The City of Toronto wants to buy the 16-hectare (40-acre) Hearn site from Studios of America, which bought it last fall from provincially owned Ontario Power Generation in a controversial $16-million deal. City council voted 20-2 on Thursday to direct city staff to start discussions with Studios of America, the longtime tenant that bought the […]
Immigrants are not as enticed by single-detached residences as their Canadian-born counterparts, fresh numbers from Statistics Canada indicated. From 2016 to 2017, immigrants accounted for 46% of Toronto’s population total, and 41% that of Vancouver. The cohort accounted for 43% of residential ownership in Toronto, and 37% in Vancouver. However, the proportion of single-detached homes […]
Ottawa should lengthen mortgage amortization periods to 30 years and reconsider the strict stress tests introduced last year, the home building industry says. The recommendations by the Building Industry and Land Development Association (BILD) comes as it released its annual report Friday showing that new-construction home sales hit a near 20-year low last year in […]
New home buyers finally reached their limit in Toronto last year. After years of frenzied price increases, sales of new homes in Canada’s biggest city sunk to the lowest in almost two decades in 2018 and the supply of unsold condos piled up, according to a pair of new reports released Friday. “Greater caution” should […]
TORONTO — Ontario is considering allowing realtors to tell prospective home buyers the prices of other offers in bidding wars. The government launched a consultation Thursday looking at the Real Estate and Business Brokers Act, and that’s one rule they’re looking at changing. Currently, if there are multiple bids on a home, the seller’s broker […]
City council has voted in favour of a plan to make 11 surplus parcels of land available for the development of affordable housing despite criticism from some councillors who say the initiative doesn’t go far enough. In a 21-4 vote on Wednesday afternoon, council approved the framework for Mayor John Tory’s “Housing Now” program, in […]
Looking for a pad within walking distance of Toronto’s subway system? Good call. You’ll get around the city a lot cheaper and faster than you would by taking a car—you just may have to pay a bit more for your home upfront. Real estate brokerage and data provider Zoocasa just broke down how much it […]
Despite overall economic prosperity in recent years, one area that has remained sluggish is homebuying. According to the National Association of Realtors, December existing home sales declined 6.4% from November — the weakest month for existing home sales in at least three years. With fewer homes being sold, the people most directly affected tend to […]
At a time when they were already suffering from Target’s failed Canadian expansion and the seemingly unstoppable growth of online shopping, the loss of the once-mighty Sears chain felt like yet another body blow for shopping malls in this country. After all, the departure of an iconic brand — and its large stores in prime […]
Icing isn’t just something that happens in winter storms or hockey games. It’s the term used when internal combustion engine (ICE) cars park in spaces reserved for charging electric vehicles, thus “icing” out their environmentally friendly counterparts. It can be the source of heated arguments and it’s just one of the challenges facing managers of […]
On the shoulders of higher interest rates, Canadian housing affordability continued to worsen in the closing quarter of 2018, according to National Bank’s Housing Affordability Monitor. To measure housing affordability each quarter in 10 major markets, National Bank looks at how long it would take a typical household to save for a downpayment on median-priced […]
Ontario Premier Doug Ford is pushing to eliminate housing shortages in Canada’s largest province, as policy makers seek to deflate pricey markets in places like Toronto without triggering a correction. Ford’s housing minister, Steve Clark, began consultations this month on proposed reforms that would give local governments more control over their own housing mix to […]
TORONTO — Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said. Officials from the country’s finance ministry, financial regulator, central bank and federal housing agency have discussed […]
Although it may seem counterintuitive, cash flow is not the be all and end all of investing in real estate. “Everyone has such a cash flow mindset, and don’t get me wrong, cash flow is amazing and will help support a different lifestyle eventually, but making those dollars year-over-year is where the wealth comes from,” […]
Rising interest rates and strict mortgage qualification resulted in fewer Canadians seeking homeownership than rental accommodations last year, and 2019 will bring more of the same. “It’s going to continue,” said Marcus & Millichap’s Vice President and Broker of Record Mark Paterson. “People will continue renting rather than dealing with residential mortgages. The rental market […]
Ontario Premier Doug Ford is pushing to eliminate housing shortages in Canada’s largest province, as policy makers seek to deflate pricey markets in places like Toronto without triggering a correction. Ford’s housing minister, Steve Clark, began consultations this month on proposed reforms that would give local governments more control over their own housing mix to […]
Five years ago, Sarah Sklash, co-owner of the June Motel, visited Prince Edward County for the first time to attend a wine festival. On the car ride home, she knew it was the place for her and immediately began property shopping from the back seat. Sklash remembers thinking at the time, “I don’t think I […]
Whether you want to stop paying skyrocketing rental rates, start building equity, or own property that can be passed down to your children, purchasing a home is likely a long-term goal of yours. However, with rising home costs and the mortgage stress test introduced in 2018, achieving that goal can be a challenge for many […]
More Canadian banks are trimming mortgage rates following RBC’s move last week to hack 15 basis points off its five-year fixed rate. It was likely welcome news for homebuyers in Toronto, one of Canada’s priciest markets with an average home price of $750,180, according to the local real estate board. But could these discounted rates […]
A recent Ipsos survey painted a grim picture for many Canadians: apparently, nearly half are $200 or less from being too broke to pay the bills. The annual survey of more than 2,000 adults in Canada garnered dire headlines across the country, with nearly a third of respondents reporting they haven’t any money left over […]
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