In Toronto From Renting To Owning A Condo Is Becoming Harder In Toronto From Renting To Owning A Condo Is Becoming Harder Runaway price growth for single-family homes is a thing of the past in Toronto and Vancouver today, thanks to rising interest rates and tougher mortgage rules. But with prices still high, buyers have turned to other options. Or really the one other option that exists in buying the condos. “Trouble is, this stronger demand for condos resulted in sharper price gains and affordability erosion,” Royal Bank of Canada economists Craig Wright and Robert
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Category: Toronto News Posts Toronto is U.S. and Canada’s fastest-growing city, and that’s not good
Toronto is U.S. and Canada’s fastest-growing city, and that’s not good Torontonians could find themselves “doubling up” on housing with friends or relatives in the incoming years as the city’s breakneck population growth outstrips the supply of new housing, an urban planning expert is warning. In an analysis published online this week, researchers Frank Clayton and Eva Shi of Ryerson University’s Centre for Urban Research and Land Development found that Toronto is the fastest-growing city in the U.S. or Canada, and by a long shot. Toronto added more than 77,000 net new residents in one year
View Article...Category: Toronto News Posts TREB Released May, 2019 Resale Market Figures
TREB Released May, 2019 Resale Market Figuress Toronto Real Estate Board President announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019. This result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, Please note that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300. The year-over-year uptick in sales experienced so far in the second quarter of 2019 suggests that the share of likely home buyers in the Greater Toronto Area has
View Article...Category: Toronto News Posts Toronto opposes Ford’s new housing plan for lack of affordable housing, reduced revenue
Toronto opposes Ford’s new housing plan for lack of affordable housing, reduced revenue Toronto council has voted to oppose the provincial government’s new housing supply plan, with city staff and councillors citing concerns about reduced city revenue, less control over planning, and a lack of “tools” to mandate affordable units. The new plan, heading through the legislature as Bill 108, aims to tweak more than a dozen pieces of legislation to cut red tape, speed up housing approvals, and make housing “more affordable” for both would-be home-buyers and renters. But in a new report, chief city planner Gregg
View Article...Category: Toronto News Posts TREB Released April, 2019 Resale Market Figures
TREB Released April, 2019 Resale Market Figures TREB announced that the Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019. New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was much lower than that reported number for sales. This suggests that market conditions continued to tighten which points
View Article...Category: Toronto News Posts Toronto housing slowdown reasons Bank of Canada showed
Toronto housing slowdown reasons Bank of Canada showed The Bank of Canada found the prices of the housing market went up way out of affordability range for buyers. The Bank estimated. that between 2015 and 2018, the rising cost of home ownership would have lowered annual home sales nationwide by a hefty 56,000 if the “housing bubble” effect was not present in the market. The Bank estimated that Only a fraction of that — 10,000 sales — would have been due to the mortgage stress test, All the rest would have been due to rising prices and
View Article...Category: Toronto News Posts TREB Released March, 2019 Resale Market Figures
TREB Released March, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019. This result was close to 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent (1%) compared to Q1 2018. The ‘OSFI stress test’ has an impact as to home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be
View Article...Category: Toronto News Posts TREB Released February, 2019 Resale Market Figures
TREB Released February, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment. “The OSFI mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30 year amortizations
View Article...Category: Toronto News Posts Protect Yourself Against Income Tax Fraud
Protect Yourself Against Income Tax Fraud For Canadian income tax payers Canadian income taxpayers should be vigilant when they receive, either by telephone, mail, text message or email, a fraudulent communication that claims to be from the Canada Revenue Agency (CRA) requesting personal information such as a social insurance number, credit card number, bank account number, or passport number. These scams may insist that this personal information is needed so that the taxpayer can receive a refund or a benefit payment. Cases of fraudulent communication could also involve threatening or coercive language to scare individuals into
View Article...Category: Toronto News Posts TREB Released January, 2019 Resale Market Figures
TREB Released January, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December, 2018. “It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line
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