Category: Uncategorized

The Toronto Regional Real Estate Board's monthly report indicates an improvement in the Greater Toronto Area's housing market.Home sales through the MLS in February totaled 5,607, ↑ ~18% yearly.

Many Toronto homeowners are facing unexpected vacant home taxes due to a deadline to declare occupancy. The tax aims to address the housing crisis by penalizing empty properties. However, some homeowners who occupy or rent their homes are being wrongly taxed. The process to dispute the tax status involves a small administrative fee. Continue to…

Early-Q1 2024 avg home price: $1,065,800 – Stress test rate: 7.71% – Mortgage rate: 5.71%

Many people in Toronto struggle with high living costs, but luxury property sales are thriving. Despite challenges like high taxes, sales of expensive homes are increasing in major Canadian cities. Interest in luxury properties is shifting to cities with lower prices and taxes. Continue to full article

Economists foresee Bank of Canada's mid-2024 rate cut, sparking buyer concerns over surging prices. Home prices expected to gradually rise in second half of the year with rate reductions.

For those in Toronto who manage to buy property, costs beyond the down payment and mortgage are increasing rapidly. Condo maintenance fees have doubled in some areas, reaching over $1,000 per month. Property taxes have also risen by 9.5%, making even small properties unaffordable. Continue to full article

Monthly payments become more manageable for young Canadians aiming for homeownership. Some advocate for broader eligibility, expressing concerns about effectiveness in high-priced markets.The industry expects a significant impact, potentially spurring more construction and aiding rental market relief.

Toronto tenants demand comprehensive rent controls and an end to the Above Guideline Rent Increase applications.The surge in AGI applications sparks debate over fairness, housing rights, and the future of renting in Ontario.

Two approaches for sellers wanting tenants to move out during the sale process: N12 notice or negotiating an N11 agreement.Seller's Perspective on N12 Process: – Property may sell with tenant, but at a lower price – Buyers may request compensation if tenants resist vacating

Elderly people or those with disabilities may find someone to help with daily tasks in exchange for a place to stay. Families hire live-in nannies for childcare and housework. Property managers get free housing and a salary. Staying with friends or family can save on housing costs. Cruise ship employees and resort workers receive housing.…