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Sousa: Ontario trying to play fair with transit funding
The provincial government is trying to be fair with all municipalities when it comes to public transit funding, according to provincial Finance Minister Charles Sousa. City of Mississauga officials were happy to learn that the Province would fund the $1.6 billion cost of building the light rail transit project planned to run from Port Credit to Brampton. However, other municipalities that have mass transit projects underway, for example Ottawa, haven't received the same promise of 100 per cent funding.
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Uber taxi service not coming to Mississauga anytime soon
Uber Canada has no immediate plans to bring its taxi division to Mississauga although it offers the service in Toronto and has applied to that municipality for a taxi brokerage licence. Uber Canada spokesperson Susie Heath told The News the company has "no plans at the moment" to bring its UberTAXI service to Mississauga. It allows people to call for a municipally licenced taxi using the company's mobile app.
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Report: Rezoning for mid-size condos would revive GTA 'dead zones'
Metro News
The GTA is plagued by "dead zones" along many of its major streets that could become affordable new family-friendly neighbourhoods and vibrant shopping areas if rezoned for desperately needed mid-rise condo projects. Whole stretches of prime real estate — especially along key transit routes like the Bloor-Danforth subway — are hobbled by outdated zoning and low-rise buildings that would make ideal spots for five- to 11-storey condo complexes and new walkable, transit-oriented neighbourhoods, notes a new report.
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CMHC Report: Toronto real estate at 'moderate risk' of price correction
Metro News
Canadian house prices are now some 3 to 4 per cent overvalued, but the biggest risk of a downturn isn't in the country's two priciest cities — Toronto and Vancouver — but in Regina and Winnipeg, according to the Canada Mortgage and Housing Corporation. Toronto is at "moderate risk" of a correction due to annual price gains that have been more than triple the rate of average salary increases. Vancouver is at "low risk" despite the highest house prices, by far, in the country, says the national housing agency.
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GTA house prices up 10 per cent in April
Toronto Star
The spring house-buying spree hit record levels in April, with sales up a stunning 17 per cent year over year across the GTA and prices up 10 per cent, according to figures released by the Toronto Real Estate Board. That sales surge resulted in the strongest April for sales ever recorded by Toronto realtors. Some 11,303 homes changed hands across the GTA.
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It's crunch time for Toronto's home sellers and home buyers
The Globe and Mail
As the Toronto housing market rockets toward its peak for the year, buyers and sellers are fine-tuning strategies almost on a day-by-day basis. The Toronto Real Estate Board recently reported the strongest April sales on record. Typically, the spring market hits its peak in May and the year's richest prices are recorded in that month. May, 2015 is already off to a frantic start, agents say, with barely a wisp of the bidding war ennui that often descends at this time of year.
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Ontario housing prices under threat from a flood of condos
Huffington Post
Real estate prices are facing pressures from an oncoming glut of condominiums that have yet to be completed, Fitch, the New York-based ratings agency said. A record high of over 80,000 new multifamily units are currently under construction in the province, most of them in Toronto. That's 50 per cent more units than were being built over four years ago, when condo construction started booming.
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Toronto has hottest luxury-home market in the world
CBC News
Christie's Real Estate says Toronto has the hottest market for luxury homes on Earth, with a price point of $3 million U.S. being the starting point for what the high-end real estate firm says qualifies as luxury. In its annual ranking, the real estate company — best known for being an auction house — says the volume of luxury home sales rose by 37 per cent in Toronto last year, much higher than increases seen elsewhere.
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Missed last week's issue? See which articles your colleagues read most.

    Reality rains on Mississauga's LRT celebration (Toronto Star)
Sherway Gardens joins other GTA malls in dash toward luxury (Yonge Street Media)
Province's plan to expand GO service will increase trips through Mississauga and Brampton (

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Real Estate Update
Frank Humada, Director of Publishing, 289.695.5422
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