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 […]

Risk of condo market overheating: CMHC

Unstoppable condo sales put Toronto market at risk of overheating: CMHC TORONTO STAR – JOSH RUBIN FEBRUARY 20, 2020 The real estate market in the Toronto area is in danger of overheating, with condos driving much of the momentum, according to a new report from the Canada Mortgage and Housing Corporation. The CMHC’s quarterly market assessment, […]

The market is hot, hot, hot…

The market is hot, hot, hot! February so far in the GTA: 77 offers, 43 offers, 28 offers, 14 offers, 17 offers, etc. etc.  Buyers are lined up. Here are the stats for the end of January. Single-family homes continue to be strong. Condos are holding and climbing, and condos in the downtown core are […]

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 […]

And the Toronto spring market is now over…

The Toronto spring real estate market came on hot and furious.  It was sooner than normal, it was hotter than normal, average selling prices zoomed skyward and now it’s over.  The summer market is upon us, with buyers able to breathe, make calm decisions and buy without impulse decisions.   Here’s the chart for 2007-2017 […]

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 […]

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 […]