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Where You Can Buy an Affordable House in Toronto With home prices skyrocketing in recent months, many home buyers are wondering if they will ever be able to afford a house in Toronto. In many desirable neighbourhoods, prices have already increased beyond what most people can afford. However, there are still some pockets in Toronto where value can be found. Here are 3 places to look for an affordable home in Toronto: Stockyards This area, which is along St. Clair Ave W between Keele St and Jane St is home to one of the few big box store complexes in Toronto, including a brand new Target location. It has good transit access via the St. Clair streetcar, and is within walking distance of the popular Junction and Bloor West Village neighbourhoods. Part of the allure is that most of the houses in this area are on very quiet streets with only local traffic. This is a great spot for a young family, as almost everything they need can be found just steps away. Vaughan Road Vaughan Road runs nort...

The Quebec election has real-estate agents on both sides of the Quebec-Ontario border agreeing on one thing: the market is on hold as homebuyers await the outcome. Realtors say a Parti Quebecois majority on April 7 likely wouldn’t result in the kind of mass exodus that followed the party’s first election victory in 1976. Thousands of Quebecers, mainly anglophones, fled the province after the Rene-Levesque-led PQ stunned the rest of Canada by surging to a majority win. Read more: http://montreal.ctvnews.ca   PRICE DROP #4 – 111 Glen Road – ROSEDALE I first posted this 5+1 bedroom, 7 bathroom house on a 68 x 109.17 foot lot at 111 Glen Road in North Rosedale in July 2013.It was listed at $5,055,500. It’s a good house with what looks like a fairly recent renovation.  But the location isn’t the best.  It is on a busy stretch of road and there are 2 bus stops out front. So….it was over priced. It didn’t sell and the price was dropped in Novembe...

Canadian Cities Where An Average Income Will No Longer Buy You A House Average-income families can no longer afford a detached house in more than a quarter of Canada’ largest cities, according to an analysis carried out by The Huffington Post Canada. UNAFFORDABLE: Greater Vancouver Average price of a detached house: $932,900 Vancouver West: $2,145,200 Vancouver East: $875,400 Maximum mortgage for an average-earning household: $460,000 Source: Local real estate board, Feb. 2014 MOST UNAFFORDABLE: Toronto Average price of a detached house: $955,314 Maximum mortgage for an average-earning household: $460,000 Source: Local real estate board, Feb. 2014 UNAFFORDABLE: Mississauga, Ont. Average price of a detached house: $726,217 Maximum mortgage for an average-earning household: $460,000 Source: Local real estate board, Feb. 2014

… and Canada lets “aliens” buy up gnome homes called Condo … by the floor. Australia investigates foreign ownership of real estate. What will Canada do? One of Australia’s largest newspapers, The Telegraph, reports that its Parliament is investigating foreign ownership of real estate. What will Canada do? One of Australia’s largest newspapers, The Telegraph, reports that its Parliament is investigating foreign ownership of real estate. What will Canada do? It is impossible to find a Canadian politician who is on the record as being concerned about the levels of foreign ownership of real estate in Metro Vancouver, Toronto or elsewhere. Some even try to deny there is an issue. Officially, Canadian governments claim they don’t even collect such crucial data, making our governments extremely unusual around the world. Meanwhile, the cost of home ownership skyrockets in Canada’s major urban centres, especially Metro Vancouver. The Australian Parliament, how...

View the Gallery Nicole Scherzinger’s not only parting ways with Simon Cowell on The X Factor UK, but she’s also breaking things off with her Los Angeles home. The former Pussycat Doll just put her West Hollywood, Calif. bachelorette pad on the market for $2.349 million, CB! can confirm. Now that she’s ready to get back to her singing career and leaving Londontown where she’s called her temporary home away from home since 2012, Scherzinger needs some new inspiration Stateside with a swanky new roof over her head. The sultry singer bought the manse in 2010 from another sexy celeb, Ms. Daisy Fuentes, furnishing it with plenty of animal prints and all the necessities to pen hit tunes in solitude. The Hawaiian songbird has been able to belt it out to her heart’s content in the 4-bedroom located in a quaint gated enclave in the hills above Hollywood with no immediate neighbors, per the listing. Unfortunately, there’s no pool, but we’re pretty sure her two-story piano room and entertaining s...

The short one … Townhome in heart of Toronto — $2.489M This semi-detached Deer Park, Toronto townhome is just steps away from Yonge Street and its shops, restaurants and subway access This semi-detached Deer Park, Toronto townhome is just steps away from Yonge Street and its shops, restaurants and subway access. The three-storey, three bedroom, and five bathroom house boasts contemporary design and high-quality finishes. The master retreat is complete with a walk-out to a large terrace and a five-piece ensuite bathroom. Whereas, The tall one, Toronto condo unit with top-flight design sells under asking 33 CHARLES ST. E., NO. 2401, TORONTO ASKING PRICE  $475,000 SELLING PRICE  $461,888 PREVIOUS SELLING PRICE  $273,641 (2010) TAXES  $2,496 (2013) DAYS ON THE MARKET  16 LISTING AGENT  Boris Kholodov, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division The Action:  This February, Casa provided house hunters with several modern suites to choose from, such as this...

No housing bubble to burst, Conference Board says in major survey Even in super-hot Toronto, expect healthy price growth, the think-tank predicts The Conference Board’s major survey of real estate prices in Canada says there are no signs of an imminent crash, including in the super-hot Toronto market. The Conference Board’s major survey of real estate prices in Canada says there are no signs of an imminent crash, including in the super-hot Toronto market. OTTAWA — The Conference Board isn’t buying the notion that Canada’s housing market will suddenly crumble, saying the most likely outlook is for a modest decline nationally and in some specific markets. The Ottawa-based think-tank argues in a comprehensive new look at real estate in Canada that the conditions for a crash simply don’t exist, despite numerous reports that the market is overbuilt and overvalued. Rather, the report argues that with the possible exception of Toronto, housing starts the past three years have been ...

Sale of the Week: $970,000 townhouse that shows location and space can still be had—for a price Address:   10 Plymouth Avenue , Unit 1 Neighbourhood:  Little Italy Agent:  Matt Manuel and  Paul Johnston , Right At Home Realty Inc., Brokerage The Property:  The end unit on a row of semi-detached townhomes, located on a quiet laneway within walking distance of Trinity Bellwoods Park. The fact that it shares only one wall with neighbours means it has ideal south, east and west exposures and an unobstructed view of the downtown skyline. In terms of square footage, it approaches the size of an actual home, but it’s taxed like a condo. A central staircase creates a neat dividing line through the interior space, and a finished lower level gives the owner a little extra room to sprawl. Out back, the private yard is a low-maintenance concrete urban garden.

Kaley Cuoco — Now That I Have Khloe Kardashian’s Old House … I’m Selling Mine! Kaley Cuoco just picked up Khloe Kardashian ‘s old house in Tarzana — and it ain’t gonna pay for itself — so now the “Big Bang Theory” star is unloading her old one. As TMZ first reported, Cuoco snatched up  KK and Lamar Odom’s old 7-bedroom 8,000 sq. ft. home for $5.49 million — quite an upgrade from the Sherman Oaks spot Cuoco just listed. Her old place is a piddly 5,233 sq. ft. … with 5 bedrooms and 5 baths — and her asking price $2.795 million… only slight bump from the $2.4 mil she paid for it. Eh … she’s making $300k per episode of “BBT” — so we’re guessing she’s not worried about cleaning up in real estate. Khloe Kardashian Read more: http://www.tmz.com/ Meanwhile;e, Condo Crackdown … Revenue Canada cracking down on condo sales Selling a condominium too quickly cou...

Got $8million bucks to spare ? Try … Puff DaddyDiddy’s NYC High-Rise Panty-Dropping Palace Diddy selling in NYC main View the Gallery The hit-maker is hoping he has the same golden touch in the real estate market after putting his NYC pad on the market for $7.999 million. And CB! has pics of the contemporary cool crib, including his crystal clear grand piano and his artful tribute to Biggie. The fourth time may be the charm for P.Diddy (aka Puffy, Puff Daddy, Sean Combs, et al) since he first listed it in 2012 for $8.5 million and twice in 2013 for $7,999,995. So he thought knocking off a whopping $995 big ones would seal a potential deal. We’re not so sure that tactic will prove financially fruitful, but the super-stylized spread is sure to impress. Described as an “urban oasis in the sky,” the rapper is paying the big bucks for amazing panoramic views of Central Park and uptown Manhattan. Diddy’s modern taste is completely customized and personalized. Originally a 3...

Earlier, we informed your house is likely to worth only half its current value because the Loonies is poised to tank to perhaps 50 cents to a Greenback … just like what it was 1-2 decades ago ? Why ? No comment. This is likely a classified secret … Please ask Stephen Harper. Anyway, maybe it’s time to park your money elsewhere … Exit Strategy For Falling Loonies ? Sorry, perhaps this is only for privileged crooks and mafia with whole basement full of cash. Do you have that kind of money ? No ? Then start shopping at No-Frills, buy anything that on $1-2-3 deals or at least 50% off … Pasta and canned food can last a long time, buy them by the case. You need all the savings because falling loonies mean rising prices. It’s zero sum game, unfortunately. Q4 2013: World’s housing markets in headlong boom, led by U.S. and Asia Pacific by GLOBAL PROPERTY GUIDE The global house price boom continued to accelerate during 2013, led by U.S. and Asia-Pacific, ...

Why ? Because Government of Canada is exercising the same old trick decade ago … Makes Loonie Cheapies ! Weaker loonie does more harm than good Remember, Loonies was once at par with the Greenbak, and then it become cheapened all the way to 0.60 to a buck for God long how long … two decades ?  And now, it looks like it will once again go toward that direction, it will become 0.50 to a buck ? This government has to go ? Weaker loonie to do more harm than good for Canada’s economy? Apparently the answer is yes. Cheapenization of Loonies The Canadian dollar dropped below 90 U.S. cents this week—something that hurts Canada’s economy more than it helps. This is according to a new analysis by the Fraser Institute, called The Economic Consequences of a Lower Canadian Dollar. “It’s a myth that devaluation of the Canadian dollar broadly stimulates the economy and leads to prosperity,” argues the author of the analysis, Philip Cross, former chief economic analyst for Statistics ...

Got milk ? Sorry, got money ? Try buying up BlackBerry millions square feet of prime real estate … could be on fire sales price if you know your way. BlackBerry strikes deal to sell most of its Canadian real estate Toronto Star BlackBerry Ltd. has announced a deal to sell most of its Canadian real estate, more than 3 million square feet of space and vacant lands, to raise cash. Related BlackBerry selling mostreal estate holdings inCanada   CTV News BlackBerry Ltd reaches deal to sell most of its Canadian real estate   Financial Post In Depth: BlackBerry reaches deal to sell most of its  Canadian real estate   The Globe and Mail BlackBerry has entered into an agreement to sell the majority  of its Canadian real estate holdings, a move that would see the company part with three million square feet of space as well as vacant land.  http://cbc.sh/K10RsQm  It wasn’t immediately clear who is buying BlackBerry’s real estate. The company says it expects to close the deal by th...

Averaging  $406,372 Number of homes sold stays flat even as prices jump significantly The average Canadian home is now worth more than $400,000, CREA says. The average price of a Canadian home has risen to more than $400,000, according to new data released on Monday. The Canadian Real Estate Association said Monday the average price of a resale home was $406,372 in February. That figure is 10.1 per cent higher than what it was the same month a year earlier. CREA says the number was skewed higher because sales were significantly lower in some of Canada’s largest and most expensive real estate markets this time last year, and that makes comparisons appear larger than they would otherwise have been. “This phenomenon was particularly clear this month, with Greater Vancouver having posted the biggest year-over-year increase in activity by a large margin,” CREA said. Price gains were not distributed evenly across the country. There were strong increases in Toronto, Calgary a...

Canada’s veteran finance minister quits, budget surplus in sight Is Flaherty leaving Canada in the lurch? The Canadian Press In his own words: Jim Flaherty on why he resigned as finance minister Jim Flaherty has announced his resignation as finance minister, stepping down from a job he accepted in 2006. His statement: Yesterday, I informed the prime minister that I am resigning from cabinet. This was a decision I made with my family earlier this year, as I will be returning to the private sector.

Toronto condo prices to fall amid ‘striking’ oversupply: TD TD Bank report says 70,000 new condo units will be completed in 2014 and 2015, a “striking” total that’s double the historical average. “Toronto’s skyline of cranes is now about to transform into a skyline of condo buildings,” TD says. If you’re shopping for a high-rise condo in Toronto at the moment and your agent has your best interests in mind, he or she may give you just one piece of advice: wait. A new report from TD Economics published Monday takes a deeper look into the condo boom occurring in the country’s most populous city and backs up what some have been saying for some time. Prices are headed for a correction. By how much? TD’s call is for an eight per cent decline in prices by the end of 2015. The average condo price in the Greater Toronto Area sits at $353,665, according to the Toronto Real Estate Board. A pullback of that magnitude could spell some meaningful downward revisions...

Winter’s chill can’t freeze condo boom A new reading Monday on the strength of the condo market, particularly in Central and Eastern Canada, raised eyebrows among economists. GTA home prices tell tale of 2 cities: condos vs. family homes Different market segments moving in different directions Real estate in the Greater Toronto Area is becoming increasingly divided between existing single family homes and a crush of new condo towers, one of Canada’s biggest banks says in a report issued Monday. TD Bank economists Derek Burleton and Diana Petramala said people’s obsession with house prices in the Toronto area has obscured the differences between various subsections of the market: the 905 area versus the 416; detached houses versus condos; and new builds versus existing homes. Real estate in the Greater Toronto Area is becoming increasingly divided between existing single family homes and a crush of new condo towers, one of Canada’s biggest banks says in a r...

Say hello to your neighbour on top of you, below you and beside you The dream of an affordable single-family detached home is fading fast. Rising land values and development costs mean even those trying to avoid high-rises will be living in more densely populated housing. It’s not something that is going to happen overnight, but evidence is mounting that ground-level housing is becoming tighter. To counter the costly state of home ownership, increasingly developers are looking to build more townhouses or townhomes and what is called mid-rise or stacked housing. http://business.financialpost.com/ To buy or rent? Condos might be the answer to Toronto’s intense home-buying market A safe location, room to grow, a good investment and located near the city. Doesn’t seem like a lot for a young professional couple to ask of the Toronto real estate and rental market. But as so many 20- and 30-somethings know, it is. “We typically get outbid even after offering anywhere from $30,000 to $60,000 o...

You bet it’s burning hot … Shortage of new listings fuelling desperation among Toronto home buyers The reason is simple: New listings for houses have been below historic norms yet interest rates have remained so low, more people are looking to buy. A home-buying report released Wednesday found that the appetite for bidding wars is highest in Toronto: 44 per cent of those surveyed said they would get into a multiple-bidding situation. House sales were up just 2.1 per cent in February, year over year, but prices jumped 8.6 per cent as buyers battled bitter weather and a shortage of new listings in what even many realtors are concerned is a worrisome new level of desperation to buy a house in Toronto. The average sale price was $553,193 in February, up from $509,396 a year ago. Just this week, the battle lines were tightly drawn on an up-and-coming street in the Coxwell and Danforth area where a renovated semi-detached house, listed for $549,000, drew a stunning 25 bids. The Rh...

Canadian home sales defy expectations The full national picture for February won’t be available until the Canadian Real Estate Board releases data later this month, but Bank of Montreal economist Sal Guatieri suggested in a research note that he thinks February’s market shows some momentum. Sales of existing homes in the Greater Toronto Area nudged up 2.1 per cent in February compared with a year earlier, while prices continued to climb. The latest data from the country’s most populous city, as well as other urban centres such as Calgary and Vancouver, suggest Canadian home sales fared better than some experts thought they would in February, and prices maintained their sturdy upward trajectory. The average selling price on Toronto’s Multiple Listing Service last month was $553,193 – an increase of 8.6 per cent from a year earlier – the local real estate board said on Wednesday. The MLS Home Price Index, which seeks to create a more apples-to-apples comparison of prices over ...

Banks show restraint on mortgage rates one year after Flaherty’s warning However, other prognosticators, such as bond giant Pimco, expect mortgage rates to rise this year. Ed Devlin, head of Pimco’s Canadian portfolio management, said in an interview Monday that he expects to see house prices …  The Globe and Mail I am a little skeptical mortgage rate or mortgage insurance premium alone can do the job … Why even try to contain what is considered “good times” ? Just buy … 80 Victoria Park Avenue – BEACHES This place must have been REALLY nice inside.Because this 4 bedroom, 3 bathroom house on a 21 x 255 foot lot at 80 Victoria Park Avenue that used to look like this… And was apparently torn down and rebuilt… With front steps that look like this… Which for some reason just makes me think of this…. Was listed at $1,589,000. And it sold…….. For $1,589,000.

US home sales bigger and healthier Home sales in the United States increased 6% year-on-year, with the trend continuing towards “healthy sales”. New data from CoreLogic showed that annual home sales to November 2013 reached 4.6million – the 23rd consecutive month of year-on-year increases. Distressed sales made up 16.2% of total sales in November 2013, a much healthier percentage than the 23.1% of a year ago. Distressed sales peaked in January 2009, when they accounted for 32.9% of total sales. Pre-crisis, the share of distressed sales averaged around 2%. Real-estate owned (REO) sales made up only 10.4% of total home sales, a welcome drop from the peak of 28.3%. CoreLogic pointed out that the decrease in REO sales was a driver of house prices, as REOs typically sell at a larger discount to healthy sales. Re-sales jumped 16% annually, while new-build sales increased by 14%. Meanwhile, back in Canada … 140 Hilton Avenue – CASA LOMA In October, I posted a house on a 30 x 124.5 ...