchy name but a new one on me


Ontario’s rent and housing reform: 16 big changes, explained in charts
On Thursday, Ontario announced it would widen rent-control rules and take pages from B.C.’s playbook to bring skyrocketing housing prices down. Here’s what you need to know


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Bardon
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Nobu ignores Toronto housing bubble drama with new condo project


Nobu isn’t worried about a Toronto housing bubble. The company best known for high-end sushi and celebrity cache is poised to enter the frothy residential real estate business in Canada’s largest city just as a growing chorus of economists warn that soaring home prices aren’t sustainable and a crash looms. Policy makers are expected to announce new measures Thursday to cool the market, including a tax on non-resident speculators.

Even as the bubble debate rages, Nobu’s decision to make its condominium debut in Toronto, as opposed to cities such as New York, London or Tokyo where it already has a stronghold with restaurants, wasn’t difficult, said Trevor Horwell, chief executive officer of Nobu Hospitality LLC.

“Toronto is a very buoyant market,” Horwell said in an interview Tuesday. The condos will pay for themselves and do “very, very well.”

Nobu’s arrival with about 700 units in Toronto’s Entertainment District is further evidence for housing bulls that a red-hot market is the price to pay for living in a rapidly evolving city that’s attracting interest from around the globe. It’s the fourth-largest metropolitan area in North America, the second-biggest financial hub, and features burgeoning high-tech, education and health-care industries that are driving growth and job gains.

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http://business.financialpost.com/news/property-post/nobu-ignores-toronto-housing-bubble-drama-with-new-condo-project-2
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Bardon
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Taxman tries to stop property scalping.

Ontario eyeing tax increases for 'property scalpers'

Ontario Finance Minister Charles Sousa discusses the federal budget at a news conference in Toronto on Monday, March 22, 2017. Sousa is giving strong hints that the government's much-anticipated house affordability package will include measures targeting real estate speculators, or as he calls them "property scalpers." THE CANADIAN PRESS/Frank Gunn - The Canadian Press, 2017
TORONTO — Ontario Finance Minister Charles Sousa is giving strong hints that the government's much-anticipated house affordability package will include measures targeting real estate speculators, or as he calls them "property scalpers."

In public comments last week, Sousa said speculators are reselling contracts for pre-construction homes multiple times before closing, using assignment clauses.

"There are those who go into new developments, buy up a slew of properties, and then flip them, while avoiding paying their fair share of taxes," he said. "I call them property scalpers."

Bardon
23 Apr 2017, 10:19 AM


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https://www.theifp.ca/news-story/7245040-ontario-eyeing-tax-increases-for-property-scalpers-/
Edited by Bardon, 28 Apr 2017, 06:44 AM.
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