Monthly Archives: March 2017

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

  Sales of single-family detached homes commanding prices of at the least$ 1-million have almost doubled in 2017 in the Greater Toronto Area, as economists elevate the spectre of a real estate bubble. The GTA produced 2,876 sale of detached properties of $ 1-million or more in January and February in 2017, compared with 1,548 in the first two months of 2016, a new analysis by Sotheby’s International Realty Canada shows. Fierce competition is common amid high demand and a shrinking number of monthly listings, told Brad Henderson, the chief executive officer of Sotheby’s in Canada. ” There are supply

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Month: March 2017 More housing are needed, just not a tax on foreign home buyers

  Housing prices in Toronto went through the roof long before governments started toying with a levy on foreign property buyers. While attractive for politicians, whose first have responded to any problem is to tax it, the above issues has been decades in the making, matching a chronic absence of housing supply to ever-increasing demand, driving prices up. The causes of high house prices in Toronto are complex. They include an excess of government bureaucracy, intending the inordinate quantity of time and expense it takes to build brand-new housing project.   Toronto has run out of undeveloped land to build

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

  Taking into account the “stress test” for mortgages that the federal Liberals instituted last year, Porter estimated that a couple earning $225,000 with $100,000 for a down payment would be able to buy a residence of $987,289. The median rate of a single-family house sold in Toronto in February was $1.57 million.   “It will be incredibly tough to attract talented folks… if they are going to struggle to buy a house and yet still pay taxes of over 50 per cent of their earnings,” Porter said. So of course, the issues to becomes, who’s buying mansions at $1.57

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

  Fifty years ago, a young pair paid $27,000 for a modest home in Don Mills. That approximately 1,500 -square-foot mansion 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 house” occasions attracted another 75 onlookers, told Mr. Mansoor of Royal Lepage Signature Realty .” We foresaw it would be busy. We could not have predicted that outcome,” he said on Friday .” In comparison of that

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Month: March 2017 Toronto house sells for more than $1M over asking in early 2017

  A house in Toronto lately sold for more than $1 million over asking price, as the average cost for dwellings sold in the Greater Toronto Area in last month skyrocketed by 20 per cent over the previous December, 2015. The split-level dwelling, located at 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 offers “privacy galore” and” genuinely feels like being in the country, “in agreement with the

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