Foreign owners of condos comprised 3.5 percent of the market in Vancouver and 3.3 percent in Toronto, according to a report from Canada Mortgage & Housing Corp. which surveyed property managers. That’s up from 2.3 percent in Vancouver last year and 2.4 percent in Toronto, Canada’s largest city. When narrowing to the downtown core, foreign buyers made up 5.4 percent of Vancouver condo buyers this year versus 3.4 last year and 5.8 percent of Toronto condo buyers versus 4.3 percent.So far, the agency’s data is limited to condominiums and based only on a survey of property managers. Offshore buyers can keep their location and identity secret, Evan Siddall, chief executive officer of CMHC said in a speech last month.
December 1, 2015 -- The Minister of Municipal Affairs and Housing, Ted McMeekin announced today that the government will not give municipalities outside of Toronto the ability to charge a municipal land transfer tax (MLTT). YOU SAID "NO" AND THEY LISTENED.
REALTORS® mounted a strong campaign against this proposal, and TREB Members played an integral role in speaking out.
As a result, REALTORS® have helped stop one of the largest potential tax increases on home ownership.
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Princess Margaret Gardens, Toronto
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around public transportation wasn’t always a good choice when it came to real
estate. After World War II, downtown living was frowned upon and people flocked
towards the suburbs in order to find larger and greener land. As a result, real
estate prices rose outside the city.
Fast forward to today and we’re seeing the
opposite effect. People want to live in the downtown core and public
transportation is at the forefront of political debate.
Billions of dollars are being spent on new subways
and streetcars in cities like Toronto and Vancouver. Calgary and Ottawa are
also beefing up its public transit service in response to a higher demand from
In fact, every major city across Canada has plans
to focus on public transportation. It’s a response to increased population
demands, and on minimizing the cost of economic and environmental resources.
Increased housing prices are a result of higher
demand. In terms of housing near public transportation, this demand has
increased because people want the convenience of walking to a subway or
streetcar. This is an advantage because there is no requirement to pay for
The millennial generation (those under 30 years
old) also prefers to live close to public transportation. This generation of
the population has made a conscious decision to drive less and walk more, thus,
making them more dependent on public transportation.
This is especially true in the rental market where
many renters opt to live in housing that is walking distance to a subway or streetcar
Transit is vital for building communities. It’s an
essential service that provides mobility, creates jobs and takes cars off the
street. As a result, congestion is reduced, fostering economic growth in the
In terms of real estate prices, property values
that are located close to public transit increase at a higher rate and have
been shown to be more resilient to economic downturns.
cities across Canada become more developed, it will be more and more difficult
to commute downtown via car. Thus, properties that are located closer to the
downtown and have good access to public transportation will continue to see
growth in real estate prices.
Although listing a home too close to Christmas isn’t ideal in many cases, it can yield positive results if done properly. One advantage of selling a property around the holidays is that there’s typically less competition. With fewer listings on the market at this time of year, you can take advantage of the more serious active buyers. It’s not uncommon that work schedules lighten up leading up to the holidays, which may allow active buyers to focus on house hunting.The amount of active buyers will be somewhat dictated by the condition of the local market – for instance, a seller's market will typically see more buyer foot traffic at any point during the year when compared to a buyer or balanced market. With that said, many people simply stop looking for homes at this time of year, so an impactful marketing strategy is critical in order to generate interest. The rules for staging a home leading up to the holidays change slightly as well. Prepare your property in such a way that buyers will feel warm and comfortable. Selectively decorate for the holidays, but do not go overboard as you want to appeal to all cultures.If the home has a fireplace, be sure to have it lit for showings. Have the heat set to a comfortable 21 degrees or slightly higher on a really cold day. Ensuring your property shows well is of utmost importance during this time of year. It goes without saying that pricing the home properly to reflect current market conditions will greatly contribute to the sale success.
The majority of home sellers say that they would only consider offers from buyers who had already been pre-approved for a mortgage. A poll by Scotiabank found that 61 per cent of sellers seek those with approval and that 69 per cent of buyers are likely to have pre-approval before they begin hunting for their new home. Overall 83 per cent of respondents consider mortgage pre-approval to be “more enticing” for sellers and increases buyers’ negotiating power. Other advantages for buyers include knowing their maximum budget (62 per cent) and understanding their downpayment and monthly mortgage repayments (45 per cent).
GTA homebuyers have admitted in
2012 and 2014 surveys by RBC and Pembina that they’d prefer a walkable
neighbourhood, close to work and accessible by rapid transit, even if it meant
living in a smaller home. Yet 82 per cent admitted that price ultimately trumped
preference when it came down to choosing where to live.
homebuyers acknowledge that choosing a cheaper home often means spending more
time and money commuting. But when we actually crunch the numbers, these costs
can be startling.”
report calculated multiple variables including closing costs on a home sale,
property taxes, fuel costs and transit fares as well as factors such as the
cost of lost time, and neighbourhood Walk Score.
result? The report doesn’t advocate for a family of four to squeeze into a
two-bedroom downtown condo. Aware of the needs and wants of four very different
home hunters, the report’s case studies found some surprising conclusions when
it comes to savings and spending.
the studies focused on Priya, a move-up buyer with a family of four in need of
more space and a budget between $400,000 and $550,000. She works in Mississauga
while her husband works in downtown Toronto.
the cost of a home in Milton was technically $180,000 lower than one in Port
Credit, after counting housing and transportation costs and other
considerations, the cost of the living further out in the ‘burbs was roughly
$1,000 higher per month than the Port Credit home. If Priya’s husband took the
GO train to work, that would eliminate the need for two cars, cut down costs
considerably, and allow them to still live in a detached house with three
on multiple trade-offs and not just the “for sale” price of home in the GTA,
the report found time and time again that the less expensive homes located
farther from the workplace ending up costing more once transportation and
commuting expenses were calculated.
the Royal Bank of Canada leads other major banks in lowering
five-year fixed mortgage rates, some industry experts believe there
won’t be much of an impact on how the housing market performs in 2015.
“I don’t believe a quarter-point will make a
significant difference,” said Justin Kua, a real estate agent in Toronto. “First-time buyers are already expecting low rates. It’s
just giving people a little more confidence in being able to take on a
Over the weekend, the Royal Bank of Canada dropped
its five-year fixed rate mortgage to just 2.84 per cent.
said he expects the market in 2015 to pick up where last year left off,
with low inventory being the driving force behind the hot market.
“The market is going to be active whether interest
rates are high or low,” he says. “Growing families still need to upsize and
seniors still need to downsize.”
With that said, though, Kua is encouraging his
clients to take advantage of a lower rate.
“If a client wants to move up and can afford a
detached house now, I highly recommend it," he said.
"It’s way cheaper now than it will be down
the line. But, buyers should be proactive in paying down the mortgage, because
while it’s cheap now, you have to be aware that higher rates are coming. Don’t
sit on a huge mortgage assuming rates are going to stay low forever.”
House prices in Toronto will continue to be out of
reach of many homebuyers even if there is moderation in the coming years.
That’s according to a new report by TD Economics that highlights
government regulations and taxation among the factors affecting affordability.
The report says that the policy of pushing for high density with small units
has led to an increasing shortage of townhouses and single-family homes,
increasing prices. Co-author of the report, economist Diana Petramala, says
that prices in the GTA mean that the area is now
not far behind New York in terms of being unaffordable.
landlords get their tenants to sign a minimum one-year lease. This is usually
done to give them some peace of mind, knowing their rental properties will be
occupied for at least 12 months. What most landlords don’t realize, however, is
that one-year lease agreements don’t hold much weight.
a lease agreement is considered to be a binding contract and a tenant is
obliged to stay for the term agreed to, there is very little landlords can do
to stop tenants from walking out on them.
Here are only three circumstances in
which breaking one's lease is condoned by the Ontario Landlord and
Board issues an order ending the tenancy agreement early because the
landlord has not met their obligations under the Act,
landlord allows the tenant to assign the rental unit to someone else.
Despite all this legislation in place, the
reality is that tenants can walk away from their obligations without much
consequence to themselves. Sophisticated tenants have found loopholes that
allow them to back out of their commitments easily.
The critical part in deciding which tenant to
take is to perform due diligence on any potential tenants before making
them sign your lease agreement.
survey, published by the Real Estate Council of Ontario (RECO), found
that 26 per cent of investors wished they had a better grasp of the buying
process, 21 per cent wished they had looked at more properties and 14 per cent
wished they had a better understanding of the contracts involved.
Other findings include:
43 per cent said there
were sections of the real estate contract when they bought or sold a home that
they did not fully understand.
36 per cent mistakenly
think that after a real estate contract is signed, a buyer or seller has a
trial period during which they can cancel it, and an additional 33 per cent
said they do not know.
55 per cent incorrectly
believe that if you place a conditional offer on a home and the deal doesn't
proceed, you automatically get your deposit back.
You need a good agent –
professional realtor who knows the business of real estate
separate entrance to the fin. basement
• 3 bath, 4 bdrm 2 story
- Renovated top to bottom
Black Creek/Lawrence, Toronto
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• 5 bath, 4 bdrm 2 story
- Fabulous corner lot!
Bradford, Bradford West Gwillimbury
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• 1 bath, 1 bdrm apartment
- Sub penthouse
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