Toronto’s skyline is entering the stratosphere… at least by North American standards. A look at what 10 new projects will mean to the city, its residents and its image.
The reading marks a change from almost unbridled consumer optimism in a housing market that has carried the Canadian economy since the 2008 global financial crisis, even as policy makers warn price gains in some cities are unsustainable.
Billions of dollars are moving out of Canada – nearly all tax free – with 92 tax treaties signed.
“I think those of us who warned, 35 years ago, that one of the consequences of this would be, ‘those who have the most would end up paying the least and those with the least would end up paying the most’ — we’ve been proven right. ”
Finally someone gets it. Borrow when rates and debt are low to invest in future growth – duh! Just ask any CEO or anyone for that matter – except politicians and knee-jerk anti-government types (unless they’re the beneficiaries of course.
Liberal Leader Justin Trudeau says a Liberal government won’t balance the books for another three years, but will double spending on infrastructure to jump-start economic growth.
Elizabeth Warren’s concerns about trade deals undermining financial regulations get an unexpected confirmation from Canada.
Fitch Ratings says Canada’s real estate market is as much as 20 per cent overpriced and cautions the government may need to take more measures to slow down borrowing on homes.
Fitch is the second U.S. financial agency to sound the alarm on Canadian home prices in the past week, with the Morningstar research firm predicting a 30 per cent correction was possible over the next few years.
The latest warning comes as the Teranet–National Bank composite house price index for June showed prices rose 0.9 per cent from May and were up 4.4 per cent from last year.