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 […]
oronto area home sales rebounded by 12 per cent from September to October, pointing to a stronger fall market after a policy-driven pullback from a frenzied market that peaked earlier this year. The Toronto Real Estate Board said Thursday that 7,118 homes were sold in October, up from the month before but down 27 per […]
Not only is the rent too damn high, housing prices are as well. But where is the situation the worst? The usual suspects — New York, San Francisco, Vancouver — top the list, but where else are things bad? This chart from real estate firm Point2Homes ranks cities by their “median multiple” — the median […]
Greater Toronto home prices jumped in September as buyers appeared to put an end to a slump that began in the spring with government measures to cool a scorching real-estate market. The Toronto Real Estate Board (TREB) said the average GTA home sold for $775,546 in September, up 5.9 per cent from August’s average […]
There were 795 total new home sales in August 2017, with 114 Low Rise sales, down -76% from August 2016 (down -88% from 10yr avg) and 681 High Rise sales, down -68% from August 2016 (down -42% from 10yr avg). The New Home Benchmark Price tracks the average Low and High Rise home or unit […]
August may have been quiet but 2017 so far has been a strong year for new home sales in the GTA, especially for the high-rise sector. A report from the Building Industry and Land Development Association (BILD) shows that 31,749 homes have been sold in the 8 months to the end of August, 28% […]
The Ontario government has addressed the province’s housing supply issue by vowing to unlock provincial land for the use of housing. Toronto Mayor John Tory and Peter Milczyn, Minister of Housing and Minister Responsible for the Poverty Reduction Strategy, made the announcement in Toronto Wednesday morning. The plan is to allow for the creation of […]
Since the end of April, we have heard many reports on how the [Toronto-Condo-Market-May-2017-New-Legislature-Effect-Toronto-Condo-Market-]Ontario Fair Housing Plan has changed the face of Toronto’s real estate market. We have heard diverse reports ranging from dire as the market has stalled and prices have dropped dramatically, to reports that there has been little impact on the Toronto […]
Ontario’s Fair Housing Plan introduces a comprehensive package of measures to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market. The plan includes: Actions to Address Demand for Housing: Introducing legislation that would, if passed, implement a new 15-per-cent Non-Resident Speculation Tax (NRST) on […]
There were 1,752 total new home sales in July 2017, with 137 Low Rise sales, down -85% from July 2016 (down -86% from 10yr avg) and 1,615 High Rise sales, down -34% from July 2016 (up +4% from 10yr avg). The New Home Benchmark Price tracks the average Low and High Rise home or unit […]
This June, we announced $1.25 billion in tri-government funding for Waterfront Toronto to naturalize the mouth of the Don River, provide flood protection and lay the groundwork for new communities. This project, officially called Port Lands Flood Protection and Enabling Infrastructure (PLFPEI), will be a vital part of helping Toronto grow in a sustainable way. This includes the […]
The federal housing agency says home construction picked up last month. Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts increased to 222,324 units in July, up from 212,948 in June. The annual pace of urban home construction increased by 5.5 per cent to 206,122 units, driven by a rise […]
Canada continues to experience strong GDP growth, with the latest monthly data from May 2017 showing that the economy grew by 0.6% month-over-month, or 4.6% year-over-year. This growth was consistent across 14 of the 20 sectors tracked. For good measure, the recently released IMF report on global economic growth indicates that Canada will lead all […]
Berkshire Hathaway, led by the renowned investor, says it will take a 38.39% stake in the mortgage lender and provide a $2 billion credit lifeline Embattled mortgage lender Home Capital just got a lifeline from the Oracle of Omaha. Berkshire Hathaway Inc., the multinational conglomerate led by renowned investor Warren Buffett, said late Wednesday evening […]
Canada’s Wonderland Won’t Be the Only Thing Defining Vaughan’s Skyline Anymore 442 acres of land is being redeveloped, that’s approximately 300 football fields! They’re creating a downtown core that Vaughan has never seen before set with tons of skyscrapers (well, 30 storey skyscrapers). This plan transforms the current sub-urban area into an urban hub for […]
I’m delighted that City Council approved my colleague, Councillor Mike Layton’s plan, to turn vacant land at 28 Bathurst into a brand new 2-acre park. This is tremendous news, and a great win for our shared downtown neighbourhoods. As our city grows, we must focus on building neighbourhoods rather than just adding density. As we […]
The Canadian Press has learned that the Ontario government will place a 15-per-cent tax on non-resident foreign buyers as part of a much-anticipated package of housing measures to be unveiled today. The measures are aimed at cooling down a red-hot real estate market in the Greater Toronto Area, where the average price of detached houses […]
Distinguished economist Benjamin Tal says that rentals “must be part of the solution” to the GTA housing problem Report Summary: The GTA is not a normally functioning market due to a history of legislation failure, as well as a severe lack of land; House prices, while always on the rise in the GTA, have followed a […]
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