Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending August 12, 2016.
Toronto
This May Be Toronto’s Last Chance to Score an Iconic City Park (Huffington Post)
Picture this: a huge swath of parkland—21 acres—built overtop a fully active rail corridor. No, this is not in Chicago or New York. It's Rail Deck Park in Toronto.
Former Tory Leader Tim Hudak Leaving Politics for Real Estate Lobby Group (Hamilton Spectator)
Politicians of all stripes praised Tim Hudak after the former Progressive Conservative leader announced he's quitting the legislature to become CEO of the Ontario Real Estate Association (OREA).
The Niagara West-Glanbrook MPP was first elected at age 27 in the Mike Harris-led Tory sweep that defeated the one-term New Democrat government of Bob Rae in 1995.
Commissioner of Competition vs. Toronto Real Estate Board (Lexpert)
In an important decision that is bound to have wide-ranging implications on the real-estate brokerage industry in Toronto, the Competition Tribunal held that the Toronto Real Estate Board (TREB) abused its dominant position under s.79 of the Competition Act. The Tribunal ordered TREB to stop restricting access to certain Multiple Listing Services (MLS) information on the password-protected virtual office websites (VOW) of its member real estate brokers and salespersons (Members) and to stop restricting.
The House that Shows You What $1 Million Gets You in Moss Park (Toronto Life)
The sellers bought the property a decade ago and redid the whole main floor. They put in plank oak flooring and built-in bookcases, and they revamped the kitchen with new cabinetry and counter tops.
Canada
Vancouver Real Estate Agents Criticized for Sympathy Card (Times Colonist)
A 73-year-old man whose wife died less than three weeks earlier was crushed to get a pitch for his business attached to a sympathy card from two Metro Vancouver real estate agents, his outraged daughter says.
“It absolutely devastated him,” Launi Smith Bowie said. “It’s absolutely disgusting and misguided in the worst way.”
Real Estate Council of BC Requires Photo ID for Applications After Deception (The Province)
The Real Estate Council of B.C. is requiring government photo ID checks during licence applications for the first time after discovering an agent who scored 90 per cent on his licensing exam had someone else write the test.
Buying a Home in the GTA Requires a Six-Figure Income (Toronto Star)
It takes a six-figure household income to afford a home in the Greater Toronto Area. The exceptions are a couple of pockets of Durham where, if you’re earning a little less than $100,000 a year, you can still find a starter nest.
As Toronto Temperatures Rise, So Does the Red Hot Condo Market (Metro Toronto)
As temperatures once again rise into red-hot territory, so does Toronto’s mid-summer condo market. Stories abound from real estate agents in the trenches, of multiple offers and bidding wars, particularly on larger units.
USA
Homeowners Have Real Estate Agents Over a Barrel (Bloomberg)
You just sold your home for $400,000. Good going, nice job, congratulations. Kudos are also due to the real estate agents who helped you close the deal. If you live in a part of the country where the standard commission is 6 per cent, you probably just paid them $24,000. Or maybe not.
Around the World
Brash Trump Disciple Shakes Up Miami’s Luxury Real Estate Market (Bloomberg)
On a swampy summer afternoon, Gil Dezer led a tour of his latest exercise in excess, a condo tower with smartphone-controlled elevators that will whisk both residents and their vehicles home. He made a detour to another project, touting its hurricane-proof windows by violently kicking them with his Gucci loafers. Then he ushered the group into a chauffeured Cadillac Escalade for the ride to the ultimate destination—50 feet away.
