Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.
Young adults furious about having to give up home ownership
In his weekly newsletter, Rob Carrick ran a survey to gauge the mood of Gen Z and millennials on home ownership. Of the 1,545 people between the ages of 20 and 40 who revised, 52 per cent described themselves as either furious or angry about housing affordability. Almost 44 per cent of survey participants said they’ve completely given up on home ownership or feel it likely won’t happen.
Condos nearing completion with appraisals under what investors paid
Many real estate buyers are facing a difficult dilemma: now that projects are near completion, the condos they bought preconstruction are not worth what they agreed to pay at the time, reports Carolyn Ireland. More than 30,000 units were sold in pre-construction in 2021, but as projects approach completion, some buyers are lining up financing from lenders who require an appraisal. In many cases, the appraised value is less than the buyer agreed to pay when they signed.
This week’s mortgage rates: Insured borrowers still get the best deals
The gap between default-insured and uninsured mortgage rates just keeps getting wider, at least for the terms people want most, writes Robert McLister in his weekly column.
Recovery gains momentum in the Toronto housing market
Sales are soaring and home prices are climbing for the third consecutive month in Toronto. The home price index rose by 2.4 per cent to $1,145,700 from March to April, reports Rachelle Younglai. New listings were up 6.5. per cent after adjusting for seasonal influences, but the number remains well below the 10-year average.
Home of the week: An alternative to condo living in Toronto’s Parkdale neighborhood
86 Lansdowne Ave. Toronto
The listing agents for this property specialize in home co-ownership, bringing together perfect strangers to buy purpose-built multiplexes. This Parkdale property, with main and laneway house dwellings, is an alternative to condos for people with smaller budgets, they say.
The once single-family residence has transformed into four homes – three dwellings in the main house, and the larger laneway home. The interiors in the main house are modern and uniform, with white countertops, sparse wood details, and plenty of natural light that floods in from the spacious windows. Ambient cove lighting flecks the hallways in an otherwise minimal design.
As a distinct alternative to condo living, the second floor features three skylights, and each unit has a private entrance. The dwellings range in size from 745 to 847 square feet, and the second and ground floors offer outdoor space in the way of a balcony and a small private patio.
What do you think is the asking price for this house?
a. The asking price is $3.5-million.