The pesky little Toronto condo problem

The condo market in downtown Toronto took quite a hit with COVID.  AirBnBs were immediately shut down.  Owners suffered, so they were forced to sell.  The market was flooded with listings, which, in turn, affected prices.  Well… that only took a few short months to sort out.  Things are back to a Toronto-normal again.  High […]

Perils of living in super high rise condo buildings

The perils of living in super high rise condo buildings The nearly 1,400-foot tower at 432 Park Avenue, briefly the tallest residential building in the world, was the pinnacle of New York’s luxury condo boom half a decade ago, fueled largely by foreign buyers seeking discretion and big returns. Six years later, residents of the […]

Going up, up, up…

The One could reclaim Canada’s tallest tower status after bid to add 9 storeys In December 2020, Mizrahi Developments submitted an addendum to increase The One’s height by adding nine storeys to the already supertall building. If approved, it would boost the Bloor and Yonge condo tower’s floor count from 85 storeys to 94 storeys. The developer is seeking […]

New Corporations and Real Estate Deposits

Matthew Wilson, LLB, CS From time to time a purchaser will want to purchase real estate before the corporation that will own the real estate is incorporated. The agreement of purchase and sale might be entered into by an individual “in trust for a corporation to be incorporated without any personal liability”. Does this change what […]

Canada’s condo insurance crisis

A flood in Fort McMurray this past spring costing $100 million in damages. A June hailstorm in Calgary, now ranking as the fourth largest claim in Canadian history at $1.2 billion. These are just two examples of recent catastrophic losses impacting insuranceacross the country and contributing to a hard market, where premiums are increasing andcapacity […]

CRA cracking down on PRE abuse

CRA cracking down on abuse of principal residence exemptions, but their assessments aren’t written in stone Jamie Golombek: If it’s determined that you’re regularly buying and selling homes, you can be denied the PRE There are very few things that are tax-free: investment income in your TFSA, lottery and casino winnings, purchasing six or more […]

Asbestos – does it matter?

What is Asbestos? Where is it? Asbestos was often used in the construction of residential properties, particularly in the 1950s to 1970s. Asbestos was primarily used as an insulator because it is heat resistant and has a high tensile strength. It was contained in products such as pipe and duct insulation on heating systems, sealers […]

If you bought a house before coronavirus hit…

If you bought a house before the coronavirus crisis hit, don’t expect force majeure to save you FINANCIAL POST  MARCH 28, 2020 Real estate transactions, even at the best of times, are complicated and stressful for buyers and sellers. For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything […]