Real Estate Pain Is Showing Up in an Obscure Investment Product
An obscure investment product used to finance risky real estate projects is facing unprecedented stress as borrowers struggle to repay loans tied to commercial property ventures.
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An obscure investment product used to finance risky real estate projects is facing unprecedented stress as borrowers struggle to repay loans tied to commercial property ventures.
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Nov 13, 2018
Bloomberg News
,Fleeing Toronto for a cheaper house in the suburbs isn’t worth it for many people who have to commute to jobs back downtown.
The high costs of driving or taking public transit along with the extra travel time often offset any benefits from buying a home outside the country’s biggest city, Canada Mortgage and Housing Corp. said Tuesday. The burden is becoming heavier, the agency reported, with the number of commuters needing an hour each way rising 16 per cent in the five years through 2016, the equivalent of putting in an extra day at the office every week.
The report highlights one of the challenges of Toronto’s recent home price surge, which has led many families to relocate to distant suburbs in the search for an affordable home. While realtors estimate the average Toronto detached home now costs over $1 million CMHC said those larger properties remain the most popular even with long travel times.
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