February was a stellar month for new condo sales in the populous region immediately west of Toronto. But with the COVID-19 pandemic disrupting every aspect of life in Canada, it is likely to be the last high-performing sales month for a while. Peel Region saw 545 new condo sales last month, according to new home […]
The Bank of Canada (BoC) has made another unscheduled rate cut, slashing its Overnight Lending Rate by 50 basis points from 0.75% to 0.25% – the lowest it has been since April 2009 – as further response to the COVID-19 pandemic and its impact on the Canadian economy. It is the third rate cut the […]
In an emergency announcement today, Canada’s central bank cut its market-shaping overnight rate by 50 basis points to 0.25 percent in response to the coronavirus pandemic’s dramatic impact on the Canadian economy and financial system. This move was the third rate cut in the span of a month and the second emergency announcement the Bank […]
A real estate investment trust has alleged that RBC has used the COVID-19 coronavirus outbreak to acquire real estate assets at rock-bottom prices. According to a Bloomberg report, a subsidiary of AG Mortgage Investment Trust Inc. claims that on March 23, RBC contacted it and said that the REIT’s mortgage-backed securities had seen a drastic […]
It’s an uncertain time for many. Amid the coronavirus crisis, borders have shut, flights have been downed and workplaces around the world are learning to adapt to empty desks as employees work from home. This week was so different from the last, and as new information flows in every minute, businesses have their eyes fixed […]
Across from Roy Thomson Hall, one-bedroom suites at Theatre Park sold for $568,000 and $590,000 in June and July respectively. Months passed before a similar model – this 450-square-foot unit – was again available for sale and 140 potential buyers toured the property prior to the scheduled offer night early December. “I sold the exact […]
Now that banks in Canada have announced that they will allow homeowners to defer their mortgage payments for up to six months in light of the current novel coronavirus pandemic, tenants are wondering why they still have to keep up with rent payments in a time that is financially precarious for most. The concern is […]
Finding a stable, affordable and comfortable place to live is what Torontonians are after, Toronto’s Deputy Mayor Ana Bailão tells Toronto Storeys. Bailão, who is also the city councillor of Ward 9, says “Housing affordability and affordable supply are the issues that concern Toronto residents the most.” And while Bailão says there isn’t a mandatory […]
Canada’s national statistics agency is estimating monster growth for population. Statistics Canada (Stat Can) population estimates show fast growth in Q1 2020. The population is now estimated to be growing at the fastest pace in 3 years. Canada’s Population Estimate Grows At Fastest Rate Since 1990 Canada’s population is growing at the fastest pace in […]
Canada’s central bank has already taken forceful action this month to cut its influential overnight rate to support the country’s economy through the coronavirus pandemic. It moved on March 4th during one of its regularly scheduled announcements and again on March 13th in an emergency announcement to cut the rate by a cumulative full percentage […]
Lower interest rates will throw more fuel onto the fire that is Canada’s housing market and lead to a strong increase in resale home prices and residential investment this year, despite an economy that looks to be on the brink of a recession. A report from The Conference Board of Canada warned that the Canadian […]
Following the Bank of Canada’s surprise announcement last week that it is lowering interest rates by 50 basis points to 0.75%, the country’s largest banks cut their prime lending rates to 2.95% from 3.45%. RBC Royal Bank, BMO Bank of Montreal, Toronto-Dominion Bank (TD Bank), Scotiabank, and CIBC slashed their prime rates – which underpins […]
Beginning today, the Bank of Canada is lowering its target for the overnight rate by 50 basis points to 0.75%. The Bank Rate is correspondingly 1 percent and the deposit rate is 0.50 percent. The unscheduled rate decision is the second in as many weeks. In a statement, the central bank stated this was “a […]
Torontonians struggling to make ends meet during the COVID-19 pandemic have gotten some respite for their housing concerns: last week, the province suspended evictions, and now, it looks like rental rates in the city are finally starting to drop. According to the latest monthly rental report from Rentals.ca, the average 1-bedroom apartment in Toronto has […]
A small town situated 60 kilometres north of Toronto along the shores of Lake Simcoe has aspirations of becoming the city of the future. Characterized by its rolling hills, farmland and cottages, Innisfil is a quiet municipality known to many Torontonians as a place they pass on their way to Muskoka. But with plans to […]
Landlords should support tenants who become unemployed as a result from the coronavirus outbreak, the City of Toronto said Tuesday. Mayor John Tory announced the City is taking action to help Toronto’s most vulnerable tenants impacted by the COVID-19 pandemic and, while it has no power to direct landlords, he said that all property owners […]
It’s all you hear on the news, it’s all you read in the papers, and it’s all you see on social media. The coronavirus is everywhere, and it’s safe to say that everyone is scared, both of the disease itself and the potential economic implications of the whole country going into a temporary quarantine. Echos […]
A proposal to redevelop the northeast corner of Avenue Road and Yorkville Avenue first appeared on UrbanToronto’s front page in 2012, and after another change to the project’s team, a new version of the proposal has appeared in a new rezoning application. Before we dive into what’s being proposed by developers First Capital and Greybrook […]
A WEEK into a pandemic that has forced a swath of Canada’s economy to shut down and wiped hundreds of billions of dollars off the nation’s stock market, a Vancouver mansion sold for C$150,000 (S$150,000) over the asking price. As the coronavirus upends the real estate business, along with everything else, the country’s indefatigable buyers […]
To alleviate some of the hardships Torontonians are facing due to the spread of COVID-19, Mayor John Tory has announced a 60-day grace period for several City utility bills. Mayor Tory announced the 60-day grace period Friday morning, which will cover City of Toronto property tax, water and solid waste utility bill payments for all […]
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