City council voted 21-3 last week to officially allow developers to erect buildings of up to six storeys and 60 units on specific major roads without having to apply for rezoning applications or minor variance. Seeking those permissions added cost and time to projects, making some developments unfeasible…

For those of you who read my Market Insight last Friday – “If a foreign landlord fails to pay taxes, the CRA can go after the tenant.” Things have changed. The story attracted a lot of attention when it was released by the media, so now we have some welcome good news. The federal government has released a statement saying…

If a foreign landlord fails to pay taxes, the CRA can go after the tenant. And not knowing a landlord is a non-resident is not considered a valid excuse. Canadian renters are getting a rough introduction to the country’s foreign investor problem. The Canada Revenue Agency (CRA) just informed tenants they’re on the hook for any unpaid taxes their non-resident landlord may owe…

Toronto's real estate market has been all over the place in recent months, with contradicting trends and forecasts leaving prospective buyers and sellers more confused than ever. Traditionally, May represents the peak of sales and prices in the Toronto-area real estate market. This year may be different. A brisk start to April lost some steam in the second half of the month as buyers remain steadfastly opposed to getting swept up in any mania…

The first quarter of 2024 brought some relief for renters in the Greater Toronto Hamilton area (GTHA) with condo rents down 7.4% in the first quarter of the year. According to new data from research firm Urbanation, condo rents in the GTHA slipped down to an average of $2,732 a month. This follows a record high of $2,929 in Q3-2023 and marks the largest six-month decrease recorded during the past 15 years of data tracking outside of the pandemic period in late 2020 and early 2021…

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…

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…

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."…