Toronto condos being snapped up by tenants..

Intense competition means condos are being rented within 10 days of listing at average rents of $2,219 Ontario’s expanded rent control rules, in place since April, couldn’t stop a 10.3% hike in condo rents over the past year, according to a new study. Condo research firm Urbanation Inc. said Thursday the average index rent in the […]

Tax changes and the small business world…

Tim Cestnick July 21, 2017 Ever since the 2017 federal budget in March, when the government announced that tax changes affecting private corporations would be coming, I’ve been feeling queasy. Well, the proposed tax changes were announced by Bill Morneau, the Finance Minister, on Tuesday. And ugly they are. Here’s a primer on the potential […]

Condo prices still up over 2016

As expected, sales in June 2017 were down year-over-year, although prices were again moderately up, even with more new and active listings coming into the market. “Significantly, condo resale prices soared in pricing by 23.2% in the 416 and 21.4% in the 905, more than double the increase of detached homes, semis and town homes.”

Toronto market cools, creates sticky situations

Globe & Mail June 10, 2017 With a new home and a baby on the way, this summer was meant to be joyful for Pickering teacher A.J. Smith. Instead, he’s found himself squeezed by the Greater Toronto Area’s housing-market slowdown, watching tens of thousands of dollars evaporate from the value of a house he needs […]

Non Resident Speculation Tax

Although the Province has just announced the 15% Non-Resident Speculation tax, there are already more questions than answers. Here is what you need to know: 1. The tax is for non-residents of Canada buying 1-6 residential units in the Golden Horseshoe area of Ontario. This tax is in addition to any Land Transfer Tax payable. […]

CIBC slams Ontario rent controls..

New rent-control rules are “the exact opposite” of what is needed to deal with housing affordability problems in Toronto, Canadian Imperial Bank of Commerce economist Benjamin Tal says. In a new report Tuesday, Mr.Tal urges the Ontario government not to proceed with “alarming” plans to expand rent control protections, saying the Greater Toronto Area needs […]

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 […]

Vacant home tax? little effect…

Here’s a scoop: sometimes politicians do things just so they can say they did something. Whether what they do has much effect in the real world is an entirely secondary matter. If Toronto does go ahead with a tax on vacant homes in an effort to slow the vertiginous rise in property prices, it will […]

Toronto demographics…

The Toronto Region’s population base is one of the fastest growing in Canada; growth between 2001 and 2014 equalled 87% of the total population of Calgary in 2015. More than half of the global population (54%) now lives in cities, and by 2050 it is expected to grow to 66%. Toronto has more than twice the proportion of recent […]

Developers – disaster with rent controls

Major Toronto apartment developers are warning that Ontario’s proposals to expand rent controls would be a “disaster” that would push house prices even higher as the supply of new rental properties dries up. The Ontario government announced earlier this month that it is reviewing rent control regulations in the province and considering “substantive changes”. Current […]

Vicious rent control cycles..

Rent control is out of control. Now it’s making a comeback. Which may leave us right back where we started.  The debate over rent control is a perennial in Ontario politics, as predictable as the election cycle. In today’s tight housing market, with a close political contest looming, history is about to repeat itself. For better […]

Toronto prices are in line with the world…

Toronto’s soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London, says Mark Renzoni, president of global commercial real estate giant CBRE. “The market is fairly balanced. It’s not being driven by foreign capital. It’s being driven by Canadians, moving up, buying for the […]

Why Ontario prices are expensive…..

There’s a lot going on beneath the surface of southern Ontario’s wild housing market. Realtors say there’s simply not enough supply, and that the provincial government should open up more protected land for development. Federal policy makers, in turn, have been attacking demand with tax and mortgage qualification changes. But Bank of Nova Scotia says […]

Toronto Mayor rejects ‘bubble’ claim

Toronto Mayor John Tory is rejecting the notion the city’s housing market is in a bubble and insists the rapid rise in home prices shows the market is healthy. “Reports will come out from economists – I don’t dismiss them, I read them all – but I also talk to a lot of people in […]