The latest headlines in Toronto and Canadian real estate from October 14th to October 20th.
This week’s recap:
What housing industry experts are saying about OSFI’s new rules.
“The impact of these measures will be mixed but with an overall dampening impact on the housing market, with a bigger bite in higher-priced detached markets in Toronto and Vancouver. … At the margin, this significant move by the regulator acts as a de-facto tightening and reduces the amount of additional Bank of Canada rate hikes required in 2018.”
Canada housing market rebound seen in mid-2018 as sales rise for second month in a row.
The number of homes sold in September climbed for the second month in a row after a slowdown earlier this year that was led by a cooling in the Toronto market.
Canadian Real Estate Association said Friday sales through its Multiple Listing Service in September were up 2.1 per cent compared with the previous month. The increase followed a 1.3 per cent increase in August.
TD Bank senior economist Michael Dolega said unlike the gain in August, that was driven by Toronto, the increase for September was more widespread.
Toronto’s new condo guidelines are designed to create kid-friendly communities.
Thirty per cent of households with children in Toronto live in mid- or highrise buildings. Downtown it’s 66 per cent. In fact, the number of families with children and teens living in highrise buildings grew by 10,000 or 15 per cent between 2006 and 2011. Yet the average size of a re-sale condo has dropped 20 per cent —1,087 sq. ft. to about 885 sq. ft. between 1996 and 2014.
Now the city has come up with a new set of guidelines to encourage development that will make Toronto’s vertical neighbourhoods more family friendly — something planners say enhances those areas for all ages.
Google firm wins competition to build high-tech Quayside neighbourhood in Toronto.
Google’s urban innovation offshoot looked at hundreds of international cities before choosing Toronto’s east waterfront as the best site to use technology to try to radically remake the modern city.
“We looked all over the world for the perfect place to bring this vision to life and we found it here in Toronto,” Dan Doctoroff, chief executive of New York-based Sidewalk Labs, told a crowd Tuesday at Corus Quay that included Prime Minister Justin Trudeau and Eric Schmidt, executive chairman of Google’s parent company Alphabet.
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Header image via NOW Toronto.