Ski chalet sales jump, the new housing strategy is introduced, condo sales surge and more in this week’s GTA Real Estate News Highlights. Never miss an important update with Torontoism’s weekly real estate news roundup!
Ski resort property can be some of the most vulnerable in a bad economy and that was certainly the case following the 2008 global economic crisis. But some of Canada’s top ski resorts, including Blue Mountain, have recovered and become hot performers on the property market, according to a report released Monday by Sotheby’s International Realty Canada.
The number of properties selling for $1 million-plus in the Blue Mountain area has more than doubled in the first 10 months of this year, compared to the same period last year. Most buyers are from the Toronto area, the majority are 30-somethings and people in their 40s as their kids are starting to ski. Improvements in the resorts themselves also played an important role in heating up the property market .
CBC.ca: Liberals detail $40B for 10-year national housing strategy, introduce Canada Housing Benefit
The federal government has announced the details of its ten-year national housing strategy, which includes the introduction of a $4 billion housing benefit for families that won’t kick in until after the next federal election.
The federal government strategy promises to create a national housing council to help the government keep the national housing strategy on the rails.
The funding envelope will, the government says, help build 60,000 of the promised 100,000 new affordable housing units, repair 240,000 of the 300,000 units in need of renovations, create 7,000 shelter places, 12,000 new affordable units for seniors and another 2,400 affordable units for people with disabilities.
The Building Industry and Land Development Association says the Greater Toronto Area’s supply of newly constructed condos last month hit its highest level since it began tracking that data about 15 years ago.
The group says that of the 5,377 new homes sold in the GTA in October, about 91 per cent of the units were multi-family homes, condo apartments in high-rise and mid-rise buildings and stacked townhomes. Condo sales for October were 81 per cent above the 10-year average of 2,697, and the highest October yet recorded, while low-rise sales were 64 per cent below the 10 year average of 1,388.
Canadian Real Estate Magazine: Toronto’s Bloor Street slips in world retail space rankings
With the advent of online shopping, it seems like the physical stores are dying out, but not on these shopping streets…The average price per square foot on Toronto’s Bloor Street amounts $231per year, but this doesn’t make it the most expensive street in the world. In fact, Canada’s most expensive shopping street is only number 25 in the world rating, as it slipped from number 22 a year ago.
The world’s most expensive retail space is, once again, New York’s Upper 5th Avenue which costs a staggering $3,000 per square foot per year. Causeway Bay in Hong Kong, New Bond Street in London, Via Montenapoleone in Milan and Avenue Champs Elysees in Paris complete the top 5.
According The Bloomberg and Nanos Research Canadian Confidence Index, Canadians are getting more optimistic about real estate heading into the new year. The index — a weekly pool of Canadian consumer confidence — saw a jump of 59.46 from 58.83 this week, after a month of strong numbers well above the 2017 average of 58.41.
Toronto-based real estate broker Roy Bhandari commented that the reason for this optimism is a long-term perspective on the housing market. Canadians consider the economic fundamentals on both Toronto and Vancouver real estate markets rather strong, he said. With such a high demand as in Toronto, even the new mortgage test rules won’t slow down the market, Bhandari claimed.