Monthly Archives: July 2016

Month: July 2016 CMHC says no 1980s style condo bubble in Toronto high-rise condo market

  In toronto real estate, Canada Mortgage and Housing Corp. says that there is very limited speculation in the condominium industry in Toronto among builders, a situation unlike the 1980s when the market crashed. In a report out Tuesday, CMHC, the Crown corporation that guides Ottawa on housing policy, noted that 79 per cent of projects had reached pre-construction sales of 70 per cent. That level is considered key for bank financing and a guarantee that a project will come close to breaking even. In toronto real estate, “Condo building activity in Toronto seems to be well managed. In spite

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Month: July 2016 Normal Weight May Not Able To Protect Against Diabetes

  In Toronto health, Type 2 diabetes has long been considered a disease of the overweight and obese, but a new study challenges that notion. It finds nearly one in five normal-weight people has prediabetes — a condition that can lead to type 2 diabetes. And in folks over 45, one-third of those at a healthy weight have pre-diabetes, the study authors reported. “Being at a healthy weight may not necessarily be healthy,” said the study’s lead author, Arch Mainous, a professor of health services research management and policy at the University of Florida. “We have some strong data that

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Month: July 2016 Renters causing demand for new Toronto highrise construction

  In Toronto real estate, a study by real estate consultant Urbanation and obtained by CBC News shows much of Toronto’s high rise construction in 2016 is being fuelled by demand from renters who are either unable or unwilling to pay record prices for real estate. It’s a significant change from the previous decade’s boom, which was spurred primarily by demand from would-be owners. According to the city of Toronto planning department, there were 28 highrise development applications in the first six months of 2016. That’s just slightly behind the pace for 2015, when the city received 59 applications for the year overall, and well above

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Month: July 2016 CREA reports Canadian homes sales decline in June, 2016

  In Toronto real estate, Canadian home sales declined in June 2016, according to statistics released today by the Canadian Real Estate Association (CREA). Sales activity was down from the previous month in about half of all markets in June, 2016, with declines in Greater Vancouver, the Fraser Valley and Greater Toronto having eclipsed gains in comparatively less active housing markets. Read: Don’t compare the booms in Toronto, Vancouver real estate   “While national sales activity remains strong, there are still significant differences in housing market trends across Canada,” says CREA President Cliff Iverson. “Home sales activity and price growth are running strong in B.C. and Ontario,

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Month: July 2016 Principal Residence Exemption and how to claim it

  WHAT TO DO 1. In Toronto real estate, Jessica Bruno says that if your client has more than one property and is planning to sell one, check if it’s tax-efficient to designate the home as the principal residence. › Ensure it meets CRA’s principal residence criteria (see Principal residence exemption criteria, below). If your client hasn’t lived in the property the entire time she’s owned it, the capital gains from the years when the property wasn’t her principal residence will be taxed. CRA’s formula for determining tax is: If your client also uses her home to earn income, the

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Month: July 2016 GTA real estate market generated strong June, 2016 sales

  TREB president Larry Cerqua In Toronto real estate, Mr. Larry Cerqua, the new President of the Toronto Real Estate Board says that he is excited at a very interesting time in the home ownership market. Demand for ownership housing continues to be at a record high, while the supply of listings continues to be constrained. These trends have contributed to strong price growth and were on display again last month. In June, 2016, there were 12,794 residential transactions through TREB’s MLS System. This result was 7.5 percent higher than the 11,905 sales reported in June 2015. The number of

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Month: July 2016 Walk in the woods can help young people with mental health issues

  In Toronto health post, a walk in the woods is good for the soul. For many, it may even improve mental health. That’s the premise of the Mood Walks program being offered by forty different agencies across the province, including Rouge Valley Health System and Parks Canada. The program is meant for young people with mental illnesses, and the aim is to get patients out of hospital rooms and into the outdoors. Staff from Rouge Valley and Parks Canada are leading guided walks for youth aged 13 to 24 enrolled in the Child and Adolescent Mental Health Program at Rouge Valley Health System. “They’re dealing

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Month: July 2016 Street hockey becomes legal after Toronto city council overturns its ban

  In Toronto news, Ball hockey is now legal on Toronto streets after city council voted 35-2 on Friday in favor of overturning an earlier ban against playing the hallowed game on our roads. The decision to scrap the ban covering hockey and basketball nets came up after about 20 families in the Bedford Park neighbourhood were threatened with $90 municipal fines if they didn’t take their equipment from the street — Esgore Drive — within 20 days last December. The ban on nets in the street had been in place for generations, but only enforced following a complaint. Coun. Christin Carmichael Greb first brought

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Month: July 2016 30 year mortgage becomes new norm in Toronto and Vancouver with soaring home prices

  The  loans with 30-year amortizations, as opposed to 25 years, are slowly becoming the norm for consumers with a down payment of 20 per cent or more.  That segment of the market is often referred to as the less risky, low-ratio mortgage market: Since the loans have more equity, it takes a more pronounced housing downturn before they are underwater. But what is becoming clear is that consumers in what is called the uninsured mortgage market — those with loans not backed by federal government guarantees — are taking advantage of financial institutions letting them stretch out their amortizations.

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Month: July 2016 68 Balmoral Ave., Toronto – Summerhill area house sold attracting 3 pre-emptive offers

  68 Balmoral Ave., Toronto   ASKING PRICE   $1,050,000 SELLING PRICE  $1,225,000 PREVIOUS SELLING PRICE  $465,000 (2001) TAXES  $6,130 (2016) DAYS ON THE MARKET   3 The Action: This two-storey row house sits on the south side of St. Michael’s Cemetery on a 15-by-107-foot lot. The prime Summerhill location prompted three pre-emptive offers earlier this year and the house sold for $175,000 over asking. What They Got: Various owners improved the comfort and cosmetics of this century-old, brick home, which provides open living and dining areas with hardwood floors and crown mouldings, as well as a classic eat-in kitchen with stainless

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