These are stories Report on Business followed this week.
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Suddenly, I'm a millionaire.
A bricks-and-mortar millionaire.
Actually, a co-millionaire with the bank that holds our mortgage.
But for anyone who asks, like my neighbour down the street who lives in a semi-detached house, I've hit the mark.
As The Globe and Mail's Tamsin McMahon reports, the average price for a detached Toronto home in the 416 area code jumped almost 9 per cent in February from a year earlier, to top $1-million for the first time.
There's a lot of this and that at play.
Buyers didn't shudder at the freezing cold, but sellers did, as new listings fell by almost 3 per cent and bidding wars became a pastime.
It's all because of "relative scarcity," said senior economist Robert Kavcic of BMO Nesbitt Burns.
Detached homes in Canada's biggest city accounted for just one-third of completed new abodes last year, he said, noting that's down from about 50 per cent 10 years ago.
And the portion of the population "in their prime backyard-hunting years," or the 30-45 age group, is on the rise, he added.
"While the share of detached completions has begun to edge up, it hasn't matched the increase in demand, and development restrictions will only compound the scarcity as growth in this population group accelerates further through the end of the decade," said Mr. Kavcic.
"Bonus: The Bank of Canada's rate cut only poured fuel on this already-hyper-competitive market."
(Ms. McMahon, by the way, also reports that household debt is on a rapid rise again, based on January numbers.)
This has been quite a week for Toronto, actually.
A report from the Knight Frank real estate consultancy found that Toronto is of growing importance to the group known as ultra-high net worth individuals, or those above $30-million (U.S.)
"If we assess quality of life, a clutch of northern European, Canadian and Australian cities, led by the likes of Melbourne and Toronto, will dominate," said the 2015 report, which ranked Toronto as No. 12.
Canada's financial capital is just behind Tokyo and just ahead of Geneva.
We're also a prime destination for such people, drawing them in at the sixth-fastest pace among the countries ranked in the study.
According to Sotheby's International Realty Canada, Toronto last year scored Canada's fastest pace of increase, at 38 per cent, in sales of homes that topped $1-million.
Of course, that's so average now.
Though that's for a detached like mine.
The average for all types of homes in the Toronto region now stands at $596,163. I'm worth so much more.
So I can look down my nose at people who live in a semi in the 416. They're worth just $702,035.
The megarich can look down their noses at me, because I'm somewhere around $1,040,018, not $30-million.
Toronto Mayor John Tory can look down his nose at Sami Kanaan, the mayor of Geneva.
And Tokyo Governor Yoichi Masuzoe can look down his nose at Mr. Tory.
- Tamsin McMahon: Toronto housing market gets richer as it hits record $1-million price tag
- Toronto ranks among cities that will 'dominate' for world's megarich
- Marcus Gee: Toronto's housing-price boom is a sign the city is thriving
- Carolyn Ireland: In Toronto, bidding wars enter new territory
- Buying a Toronto home a 'stretch for many,' while Calgary costs sink
- Tamsin McMahon: Canadian household debt grows almost 5 per cent in January
The week in Business Briefing
- Why Canada's manufacturing sector is so depressing
- Last year's economy may be 'as good as it gets' amid oil crash
- Loonie now 'cheap on all metrics,' poised for rebound: SocGen
- Toronto ranks among cities that will 'dominate' for world's megarich
- Kosher marijuana: What would my Bubbie think?
The week's top business videos
- The Bottom Line: The 'Clooney Effect' and the trophy husband
- David Parkinson and Paul Waldie: Bank of Canada likely to hold rates steady - for now
- The Bottom Line: Work-life balance: Women want a lot more help, guys
- Carrick Talks Money: Are seniors delusional about debt?
- Streetwise: Another merger, another mega law firm: What this trend means
The week in Streetwise (for subscribers)
- Tim Kiladze: Can we call a truce in the trader-TMX war?
- Jeff Gray: Mining lawyer joins Gowlings
- Jacqueline Nelson: Great-West to build on British growth with acquisition
- David Berman: Scotiabank CEO gets 26% pay hike in first year
- Niall McGee: Hope springs eternal for suffering hedge funds
The week in Inside the Market (for subscribers)
- Scott Barlow: The loonie, the Fed and the chart to watch
- Luke Kawa: Here are a few companies Buffett might be interested in buying
- Rob Carrick: It's time for bond ETFs to cut fees
- Gordon Pape: Yield curve doesn't bode well for the TSX
- Scott Barlow: Loonie's where it should be - but maybe not for long
The week in ROB Insight (for subscribers)
- Ian McGugan: Why decades of inflationary pressure may be ahead of us
- Luke Kawa: Fourth-quarter statistics show economy is already weakening
- Andrew Jackson: Canadian economy suffers from the myth of comparative advantage
- Brian Milner: The politics behind India's surprise rate cut
- Brian Milner: Rocky road ahead for sputtering China
The week's top news
- Luke Kawa: Excluding energy, this Canadian earnings season has been surprisingly strong
- David Berman: Banks remain profitable but outlook lacks optimism
- Tavia Grant: Household saving rate nears five-year low as financial risks increase
- Barrie McKenna: Chance of another rate cut slim as Poloz shows confidence in economy
- Tamsin McMahon: Canadian household debt grows almost 5 per cent in January
The week's must-reads
- Our special Big Deals report
- Ian McGugan and Richard Blackwell: How Nasdaq regained its dot-com high
- Carrie Tait: Canadian cattle industry hoping weak loonie will revive bull market
- Tavia Grant, Bill Curry and David Kennedy: Job market quality in decline with lower wages, higher self-employment
- David Berman: Big Five diverge as bank sector faces new headwinds