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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Condo prices could skyrocket…

Toronto condo prices could skyrocket 40 percent, predicts major developer A major real estate developer is brushing off fears of a bubble in Toronto’s red-hot condo market. “My prediction, and I’ve been pretty accurate to date, is we are going to have a 30-to-40% increase in values of the condo market in downtown Toronto over the […]

Vancouver’s high rental prices

Vancouver renters share the pain of high housing prices Vancouver isn’t just one of Canada’s most expensive housing markets for buyers, but also renters. According to new data released by the Canada Mortgage and Housing Corporation (CMHC), the highest average monthly rent was $1,345 for a two-bedroom, primary purpose-built apartment in Vancouver. Calgary had the […]

Renting out your parking spot by the hour?

Parking apps will allow owners to rent out parking spots by the hour… Rover, a new Toronto startup app, will match drivers with private parking spots they can rent by the hour. Rover will take 20 to 30% from every transaction, split equally between owner and renter. Uber is shaking up the taxi industry. Airbnb […]

More condos are coming on the market..

A record number of condos were completed in Greater Toronto in January (10,368), a whopping eight times more than the average of the past decade. Construction delays had builders playing catch up with the record number of multiple-unit dwellings started in 2012 (37,406 versus the past-decade norm of around 25,000 and last year’s 20,099). That, in […]

Beware door to door salespersons..

… trying to sell you a new furnace.  More and more seniors are being scammed at their own front door. They are being told it’s a government program to put money in their pocket, when it’s really a scam to get money out of their pockets. The $4,000 furnace eventually costs them over $18,000. One […]