Category: Toronto Personal Finance Posts

Category: Toronto Personal Finance Posts Six ways your family finances will change after Liberal election win

  Six ways your family finances will change after Liberal election win   Lower taxes for majority earners, but not for high-earners   The basic personal amount, which is what you can earn without paying taxes, will rise by close to $2,000 over the next four years to $15,000. The average family will ultimately save $600 from this tax cut, while high-earning families save nothing. You fully benefit from this measure if you make less than $150,605 and it gets eliminated entirely at $214,557. The overall level of tax relief from this measure sounds modest,   A break for university

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Category: Toronto Personal Finance Posts Condo rents decrease in Toronto downtown, Apartment vacancy rate goes up

    The number of newer rental apartments in the GTA that are empty and ready for new tenants is at its highest level since a leading real-estate consulting firm started keeping track in 2015.   According to Urbanation’s survey of purpose-built apartments completed since 2005, the average vacancy rate rose from a low of 0.3 per cent in the second quarter of last year to 1.5 per cent in the second quarter of this year.   The Toronto firm added that the “availability rate” — which includes vacant units as well as occupied units where the tenant has given

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Category: Toronto Personal Finance 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

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Category: Toronto Personal Finance 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

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Category: Toronto Personal Finance Posts OSFI moves up domestic buffer to 2% in growing household debt risk for big banks

  OSFI moves up domestic buffer to 2% in growing household debt risk for big banks     OSFI, the federal banking regulator, is increasing the domestic stability buffer for the country’s systemically important banks to 2.00 per cent from 1.75 per cent.   The Office of the Superintendent of Financial Institutions said Tuesday that on balance the systemic vulnerabilities remain elevated while economic conditions continue to be accommodative.   OSFI noted that specific vulnerabilities covered by the buffer continue to include Canadian consumer debt, asset imbalances in the Canadian market and Canadian institutional debt.   Increases to the buffer

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Category: Toronto Personal Finance 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

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Category: Toronto Personal Finance 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

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Category: Toronto Personal Finance 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

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Category: Toronto Personal Finance 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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