Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending September 9, 2016.
Toronto
Hamilton is Having Its Moment (Toronto Star)
Luis Meza's coffee shop in Hamilton's historic Lister Block does a brisk weekday trade slaking the caffeine cravings of office workers and the construction crews who are transforming Steeltown's downtown.
Toronto Company Offering DNA Testing for Doggy Doo Doo (METRO Toronto)
With no witnesses and few leads, the hapless detective is left shaking their head and covering their nose at the scene of this common crime: dog poop left on the street, in our parks, and, increasingly, in our hallways and stairwells.
Henderson: Housing Boom Passes Us By (Windsor Star)
Some of the smart money spilling out of the overheated Toronto real estate market has found its way to Windsor but we’re clearly still the nameless voyeur looking in on the fun from a respectful distance.
What’s the Difference Between RECO and Tarion? (Toronto Star)
The main distinction is Tarion backstops builders’ warranties on new homes or condos and RECO protects consumers who work with real estate professionals to buy or sell a home.
Canada
Fear and Loathing in the Vancouver Property Market: Don Pittis (CBC)
The subtitle of Fear and Loathing in Las Vegas, Hunter S. Thompson's best-selling 1971 tale of drug-addled adventure, is "A Savage Journey into the Heart of the American Dream." Scary comments in blogs and on Facebook and even in credible publications show a serious bout of fear and loathing in the heart of the Canadian property-owning dream in advance of the latest figures on Vancouver property sales, which were released today...
How Dozens of Young Canadians Lost Their Life Savings to a Property Developer (VICE Canada)
Imagine putting down all of your life savings into a deposit on your dream home. Everyone from the sales teams to your real estate agent assures you it's a solid investment in a hot and getting hotter housing market. This is a smart buy and a deal too good to pass up. Now imagine a year later the home hasn't been built, the developer behind the project has declared bankruptcy, and your life savings in the form of a deposit is gone.
Edmonton’s Property Market Holds Steady in August Despite Economic Slowdown (Edmonton Sun)
Numbers released Friday by the Realtors Association of Edmonton show modest year-over-year declines in home prices and sales for the month, typically one of the busiest periods of the year for real estate activity.
26% Slump in Vancouver Real Estate Prices a Return to “Historically Normal’ Levels (CBC)
Real estate prices are no longer skyrocketing and sales are slumping in Metro Vancouver's red hot real estate market for the second straight month, statistics released Friday morning confirm.
Vancouver Becomes Canada’s First City of Millionaires (Globe & Mail)
A strong housing market is making Canadians wealthier, on paper, as the value of their homes outstrips a rising amount of debt. Household debt across the country grew by 4.1 per cent last year to an average of $133,170 while average household net worth increased slightly more, rising by 4.3 per cent to $680,098, according to the latest WealthScapes analysis by Environics Analytics. That leaves many households in decent financial shape despite challenging market conditions.
Real Estate Window Shopping: When It’s Too Expensive to Live in Vancouver, or Toronto (METRO)
My brother’s new(ish) home in Vancouver is not what I, growing up, imagined you’d call a million-dollar home. But of course, in today’s market, it’s worth even more than that.
USA
Real Estate Tycoon’s Top 7 Fall Projects (New York Post)
With Labor Day behind us, school’s in for New York City’s real estate power players. Here’s our selective guide to the Lucky-7 big deals on their agendas.
Around the World
The Hungry Hippo of German Real Estate (Bloomberg Gadfly)
Six months after its attempt to pull off the biggest takeover in the German real estate market foundered, Vonovia is consoling itself with a much smaller meal.
