Hamilton ownership gap widening for first-time buyers
Hamilton`s housing market will lead the country next year ` for some buyers.
Where the rest of Canada will see housing starts and sales slow through 2012 as the world`s economy continues to stumble, Canada Mortgage and Housing Corporation analysts say Hamilton`s market will expand.
`Hamilton is the only market where we`re seeing some growth for 2012,` said Sarah Fong, the agency`s senior analyst for Hamilton, speaking at the CMHC Hamilton Housing Outlook Seminar held at the Royal Botanical Gardens Thursday.
Condominium sales are taking over the Greater Toronto Area new housing market and some parts of the country are following closely behind as rising costs push consumers into vertical housing, a new report suggests.
The Building Industry and Land Development Association said there were 23,747 condo sales in the Greater Toronto Area through the first 10 months of the year, smashing the previous high of 22,316 in 2007 ` with two months yet to go.
High-rise sales accounted for approximately 61% of all sales in GTA from January-October. At this point last year high-rise sales only accounted for 57% of the overall market.
Urban Toronto: Central Waterfront to get a 75-storey condo tower
Build Toronto and Tridel held a joint news conference at First Canadian Place yesterday morning to announce the creation of a joint partnership to build Ten York, a 75-storey condominium tower set at a major gateway to the city`s core.
Build Toronto has entered into a 20/80 partnership with Tridel to create Ten York, from which the City is realizing approximately $40 million for the sale of this difficult but strategic municipally owned site.
Home affordability rate in Peterborough one of the highest in Canada
High rent, high cost of owning a home and a low average wage are painting a grim picture for affordable housing advocates.
The Canada Mortgage and Housing Corporation released its 2010 home ownership and rent figures, basing its study on wage averages, rent and housing affordability and came up with the hours in a month an individual would need to work to purchase or rent a home in each city.
A Peterborough resident would have to work 231 hours a month to afford a house in Peterborough, or work 167 hours each month to rent one, figures based on an average, hourly wage of $17.78.
