Monthly Archives: March 2017

Month: March 2017 Surging sale of $1 million-plus Toronto homes producing calls for new measures

  Sales of single-family detached homes obtaining prices of at the least$ 1-million have almost doubled in 2017 in the Greater Toronto Area, as economists raise the possibility of a real estate bubble. The GTA recorded 2,876 sale of detached properties of $ 1-million or more in January and February, 2017, compared with 1,548 in the first two months of 2016, a new study by Sotheby’s International Realty Canada showed. Fierce competition is common amid larger demand and a shrinking number of monthly listings, said Brad Henderson, the chief executive officer of Sotheby’s in Canada. “There are on-going supply and

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Month: March 2017 More houses are needed, may not be a tax on foreign property buyers

  Housing prices in Toronto went through the roof long before governments started toying with a tax on foreign dwelling buyers. While attractive for politicians, whose first response to any problem is to tax it, this issue has been decades in the making, matching a chronic absence of housing supplying to ever-increasing demand, driving prices up. The causes of high dwelling prices in Toronto are complex. They include an excess of government bureaucracy, signifying the inordinate quantity of period and expense it takes to build brand-new housing.     Toronto has run out of undeveloped country to build on, starting

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Month: March 2017 Even Toronto’s Top 1 per cent Earners Are Priced Out Of Housing Market, BMO notes

  Toronto’s runaway house prices could threaten the city’s economy if even the wealthiest 1 per cent of earners find themselves priced out of the market, as is now happening, the Bank of Montreal is warning. BMO Chief economist Douglas Porter crunched the numbers and found that someone earning $225,000 a year — right at the cutoff point of the top 1 per cent — will not be able to buy an average-priced single-family home in Toronto.   That’s despite the fact this earner would be considered rich under present tax laws. Anyone in Ontario earning above $220,000 pays a

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Month: March 2017 Don Mills home sold for $1.15 million over the listing price in 2017

  Fifty years ago, a young couple paid $27,000 for a modest home in Don Mills. That approximately 1,500 square-foot house sold for $2.3 million, more than $1.15 million over the nearly $1.19 million list price on Wednesday. The home on Norden Cres. near Lawrence Ave. East and Don Mills Rd., received 31 offers following 175 showings over nine days. Two weekend “open houses” attracted another 75 prospects, told Mr. Mansoor, the agent.” We foresaw it would be busy. We could not have predicted that outcome,” he said on Friday .” In terms of that neighborhood, it’s best available price

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Month: March 2017 Toronto house sold for more than $1 million over listing price in early 2017

  A house in Toronto lately sold for more than $1 million over asking price,  as the average cost for homes sold in the Greater Toronto Area in December, 2016 skyrocketed by 20 per cent of the members over the previous December, 2015. The split-level dwelling, located along 19 Talwood Dr. in the Lawrence Avenue East and Don Mills Road area, sold by Ecko Jay Realty Ltd Brokerage on Nov. 10, 2016 for $2,658, 000 after being listed at world prices of $1,488, 800.   The open-concept property showed as “privacy galore” and “truly feels like being in the country,”

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