Category: Uncategorized
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Toronto report recommends fee reductions, other steps to create new rentals
City of Toronto staff have recommended measures to develop 20,000 new rental homes, including 4,000 affordable units. The city plans to build 7,000 homes using its resources and proposes a new incentive program to expedite construction. Eligible projects must include at least 20% affordable units and start by 2026. The report also calls for provincial…
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Toronto has a plan to incentivize the construction of 20,000 new rental homes
Toronto city staff propose a plan to build 20,000 rental homes, contingent on financial support from other government levels. The initiative includes a new incentive program to construct 7,000 rental homes, with 1,400 affordable units, by deferring development charges and waiving property taxes for 40 years. A second phase aims for an additional 13,000 homes,…
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Ontario’s Cooling-off Period for Purchases
Buyer’s remorse is the regret felt after significant purchases, particularly homes. Ontario's Consumer Protection Act allows buyers a cooling-off period for certain purchases.
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Ontario Home Prices Stable in Late-Q3, Yearly Decline!
Ontario home prices remained stable in September compared to August, continuing a trend since February 2024. The average single-family home sold for $954,000 in September, a 4.5% decline from September 2023 prices.
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Ontario’s Real Estate Law on Open Bidding
Bidding wars arise from high demand, low supply, and rising interest rates in Ontario's Real Estate market. The new law allows open bidding, letting sellers disclose offer details to all potential buyers.
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Toronto council to consider rental development incentives
Toronto council is considering a new plan to encourage the construction of 20,000 new purpose-built rental homes in response to the city's growing population and insufficient rental housing stock. Continue to full article
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GTA Faces 50-Month Condo Supply Glut
The Greater Toronto Area faces a condo supply glut, with nearly 40,000 units unsold or unoccupied. This includes 24,000 unsold new units, 9,000 resale listings, and 5,000 newly completed assignments.
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GTA Home Sales Soar 44% in Early-Q4
In October, home sales in the Greater Toronto Area surged by 44.4% year-over-year, with 6,658 transactions. Toronto saw 2,509 home sales, a 37.6% increase, while other GTA areas rose by 48.9% to 4,149 sales.
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GTA Home Sales Rebounding: Stronger Winter Predicted
The GTA housing market showed signs of recovery with an 8.5% increase in home sales. If interest rates continue to decline, a winter surge in home sales and prices is anticipated.
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$1.5M Cap Change May Drive GTA Home Sales!
Raising the insured mortgage cap to $1.5 million may increase market activity, especially in the Greater Toronto Area. Around 20% of homes fall within the new range, with the GTA’s median home price at $1.2 million.