“(NEW YORK is in a crisis brought on by its own success.) You can’t have this much development, and the consequential eviction of hundreds of thousands of people who will have no place to live. There’s some fundamental misjudgment about the balance between ordinary people and people who make enormous amounts of money. The idea of apartments for $50-million. What? On what basis?” – MILTON GLASER, creator of the ubiquitous logo ‘I heart New York’
Real estate deals are collapsing in VANCOUVER and other parts of B.C. for buyers and sellers who missed the provincial government deadline to be exempt from a 15% tax on foreign buyers. Realtors estimate that 3,000-4,000 deals are in limbo. “It is unfortunate that, in the wake of the most complex and volatile market we’ve seen, our government has chosen a path that, at this time, will bring significant distress to consumers both local and abroad rather than nuanced solutions.” – CHARLES WIEBE, Fraser Valley Real Estate Board president. The average price of a home in VANCOUVER in June/2016 was $1,026,207, a rise of 11% over the same month last year.
“Where are those foreign investors going to go (who were bumped out of Vancouver’s real estate market)? They’re not going to want to pay that 15%, so they’re going to dump it into the TORONTO real estate market, which is already hot.” – DEREK LADOUCEUR, real estate agent. Ladouceur predicts that all segments of Toronto’s housing market will get pricier, from condos to detached single-family homes, but the luxury segment — where many foreign investors park their money — could see the biggest lift. The average cost of a home in the City of TORONTO was $750,000 in June/2016, up nearly 17% from the same month last year.
<Downtown TORONTO from the 18th floor of the Hyatt Hotel, Bloor at Avenue Road>