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 […]
Every financial market you can think of is in an uproar right now, but not Toronto real estate. Sales of houses and condos for the first week of March were up 47 per cent over the same period last year and average prices rose 18 per cent, said John Pasalis, president of Realosophy Realty, a […]
Unlike the stock market, COVID-19 hasn’t affected the Lower Mainland real estate market — at least, not in a negative way. A friend of mine just closed on an apartment for $500,000 where she had to deal with a bidding war and ended up paying over asking. Open houses are still well-attended and quality properties […]
Businesses all over the world are becoming increasingly concerned about the coronavirus’s impact on various markets as the death count and number of affected individuals mounts. Could the coronavirus adversely impact property markets in China and beyond? The answer mostly depends on how quickly the virus is prevented from spreading within China and elsewhere. In […]
Canada’s housing market is poised for a hot spring — with lower mortgage rates likely to offset any major drag from the coronavirus. While a reduced travel from China may crimp sales in Vancouver, and the potential for a recession could set the market back, the possibility of interest rate cuts from the Bank of […]
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 […]
Despite a rocky couple of weeks, Canada’s real estate market continues to experience notable growth, with home sales up in February compared to the same time the year prior, according to a new report from the Canadian Real Estate Association (CREA). According to the report, which was released Monday, home sales recorded over the Canadian […]
The Canadian government has announced a further measure to mitigate the impact of the COVID-19 crisis and to help maintain stability in the financial system. It will launch a revised Insured Mortgage Purchase Program (IMPP) which will see up to $50 billion of insured mortgage pools purchased through the Canada Mortgage and Housing Corporation (CMHC). […]
Toronto city council has voted in favour to increase residential property taxes 4.24% this year. Council voted 21-3 in favour of the tax hike Wednesday morning, as part of the city’s $13.53-billion operating budget. Under the 2020 budget, property taxes are set to increase with the rate of inflation, and when combined with the increase […]
A significant proportion of those planning to buy homes in the Greater Toronto Area this year are going for detached housing, according to a new report by the Toronto Residential Real Estate Board. The share of those seeking this type of property stood at 42% as of fall 2019. This was markedly lower than the […]
Despite real estate prices that are forcing millennials to look elsewhere in Ontario, and a public transportation system that leaves too many stranded too often, it turns out Toronto residents are pretty happy despite these circumstances. In fact, Torontonians have it pretty good compared to other urban centres, which is why the City was just […]
Over the next 10 years, the population of the Toronto area will hit 8 million people. How will the city handle the rapid growth and fill its ever-increasing employment needs? Already experts are pointing to a talent gap in Toronto — too few people to fill the jobs needed in information technology, the skilled trades […]
Bank of Canada Governor Stephen Poloz suggested Thursday that lower interest rates would not send home prices skyrocketing, but could instead help bolster consumer confidence and the housing market amid the spread of the new coronavirus. Poloz told reporters following a speech in Toronto that the recent “shock” could weigh on people’s minds, possibly prompting […]
Near Record Year for GTA Investment Activity Total investments increased by 7% to $22.6 billion compared to $21.1 billion recorded in 2018. Driven by a record fourth quarter, overall investment volumes in 2019 rank second highest all time and was only outpaced by the record setting 2017 totals of $23.5 billion. The GTA market continues […]
The City of Toronto is currently studying ways to increase housing options/supply and planning permissions in areas of the city that are designated as Neighbourhoods in the Official Plan. These are areas that are sometimes referred to as the “Yellowbelt”, because they are seeing very little intensification and, in a number of cases, actually losing […]
Introduction Last year was nearly unprecedented for the Canadian commercial real estate industry. Canada outperformed its G7 peers riding on the strength of its welcoming immigration policies, attractive labour pool and stable operating environment. In 2020, the industry will not only move forward, several sectors will reach top speed. At a time of trade hostilities […]
If you’re the type of person who loves vaping indoors and engulfing your apartment balcony in festive lights, condo living might give you a culture shock. With the price of detached homes so incredibly high, condominiums are an attractive prospect for first-time buyers. Sure, there’s reduced square footage and maybe a little less privacy, but […]
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