RBC measure shows Toronto area affordability is down to 1990 levels when interest rates were in the double digits. Toronto’s screaming real estate prices have made it the least affordable market in the country, with the relatively scarce supply of detached housing one of the leading stressors, according to RBC. The bank’s aggregate affordability measure was up 3 points in …
Ontario minister of housing looks at strengthening protections for landlords
Chris Ballard responds after landlord complains tenants kept farm animals in his house One day after CBC News published an exclusive story about a Kingston, Ont., man’s frustrating experience trying to evict a family who trashed his property, Ontario’s minister of housing says he has been gathering input for the last five months on how to improve the province’s landlord …
Ontario will not follow B.C.’s tax on foreign homebuyers, Premier Wynne says
Ontario Premier Kathleen Wynne said on Monday that the province will not follow British Columbia’s move to introduce a tax on foreign homebuyers. “We’re not going to go down the road that British Columbia has gone down,” Wynne said at a press conference. “I’m not interested in doing something that would have an unintended consequence in Ontario – something that …
TD raises mortgage prime rate by 0.15% in wake of Ottawa’s new rules
TORONTO — TD Bank (TD.TO 1.55%) raised the interest rate it charges customers with variable-rate mortgages amid the changes to the mortgage insurance rules announced by Ottawa last month. The big Canadian bank increased its TD Mortgage Prime rate to 2.85 per cent from 2.7 per cent, effective Tuesday. TD said it regularly reviews its rates and adjusts them based …
What Toronto’s real estate market will be like in 50 years
In partnership with the Martin Prosperity Institute, we bring you a semi-scientific glimpse into the future of Toronto. Here, what’s next for the city’s housing market The average home will cost $4.4 million Current average: $622,000 Yes, you read that right. And yes, it sounds crazy. But if we’d told people in 1970 that the average cost of a house …
Toronto home prices jump in October despite new mortgage rules
The average selling price for all types of homes jumped to $762, 975, leading at least one expert to expect further action by Ottawa. Toronto’s real estate sales climbed more than 11 per cent in October compared with a year earlier, despite the introduction of new federal mortgage rules aimed at cooling the region’s overheated housing market. The average price …
Foreign Buyers Represent 5% of GTA New Condo Sales
In response to the increasing need for more clarity regarding the role of foreign purchasers in the Greater Toronto Area housing market, Urbanation expanded its survey of sales activity in new condominium apartment projects to include the share of units sold to non-resident buyers as well as domestic investors. Urbanation’s survey, which is completed by developers or brokerages representing new …
Ottawa’s new mortgage rules will drive up rents in Toronto
Toronto’s rental market is the hottest it has been in years, with bidding wars breaking out and rents soaring, according to a new study that predicts Ottawa’s new stricter mortgage qualification will make the region’s rental market even less affordable. The average monthly rent for a condominium in the Greater Toronto Area rose an annualized 9 per cent in the …
Is This a Good Time to Buy a Home in Toronto?
As I started my own home search a few months ago I found myself in an interesting position – for an owner of a real estate brokerage – when my partner turned to me one day and asked – “should we really be buying a home now given all the uncertainty about the market and in particular given the talk …