We continue our look into local real estate markets with large gay and lesbian communities. Today, we go up north, to Toronto, Canada, our gay friendly neighbor in Ontario, Cabbagetown, and legal gay marriage:
Is Toronto real estate market way overvalued?Ã¢â‚¬Å½ -Ã‚Â The Economist magazine says Toronto real estate is way overvalued. Agents say buyers are in the driver’s seat. Heedless of the negativity, the market goes resolutely on.Ã‚Â Warren Lovely, an economist at CIBC World Markets Inc., says Ontario’s is one of the provincial economies downshifting from a better-than-expected 2010 to a more tepid growth pace for 2011.
CREA lowers home sales and price forecasts -Ã‚Â Housing activity in the country is slowing down after a busy first half, especially in British Columbia, Alberta and Ontario where prices are expected to fall in the coming months.Ã‚Â The Canadian Real Estate Association once again lowered its forecast via its Multiple Listing Service (MLS) for this year and next. Sales are now expected to reach just 442,200 units in 2010 for an annual decline of 4.9%. CREA had already set expectations lower back in July calling for a 1.2% decline.
Balanced market -Ã‚Â Seven months ago I toyed with buying a marina which makes most of its money from leasing a slew of docks and boathouses. Sit on a wharf. Suck on a drink with an umbrella in it. Be refreshed by a nubile young employee in a bikini. What’s not to like about a passive business in the boating biz?Ã‚Â But I passed. And yesterday the agent called me after all this time, hinting I might be able to buy it for half price.
National home sales expected to dip 14 per cent by end of 2011 -Ã‚Â Canadian home sales will fall nearly 14 per cent by the end of next year from the overheated levels reached in 2009, the Canadian Real Estate Association predicted Friday as it lowered its housing market forecast.Ã‚Â Lacklustre economic and job growth, weak consumer confidence and recent interest rate hikes expected to resume next year led the real estate group to predict national sales will slide 4.9 per cent this year.
Bouncy castles: Toronto’s property market keeps going -Ã‚Â Among real estate agents, the talk was all about how restrained the bidding was Ã¢â‚¬â€œ even though the house sold above the asking price of just under $800,000. The consensus among agents was that the house would likely fetch more, says Theodore Babiak of Royal LePage Real Estate Ltd., who represented one of the competing buyers.Ã‚Â That’s Toronto’s resale housing market in fall 2010: a queue of nine subdued bidders is a downturn compared with the giddy days of last spring when buyers were throwing money around with abandon.
Downtown condos offer a change of space (photo above) -Ã‚Â The abandoned old office tower was in rough shape.Ã‚Â It was 1999 and the decrepit seven-storey building at 180 Duncan Mill Rd., near Leslie St. and Highway 401, was in need of serious help.Ã‚Â Rather than level the thing and start over, however, architect Dermot Sweeny – recognizing that the building’s underlying superstructure was in good shape – decided to strip the tower down to its bare concrete bones and reconstruct it.