Toronto Real Estate Board (TREB) announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June, 2019 and active listings at month-end of June, 2019 were down by 5.7 per cent. Sales and new listings statistics for the first half of 2019 compared to first half of 2018 painted a similar story to that of June, 2019. Sales were up by 8.5 per cent, while
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Category: Toronto Business Posts In Toronto stepping up from Renting To Buying A Condo Is Getting Harder
In Toronto stepping up from Renting To Buying A Condo Is Getting Harder Runaway price growth for single-family homes is a thing of the past in Toronto and Vancouver today, thanks to rising interest rates and tougher mortgage rules. But with prices still high, buyers have turned to other options. Or really the one other option that exists in buying the condos. “Trouble is, this stronger demand for condos resulted in sharper price gains and affordability erosion,” Royal Bank of Canada economists Craig Wright and Robert Hogue wrote in their latest affordability report, released on
View Article...Category: Toronto Business Posts Bank of Canada may follow Fed with rate cuts later this year, traders bet
Bank of Canada may follow Fed with rate cuts later this year, traders bet The Bank of Canada is likely to join the U.S. Federal Reserve with an interest rate cut this year to deal with the fallout from rising trade tensions, according to trading in the swaps market. Investors are betting Canadian policy makers will follow an expected U.S. rate cut in September. The chances of a Bank of Canada match at the Oct. 30 meeting jumped above 50 per cent Tuesday, up from about 25 per cent last week, according to data compiled by
View Article...Category: Toronto Business Posts Canadian mortgage rates decreases to the lowest level in 2 years
Canadian mortgage rates decreases to the lowest level in 2 years House prices may be as high as ever in Toronto in June, 2019, but Toronto homebuyers are being offered some of the lowest mortgage rates seen in 2 years as lenders battle to drum up new business. Rates on a standard five-year fixed-rate mortgage have fallen to their lowest level in two years, according to rate comparison website, Ratehub.ca. Borrowers just about everywhere across the country can take their pick of offerings well below three (3) per cent at the moment, says James Laird, the site’s
View Article...Category: Toronto Business Posts Toronto is the fastest growing city in the U.S. and Canada, and that may not be good
Toronto is the fastest growing city in the U.S. and Canada, and that may not be good Torontonians could find themselves “doubling up” on housing with friends or relatives in the incoming years as the city’s breakneck population growth outstrips the supply of new housing, an urban planning expert is warning. In an analysis published online this week, researchers Frank Clayton and Eva Shi of Ryerson University’s Centre for Urban Research and Land Development found that Toronto is the fastest-growing city in the U.S. or Canada, and by a long shot. Toronto added more than
View Article...Category: Toronto Business Posts Canada housing market has become riskier, IMF has warned
Canada’s housing market has become riskier over the past two years, with risk levels similar to those seen during the financial crisis a decade ago, the International Monetary Fund (IMF) said in a report released this week. But there is good news: The measures Canadian policymakers have taken over the past several years — particularly foreign buyers’ taxes and tough new mortgage rules — are the right ones to prevent a debt crisis, the report suggested.. In its latest Global Financial Stability Report, the Washington-based agency dedicated to global financial co-operation said the U.S. and Canadian housing
View Article...Category: Toronto Business Posts TREB Published January, 2019 Resale Market Figures
TREB Published January, 2019 Resale Market Figures Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December, 2018. “It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line
View Article...Category: Toronto Business Posts 40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right
40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right The top 20 per cent is likely paying 70 per cent or more of all income taxes Trudeau was speaking the complete truth when it comes to income taxes (HST, realty taxes and other consumption taxes are another story). It is just a truth that he may not want many Canadians to know. On average, two of every five Canadian households do not pay anything towards federally and provincially funded expenses such as health care, education, community and social services, national
View Article...Category: Toronto Business Posts Toronto downtown is benefiting from ‘Hyper-concentration’ of knowledge jobs in an economic shift
A fundamental economic shift is Toronto downtown is benefiting from ‘Hyper-concentration’ of knowledge jobs in an economic shift as traditional manufacturing employment evaporates across much of southern Ontario, a new report warns, and the trend has major ramifications for public transit and land-use planning. The study, released days after General Motors announced the shutdown of its assembly plant in Oshawa, Ont., says the lopsided job growth is a permanent change, not a cyclical pattern. It warns Toronto’s transit system will be placed under further strain. The report also argues smaller communities outside the city should seek to attract the
View Article...Category: Toronto Business Posts New Rent control rules may spark return to sky-high rent increases for Toronto tenants
New Rent control rules With new Rent control rules and the province of Ontario scrapping rent control for new units across Ontario as of November 15, 2018, affordable housing advocates are warning that the changes could may spark return to sky-high rent increases for thousands of Toronto tenants. The Progressive Conservative government revealed the details on November 15, 2018 through the fall economic statement, announcing legislation which ends rent control for all newly-built or newly-converted rental units going forward — while maintaining rent control for current tenants — as part of a new Housing Supply Action Plan. “Everybody who’s
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