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 […]

Buyer’s right to a final inspection?

Once you buy a property, are you allowed to have another look?  Now, once you own it, you can look at it all you like, but by that time it may be too late. The basic question is whether you have the legal right to inspect it before closing. From time to time, this issue […]

Population Projections 2015-2041

Parts of Ontario will enjoy an increase in population between 2015 and 2041, while other areas will experience decreased population.  This will affect medical services offered, will determine if schools are built or closed, will determine the future of public transit, etc.  Read more….

Madani predicting bursting bubble… again

Those booming housing markets may make some homeowners rich and provide a short-term boost to the economy, but a Canadian economist is warning about the long-term impact on the country. David Madani, of Capital Economics, said in a report out Friday that while the housing boom supported the economy through the oil shock in 2016, […]

GTA home prices & sales continue to soar…

An announcement made by the Building Industry and Land Development Association (BILD) this week reveals that demand for housing in the Greater Toronto Area is showing no signs of slowing down. The average price of new low-rise homes is up 22 percent from last year, reaching a new high of $992,231 in the month of September […]

Defaulting Buyers lose their deposit

Defaulting Buyers lose their deposit – even in a rising market One of the fundamental principles of contract law is that damages are based on the actual loss suffered by the innocent party when there is a breach of contract. Damages restore the innocent party to the position she would have been in if the […]

New rules for principal residence exemption

A seasonal residence, such as a cottage, cabin, lake house or even ski chalet can be considered to be “ordinarily inhabited in the year” even if you only use it during vacation periods “provided that the main reason for owning the property is not to gain or produce income.” As part of the new measures […]

Mortgage pros say this is not a bubble…

There is no housing bubble, and any misguided attempts to fix one will cause bigger problems in the long run.  That’s one of the main takeaways of a new report from Mortgage Professionals Canada, an industry group that represents 11,000 mortgage brokers across the country. “Housing bubbles do not exist in Canada,” the group’s chief […]

Update on Toronto’s growth

“UrbanToronto’s Growth to Watch For Series has tracked the hundreds of development proposals and construction projects across the city. Moving from neighbourhood to neighbourhood, each entry of our 16 part series provides a fine-grained overview of local development. With the series now complete, we bring together our 2016 editorials in an exhaustively comprehensive survey of […]

More UrbanCorp troubles

Tarion Warranty Corp., which administers the Ontario New Home Warranties Plan Act, sent a note advising customers of Urbancorp that “Tarion has issued a notice of proposal to revoke the registration of 17 Urbancorp related companies.” It adds, “The decision was made due to the builder’s failure to meet Tarion’s ongoing registration requirements.”  Read more…

Millennials’ dark financial fears

Far from having their heads buried in the financial sand, twenty– and thirty-something Canadians are feeling anxious, angry and scared about their futures. In December, we asked The Globe’s millennial readers to send us their biggest financial fears. More than 1,200 of them did. The answers varied but certain themes emerged: skyrocketing house prices, an […]

Higher tax on real estate investments?

Higher tax on capital gains unlikely to deter property investment There’s speculation that the federal budget coming Tuesday will include a tax measure that would hit people buying and then selling investment properties in hot housing markets. That’s not how higher taxes on capital gains would be billed, but people buying investment properties in addition […]

BMO slams real estate ‘scaremongers’

BMO and the 33 bears Bank of Montreal’s chief economist is poking the bear in the eye. Douglas Porter looked back over the past several years at comments that predicted the demise of Canada’s housing market, as far back as 2008. All warned that the party was, or would soon be, over. One comment, a […]