The latest headlines in Toronto and Canadian real estate from November 11th to November 17th.
This week’s recap:
Reasons why the Canadian property market refuses to fall.
It isn’t just Canadians waiting to see tomorrow’s latest real estate numbers.
On Wednesday when the Canadian Real Estate Association releases the latest sales statistics and prices for resale homes, it will feel like the whole world is watching.
At the end of last month the Swiss banking giant UBS put both Toronto and Vancouver in the top five of its international bad boy list.
Urban redevelopment proposed for suburban Etobicoke plaza.
Richview Square is a shopping plaza like many others across suburban Toronto: single storey retail at the back of the lot with a big surface parking lot out front. There is one big difference here though, and that’s a sizeable piece of property out front—unused green space facing Eglinton Avenue which was formerly reserved as part of the corridor for a future expressway—which is now proposed to be combined with the plaza property in a major redevelopment.
Census data shows that 42 per cent of all people in Toronto reside in condos and the City of Toronto reports that, as of 2011, 32 per cent of households with children lived in midrise and highrise buildings.
The city has responded with a study looking at how best to accommodate the needs of children in high-density areas. “Growing Up: Planning for Children in New Vertical Communities” includes public consultation and will explore issues such as unit size and layout, building and city amenities and the design of the public spaces.
Toronto council the next stop for rules governing short-term rentals.
The city’s licensing committee has sent unaltered regulations for short-term rentals like those offered through Airbnb to council for final approval.
The vote Thursday followed a planning and growth committee meeting a day earlier which added additional restrictions to the rules proposed by city staff.
With the city in the midst of an affordable housing crisis and the arrival of what’s become coined “ghost hotels” — rows of houses or entire apartment buildings rented out as investment properties through various websites like Airbnb — city staff recommended regulations for short-term rentals aimed at thwarting that kind of listing.
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Header image via Urban Toronto.