Canada’s millennials are focused on homebuying and their intentions are driving the real estate market. A new report from mortgage insurer Genworth Canada reveals that 59% of millennials are already homeowners, with 30% having bought a home in the past two years (including first-time buyers and repeat buyers). That means more than three times as […]
Amended regulations will set $60K a year investment cap on some of the risky investments Margaret Wong, left, and Alexander Wong each invested more than a $100,000 in syndicated mortgages. They’ve never seen a penny of the money they were counting on for retirement. (Chris Dunseith/CBC) Investors who have likely lost tens of thousands in syndicated mortgages […]
Step by step, the scope of Toronto’s Downtown Relief Line is taking shape. This week, a new round of transit consultations is revealing an evolved alignment for the future subway, with a Queen corridor that includes a station at the Unilever Site near Broadview and Eastern Avenues, preferred by both City Planning and the TTC. […]
The Canadian economy, which contracted to start the year, bounced back in February, led by gains in the mining and oil and gas extraction sector. Statistics Canada said Tuesday real gross domestic product grew 0.4 per cent in February after a slight pullback of 0.1 per cent in January. The mining and oil and gas […]
The dream of owning a home is still very much alive among Canadian millennials, but when it comes to saving for it they are lagging. A new poll of 18-37 year-olds by CIBC has found that 46% intend to buy a home in the next five years but 76% have yet to start saving or […]
Alaina Dyer Maziar, You have been a huge blessing! Your service has been exemplary and you kept my sanity during this ordeal of finding a suitable apartment for my daughter and cousin. Residing outside of the country, I did not know where to turn in looking for a place for my daughter and my cousin […]
Since the start of last year, 17 projects have been cancelled in the GTA, according to real estate services firm Altus Group Ltd. A parcel of land at the corner of Maplecrete Rd. and Highway 7 sits vacant. Liberty Development Corp. pulled the plug on a three-tower, sold-out condo development, citing problems with construction financing. […]
Research firm calculates that standard buyer better off renting as ownership costs have surged The average cost to rent a condominium in the Greater Toronto Area has risen by almost 11 per cent in the past year partly because tougher mortgage rules have shut out new buyers and flooded the market with renters, a new […]
The rush to become a tech hub raises questions about Toronto’s independence and just who will control the city’s valuable Port Lands. Sidewalk Toronto is a joint effort by Waterfront Toronto and Alphabet’s Sidewalk Labs to create a new kind of mixed-use, complete community on Toronto’s Eastern Waterfront, beginning with the creation of Quayside, a […]
The main advantages of buying a pre-construction condo are that you usually get a better price when you buy at the beginning, and you get to choose to some extent the finishes that your unit will have. For some, there’s the added kick of knowing that no one else has ever lived in their home […]
TORONTO, Feb. 12, 2018 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group”) (TSX:AIF), a leading provider of commercial real estate services, software and data solutions, today released the latest numbers on new condominium apartment sales in key markets across Canada for 2017. The data provides insight into new condominium apartment sales, inventory and pricing in […]
Why are central Toronto condo prices rising so fast? It’s a complicated issue but here is a summary of reasons: Rising immigration year to year. Currently the federal government is raising its targets by 3-6% per year; 310,000 (2018), 330,000 (2019), 340,000 (2020). In the previous decade the average was 260,000. 35% of these new […]
Altus Group data reveals 2017 was another record year for new condominium apartment sales in the GTA and seventh consecutive record year for investment property transaction value TORONTO, Jan. 26, 2018 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group”) (TSX:AIF), a leading provider of commercial real estate services, software and data solutions, today released results […]
New CMHC core need data again shows the need for a portable housing benefit http://www.aztechrealty.com/documents/CMHC%20Core%20Need%20-%202017%2011.pdf In the News … One in Four Canadians Who Rent Have Core Housing Needs (So, why is this ‘good’ for landlords?) Amid the continuing onslaught by all levels of government to win votes from tenants in their bids to stay […]
Canadian home sales jumped in November, as buyers rushed in to avoid new mortgage rules which come into effect in the new year. According to the Canadian Real Estate Association (CREA), national home sales rose 3.9 per cent in November, a spike well above October’s 0.9 per cent increase. “Some home buyers with more than […]
Ontario passed the Building Better Communities and Conserving Watersheds Act 2017, which overhauls the province’s land use planning appeals system, giving communities a stronger voice and ensuring people have access to faster, fairer and more affordable hearings. Giving Communities a Stronger Voice Once in force, the act will establish the Local Planning Appeal Tribunal to […]
Short-term Rentals Proposed regulations for short-term rentals were approved by City Council. A short-term rental is defined as renting for less than 28 days. Staff recommendations to limit the use of short-term rental providers (such as Airbnb) to a person’s ‘principal residence’ were adopted. A limit of 180 days per year was also placed on […]
Rental housing is getting harder to find in the Greater Toronto Area, although for those that already live here, that’s not likely news. But a new report from the Canada Mortgage and Housing Corporation provides a statistical look at just how tight the rental market has become. The vacancy rate of rental properties in the GTA — the […]
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