A Few Things Home Buyers Should Expect From A Real Estate Agent
Little Support For Foreign-Buyers Tax In Toronto’s Housing Market
It must be very tempting for Mayor John Tory, and Ontario Finance Minister Charles Sousa, to want to follow the lead of the British Columbia government and impose a hefty tax on foreign buyers of Toronto real estate. BC Premier Christy Clark announced the surprise 15 per cent surtax for Vancouver two weeks ago, and many have speculated that those foreign buyers will now shift their attention to Toronto rather than pay the tax in Vancouver. The BC tax takes effect today.
Tridel To Build Massive Development, The Well, At Spadina And Front
The area west of Spadina between Front Street and Wellington may best be described as seriously under-developed. The south side of Front Street is unbuilt, forming the northern border of the main rail corridor into the city. A pedestrian bridge, grandly named the Puente de Luz (Bridge of Light), crosses the wide expanse of rail lands, linking Front Street to the new condo developments to the south. At the northwest corner of Front and Spadina is a large surface parking lot. West of that is the Globe and Mail building, soon to be vacated by the paper, which is moving over to King Street East. There are several low-rise industrial buildings, several more surface parking lots, and a block of houses running from Front to Wellington on Draper Street. The area exudes a forgotten, nothing-to-see-here sort of vibe.
Benefits Of Gentrification Outweigh Costs; Restrictive Zoning Reason For Lack Of Affordable Housing: Study
The word “gentrification” is often said with a sneer. Since the phenomenon was first observed and named (in 1964) in London, where upper middle class households had begun purchasing working class and derelict housing in the traditionally deprived East End, it has spread around the globe. Wealthier people in cities from Toronto to Sydney have moved into such rundown neighbourhoods—Toronto’s Cabbagetown in the 1960s and 70s was a classic case—and turned them into highly desirable middle class neighbourhoods. Property values soar. Nineteenth century homes are appreciated for their charm and “potential” and given a whole new life, lovingly restored. Those front-yard cabbages that fed people during the Depression in Cabbagetown have long since been replaced by roses and pretty water features.
Home Ownership Rate Plunges In US, Millennials Blamed For Not Buying
The home ownership rate in the United States has dropped to its lowest since 1965. CNBC reports that just 62.9 per cent of Americans owned their homes in the second quarter of 2016, the lowest rate in two generations. During the housing boom of the mid-2000s, the rate was as high as 69.2 per cent. The reason for the decline, according to real estate experts like Trulia, is millennials, who have the lowest ownership rate of their age group ever.
What’s the problem with millennials? They tend to have a lot of student debt, which gets in the way of saving for a home. And they have delayed life choices like marriage and parenthood, which traditionally drive home ownership. The low inventory of homes available for purchase, and the high prices of the homes that are available, don’t help.