It’s time to make a pact: no more avocado toast. And that’s just the first step to saving up enough dough to purchase a home in Toronto. According to new data from Zoocasa, buying a house in Toronto is only accessible to those within the top 10% income group, as the city’s houses have a […]
For the first time in more than three years, owning a home has become more affordable in Canada, according to a new report from one of the country’s biggest banks — and the trend is expected to continue. “Home ownership costs dipped almost everywhere in Canada in the fourth quarter of 2018,” reads RBC’s most […]
above its rapidly changing urban centre. There are 104 cranes set up in Toronto’s core, according to construction consultancy Rider Levett Bucknall’s latest Crane Index, which counts the presence of the lofty lifters in the 13 cities it has offices in around North America. Not only was that up from 97 in July and the […]
Experts see signs that mortgage interest rates in Canada may continue dropping this year. In a note sent to clients this morning, BMO Senior Economist Robert Kavcic points to the fact that five-year government bond yields have been declining, a key indicator for where five-year fixed mortgage rates are headed. “Five-year fixed mortgage rates tend […]
Experiment launched amid controversy about the risks of digital currencies The Ontario town of Innisfil will soon begin accepting digital currencies as payment for its property taxes, starting with Bitcoin. The town of 36,000 people is north of Toronto and south of Barrie, Ont. Its council voted late Tuesday in favour of the one-year cryptocurrency […]
Province’s push to change the city’s current transit plans has triggered outrage from Ford’s political foes Many Torontonians are quite understandably hugely skeptical about any transit plan touted by Premier Doug Ford, given the premier’s late brother tore up what they saw as a perfectly fine Transit City plan in 2010 on his first day […]
The chart below displays the total dollar volume invested and average price per unit on a quarterly basis for all apartment building transactions over $1M in the GTA. Total investment volume in 2018 reached a new high at $2.71B, outpacing 2017 volumes by 77%. Investment volume in the second half of 2018 reached a combined […]
Bloomberg recently reported that Canada admitted 321,065 permanent residents last year. This is up 12% from 2017, where the country admitted 286,479. Last year was also the largest cohort since 1913 (the year before World War I), where the country admitted just over 400,000 people. Here is a chart from Bloomberg Of course, Canada was […]
On a sunny afternoon two years ago, as panic about the overheated housing market in Canada’s big cities was spreading, three key policy-makers hunkered down in Toronto to figure out what to do. Federal Finance Minister Bill Morneau, Toronto Mayor John Tory and then-provincial finance minister Charles Sousa emerged with an acknowledgement that the housing […]
In today’s real estate milieu, where cash flowing properties are becoming more sporadic by the day, the rent-to-own model is emerging as a superior strategy with a favourable buy-in. Helping tenants take eventual ownership of a property by giving them a stake in their own success, rent-to-own investors only have to put 15% for a […]
Part 1. CMHC Shared Equity Loan. The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC). It is expected that approximately 100,000 first-time home buyers […]
New condo sales declined 58% in 2018 from a record high. New launch prices grew by 56% over the past two years to surpass $1,000 psf in Toronto. Annual growth in condo resale prices and condo rents moderated in Q4 to below 7%. A record 22,000 new condos are scheduled for completion in 2019. Purpose-built […]
If you’ve ever nervously watched water drip from your apartment ceiling, or have nearly set your oven ablaze by neglecting a tray of chicken fingers, you’ve probably found comfort in your tenant’s insurance coverage. Homeownership is no different — something will inevitably burst, break or leak, and you’ll want the safety of home insurance for […]
Canadians who are looking to buy homes aren’t the only ones feeling the pinch from mortgage rules the federal government brought in last year. The rate of homebuilding in the country took a surprising tumble in February, and it’s related to mortgage stress testing, which raises requirements to qualify for a loan, says a leading […]
The Bank of Canada for some time has been suggesting higher and higher interest rates are coming soon — until this week. Economists are noting the central bank took on a dovish (read: less aggressive) tone at its March 6th policy meeting when it announced the overnight rate was being held at 1.75 percent. “The […]
Canada’s newly-minted hottest housing markets are going to see prices soar even higher this spring while struggling regions will continue plodding on. At least that’s what an economist with one of Canada’s Big Six Banks is expecting to see as spring approaches. Canada’s hottest markets aren’t cooling down anytime soon Marc Desormeaux, an economist with […]
Urban Toronto reports on a new proposal submitted to the City at the end of February seeking rezoning and an Official Plan Amendment to permit an 8-storey development on Bayview Ave. south of Balliol St. The proposal by Gairloch Developments calls for the replacement of four existing buildings including two brick semi-detached homes numbered from […]
Hundreds of multi-million dollar mansions in Vancouver that may have been empty are suddenly being listed for rent at rock-bottom prices. Observers say it’s a combination of the city’s empty home tax and the province’s speculation tax that are pushing these mega-homes into the rental market. And it’s young renters and students who don’t mind […]
MARKET SUMMARY With the first two months of 2019 behind us, there was no shortage of events fueling political and economic uncertainty in Canadian markets. From Jody Wilson-Raybould’s recent response to allegations that she was pressured by the Prime Minister’s Office to intervene in criminal proceeding against SNC-Lavalin to the ongoing extradition case of Huawei’s […]
York Region Media wanted to unearth the level of demand and supply for rental housing in the region. The region’s population is expected to grow to 1.8 million in 2041, representing the highest growth in the GTHA, with an accompanying demand for housing stock. Yet it currently has one of the “lowest” supplies of rental […]
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