New condo sales in the Toronto region have dropped to their lowest level since the 2009 financial crisis, with investors hesitating because of the lofty prices and higher borrowing costs. A Monday news release from the market research firm Urbanation has counted 60 projects across the Greater Toronto and Hamilton Area (GTHA), that are delayed— meaning they were slated for launch and began releasing promotional materials but have since been put on hold…
Read moreFederal Budget's Capital Gains Tax Hike: Impact on Middle-Class Canadians
Middle-class Canadians may still feel the impact of the federal budget’s increase to capital gains taxes, even though the government claims the adjustments will primarily target the wealthiest individuals. In the 2024 budget unveiled Tuesday, Finance Minister Chrystia Freeland said the government would increase the inclusion rate of the capital gains tax from 50 per cent to 67 per cent for businesses and trusts, generating an estimated $19 billion in new revenue…
Read moreUnlocking Homeownership: Canada's New Housing Affordability Measures Explained
Deputy Prime Minister and Finance Minister Chrystia Freeland announced a number of housing affordability measures Thursday that she said will help buyers get their first homes and help current homeowners afford the homes they have. "I really hope and believe the specific measures we announced today are going to provide a lot of comfort and a lot of hope to young Canadians."…
Read moreMarch 2024 Toronto Home Sales Report: Prices Up, Sales Down
March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to spring break for the schools and the statutory holiday Good Friday falling in March this year versus April last year…
Read moreMARKET UPDATE FOR MARCH 2024
Toronto's Fourplex Housing Proposal: City Council Approved, Doug Ford Rejects
Multiplexes of up to four residential units can now be built in all neighbourhoods across Toronto after approval from city council, a move intended to increase low-rise housing options in existing communities. And yesterday Doug Ford said, “It's off the table”…
Read moreCanada's Rental Prices Soar: Latest Report Reveals Record Highs
A new report released this week says the average asking price for a rental unit in Canada was $2,193 per month in February, up 10.5% year-over-year and the fastest annual growth since September 2023. The data released Monday by Rentals.ca and Urbanation, which analyzes monthly listings shows the average monthly cost of a one-bedroom unit in February was $1,920, up 12.9% from the same month in 2023…
Read moreCanada Ends First-Time Home Buyer Incentive: What's Next for Home Buyers?
Canada ends the first-time home buyer incentive program. The Canada Mortgage and Housing Corporation (CMHC) has officially terminated the First-Time Home Buyer Incentive program. The cutoff for new or revised applications is set for March 21st, 2024…
Read moreMARKET UPDATE FOR FEBRUARY 2024
Tarion's $90M Challenge: Protecting Ontario Homebuyers Amid Developer Abandonment
Tarion the home consumer protection agency in Ontario could face $90M in claims as developers walk away from projects and home buyers lose deposits. Ontario's real estate watchdog, Tarion, confronts an unprecedented challenge as it braces for over $90 million in claims from home buyers, marking the largest claim event in its history. The surge in claims stems from builders abandoning projects or engaging in illegal operations, compounded by rising interest rates, escalating construction costs, and persistent labor shortages…
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