Toronto: House prices are skyrocketing due to stagnant demand due to pandemics, and rents for small and condominiums are declining.
Elsewhere: Poros wasn’t worried about the Canadian housing market, the unusual “senior tower” opened in New York, and a new plan in the UK for young people trying to buy real estate warn ..
Home prices in Toronto soared 11% due to stagnant demand from COVID-19 (Toronto Star)
For GTA as a whole, market conditions in September were tougher than last year, and sales are growing at a faster pace than new listings. TRREB’s chief market analyst Jason Mercer said double-digit year-over-year price increases were common across the region in September as competition among buyers intensified, setting a new record for overall average selling prices. Said that it reached.
Why is the number of rental apartments soaring in Toronto? (Move smartly)
Therefore, the main driving force for the supply of new rental properties is new sources such as units previously rented as Airbnbs and, as we will see next, newly completed condominiums rented by investors and owners. It doesn’t seem to be from. However, the existing supply is empty. The increase in condominium rental properties is primarily due to the sharp decline in condominium rental demand due to the Covid-19 pandemic in downtown Toronto, where the majority of condominium rentals are located.
Small condos have become the biggest losers in the turmoil in the Toronto real estate market (FinancialPost)
Research firm Urbanation Inc. According to the report, sales of condominiums smaller than 500 square feet in September were down 20% year-on-year, while sales of units in other size ranges were flat or still positive. These microunits are also the only condos on the market that have experienced price declines to date. And, thanks to the plunge in the ratio of sales to new listings, they are the only housing form that is firmly present in the area of the buyer market.
Toronto rents continue to fall except in one area (currently)
The COVID-19 pandemic is a major cause of the decline in the Toronto rental market. With so many people working from home, renters are looking for more square feet and green spaces and are choosing to live away from downtown. Newfoundland has the lowest average rent in the country at $ 950, which makes it very attractive, especially for remote workers. Rents in Toronto have fallen throughout the Old Town, except for one area around the M5T. The average zip code rent covering Kensington Market and Alexandra Park was flat at $ 2,464 per year.
Piketty and the Decline of a Dirty Mansion (Interval)
Despite being just one aspect of the housing crisis, residential apartments are actually a very important part of Toronto’s rental market, especially at relatively affordable prices. Regarding rental condominiums in the secondary rental market that are not private condominiums, non-condominiums have more rental units than condominiums, and most of them are residential.
Polo’s “not too worried” about the Canadian housing market (Bloomberg)
There should be some heat in the housing market as interest rates have fallen across generations, Poros said. There have been months of stagnation in demand, which, of course, combines the consequences with low interest rates.
Average home prices in Canada have risen 17% over the past year and continue to disappoint (CBC)
Having to spend months trapped in a house seems to have ignited the buyer’s desire for more space. That’s why single-family real estate in the suburbs around major cities is driving profits. “The home was our workplace, our children’s school, our gym, our park, etc.,” said Sean Cascato, CREA’s Chief Economist. “Personal space is more important than ever.”
Supporters demand a change in housing funding after the data show a bias towards Ontario (CP)
Canada Mortgage and Housing Corp. The National Housing Co-Investment Fund, run by, provides a combination of loans and debt to those who build affordable housing and multipurpose projects. Nearly 74% of loan and grant financing goes to projects in Ontario from the start of May 2018 to June 2020, according to data obtained by federal NDP housing critic Jenny Kwan. I will.
Senior Residential Tower (NY Times) Opened in Manhattan and Brooklyn
At least four major new projects in Manhattan’s East Side and Brooklyn Heights are currently welcoming residents or will begin in the coming months. Although age requirements vary, projects for people in the 70’s and 80’s generally begin more than a decade after such things are rarely built in cities.
Whether you like it or not, the suburbs are changing (NY Times)
On the issue of walkability, one of our case studies is Mueller, a former airport in East Austin, Texas. It has been significantly redeveloped on 700 acres. The community is designed to accommodate 13,000 residents and 13,000 workers. It’s not 100% complete, but research shows that residents do more walking and cycling, boosted by small block sizes, narrow streets that slow down cars, and green infrastructure. I am.
Classic or modern architecture? For Americans, there is no such contest (City Lab)
However, despite the ideological aspects of the matter, architecture can be one of the preparatory issues for the 2020 elections, which transcends political boundaries. Supports more classic designs than modernist counterparts.
Jeffreys strategist says the global housing market remains strong despite the pandemic (CNBC, USA)
Derby pointed out that the underlying demand in the US, UK and China is very strong. He said this served as a major backstop for policy makers working on the economic collapse of the pandemic. The important thing is to ensure that the domestic banking system is relatively unharmed by asset deflation.
Go to Help to Buy and help yourself with your pension (Financial Times, UK)
Proponents of the idea said that if young people knew that they would have more flexibility in accessing pension funds in the future, they would be more confident in saving them than depositing cash in another savings account for property deposits. say. The idea emerged at the Boris Johnson Party Convention a few days after a promise to allow first-time buyers to support a portion of the 95% mortgages repaid over 40 years.
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