Condo market poised to follow fall of detached home prices, says realtor
As Canada’s real estate market wrapped up 2022 with price declines, some condo investors are expected to put their properties up for sale within the year as variable mortgage rates continue to rise, a real estate expert said.
Steve Saretsky, a Vancouver realtor, said the market for detached homes has already gone through a “nice” correction in past months, signalling a similar direction for the condo market.
Canada’s ban on foreign property buyers won’t apply to many workers, international students Social Sharing
Days before non-residents are banned from buying homes in Canada, the federal government has announced a number of exemptions, including for many foreign workers and international students who plan to live in Canada long-term.
From Jan. 1, non-Canadians will be prohibited from buying residential property for two years. The federal government announced the ban as part of its April budget, saying the measure would help improve housing affordability for Canadians.
But details about who the ban would cover, and who would be exempt, were only released Wednesday — giving prospective buyers and realtors just 11 days to wrap up any purchases that could be prohibited in the new year.
Balconies, prices and launches – oh my! Condo predictions for 2023.
New year, new market… er, sorta.
While the rest of the world made its list of New Year’s resolutions, developers made a resolution of their own:
Figure out what’s up with balconies.
New data from Bullpen Research and Consulting shows that the average size of a balcony in a new condo project in the Greater Toronto Area (GTA) is approximately 72 square feet – 16 per cent of the average unit size. That’s a significant amount of space for a home feature that (it’s okay to admit…) often ends up turning into outdoor storage.
Towers, New Store Proposed for Canadian Tire Site Near Main and Danforth
As of this writing, the site is home to a portion of the two-storey Canadian Tire building, a garden centre, and surface parking. The owner’s portion is a northwest section of the area, with frontage along Danforth Avenue. It is about 11,619m² in area and is just east of the four apartments that make up the Main Square complex.
The proposed design by Turner Fleischer Architects for developer CT REIT entails two buildings standing at 115.35m with 33 storeys (Tower A) and 148.25m with 44 storeys (Tower B) containing 905 residential units. They would share a podium of eight to nine storeys. With the existing structures being demolished, the design would result in a new Canadian Tire store, automobile service centre, public park, and new public street running north-south.
Property tax hikes loom in wake of provincial housing rule changes, GTA municipalities warn
New cuts to the fees that local councils can levy against home builders could have a major impact on property taxes in parts of the GTA, a new survey by CBC News has found, with one municipality saying property taxes could more than double.
Late last year, the provincial government passed Bill 23, the More Homes Built Faster Act, which eliminates some fees that municipalities charge to developers in exchange for the right to build certain types of homes — money that municipalities say they rely on to provide things like roads and sewers, public transit, parks and libraries.
CBC News polled all 25 municipal governments in the Greater Toronto Area Dec. 15 and 16, asking how much money they’ll lose by not collecting the development charges and how much they believe they’ll have to hike property taxes in the years ahead to make ends meet.
The bulk of those municipalities say it’s still unclear how they’ll contend with the dramatic loss of revenue.
In Ontario, who as to shovel the snow: the tenant or the landlord?
Much of Ontario will be walking — and shovelling — in a winter wonderland today.
Everyone knows (or should know) that big fines are in store if you fail to shovel the snow outside your home. But what if you rent your property? Is it still your responsibility, or your landlord’s?
That’s the $500 question.
According to Section 20(1) of the Residential Tenancies Act, “a landlord is responsible for providing and maintaining a residential complex, including the rental units in it, in a good state of repair and fit for habitation and for complying with health, safety, housing and maintenance standards.” And according to court rulings, this includes snow removal.
Toronto, Vancouver Condo and Apartment Rents Up 24% in November
Rents continued to climb across the country in November, surpassing the $2,000 mark nationally with renters paying $224 more, on average, compared to a year prior. This is according to a new national rent report by Rentals.ca and Urbanation, based on data from RentFaster.ca.
November’s national average appreciated 2.5% month over month, 12.4% year over year, 4.9% in the past three months, and 10.5% since November 2019, the report says.
Was this the Bank of Canada’s last rate hike?
Despite delivering a half-point interest rate hike at its final rate decision meeting of 2022, the Bank of Canada offered borrowers a glimmer of hope that this could be among its last.
On the heels of stronger-than-expected GDP growth in the third quarter and persistently high inflation, the Bank opted for the more aggressive of its two rate-hike options on Wednesday. Markets and economists had been nearly evenly divided in forecasting a 25- or 50-bps increase.
“Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target,” read the Bank’s statement.
That was the first major deviation from previous statements, in which it regularly said rates “will need to rise further.”
Wealthiest Neighbourhoods In Toronto
The real estate market in Toronto neighbourhoods can be very competitive. Some Toronto neighbourhoods boast some of the most expensive real estate in Canada, with homes often selling in the millions of dollars.
Keep reading for details on the most expensive neighbourhoods in Toronto, as well as information on the types of families that live in Toronto’s most affluent areas.
The average household income in Toronto is $78,373, which is required in a city with a high cost of living. According to experts, the typical Torontonian needs to earn at least $22.08 per hour in order to comfortably live in the city. However, living in some of the more wealthy areas often requires much more income.