Toronto homebuyer misery: The game + MORE Apr 20th

Canada’s largest banks are expected to absorb any impact of new legislation aimed at cooling the red-hot Toronto housing market

Former Canadian prime ministers have largely eschewed the highly visible globetrotting, do-gooding, and glad-handing common to ex-U.S. presidents, preferring to take ceremonial roles at law firms and sit on a few boards. Given his interests while in power, it seemed that Stephen Harper’s post-politics career would be padded out with a few energy company directorships and maybe another hockey book. But while he’s got the obligatory LLC affiliation (Denton’s), Harper’s collection of interests has confounded expectations. The ex-PM has started an international business consulting firm based in Calgary and joined the board of real estate giant Colliers International. His latest gig: Advisor to Silicon Valley venture capital firm 8VC.
In a Medium post announcing his appointment, Harper wrote that the firm “is at the leading edge, tackling the deep and difficult problems that institutions and citizens are facing today.” 8VC’s most notable portfolio companies are virtual reality player Oculus and putative health insurance disruptor Oscar…

These stocks are also primed to yield highly sustainable dividends – even if government manages to turn down the heat on Toronto’s real estate market

Ontario Premier Kathleen Wynne speaks about Ontario’s Fair Housing Plan during a press conference in Toronto on Thursday, April 20, 2017. THE CANADIAN PRESS/Christopher Katsarov
TORONTO — Ontario plans to help cool a hot housing market by bringing in a 15-per-cent foreign buyer tax, expanding rent control, allowing Toronto to impose a tax on vacant homes and using surplus lands for affordable housing.
Premier Kathleen Wynne announced Thursday that a non-resident speculation tax will be imposed on buyers in the Greater Golden Horseshoe area — from the Niagara region to Peterborough, Ont.— who are not citizens, permanent residents or Canadian corporations. Once legislation passes, the tax would be effective retroactively to April 21.
The tax is not about targeting immigrants, Wynne said, and a rebate would be available to people who subsequently get citizenship or permanent resident status, as well as foreign nationals working in Ontario and international students.

How Canada’s real estate market lost its mind »

“The non-resident speculation tax has nothing to do with new Canadians and people who want to make Ontario their home,” she said…

Being a prospective homebuyer in Toronto right now is a terrible horrible no good very bad ordeal. Frantic bidding wars are the norm, with homes regularly selling for massively over asking prices. For a hint of what it’s like out on the mean real estate streets, have a go at Maclean’s Homebuyer Misery Game. We assembled 10 Toronto homes that sold over asking in recent months. For each home, submit a bid you think will win you your castle, and see if it was enough. Scroll down for a map that shows where each home is located. Good luck!

MORE ON REAL ESTATE:

How Canada completely lost its mind over real estate
The Wynne government flies blindly into the housing bubble
Canada’s housing bubble looks disturbingly familiar

WATCH MORE:

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