Councillor calls on the city to mull vacancy tax after man does own study of empty condos It’s time for the city to consider whether to impose a vacancy tax on empty residential properties as a way to increase the supply of rental housing, a city councillor says. Coun. Ana Bailao’s comments come after a…
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They came here as immigrants. Now, they’re giving back by leasing a huge property to the city to house refugees For six years, Ali Mesgarzadeh lived in limbo in the United States, unable to return to his home and family in Tehran during the turmoil of the Iranian Revolution and later the Iran-Iraq War. Then…
Canada’s Real Estate Market Experiencing The Boomerang Effect Real estate brokers are balancing sleepless nights with black tie launches as the bids keep rolling in. Canada’s real estate market has almost returned to its 2017 heyday as benchmark prices in Toronto jumped 5.2 percent to $805,500 this September compared to the same time last year. That’s only…
Property developers step up residential construction as housing market emerges from deep freeze Ontario — which needs ‘every last unit at this point’ — and B.C. lead the boom fuelled by population inflows and resilient economies Canada’s housing industry is booming with construction permits surging as developers respond to strong demand, according to new data…
Toronto is now the world’s second most overvalued property market: UB Toronto has emerged as the world’s second most overvalued housing market on the back of low rates and supply shortages, according to UBS AG’s annual global real estate bubble index. Vancouver was sixth in the Swiss bank’s 2019 index that is led by Munich,…
Muti-million-dollar commercial deal in Toronto finalized Scheduled to close by the end of this month, a multi-million-dollar transaction is attesting to the strong demand for Toronto’s retail spaces. Earlier this week, Choice Properties Real Estate Investment Trust announced that it has cemented an agreement to sell a 30-property portfolio to a third-party buyer. “We are…
It Now Takes Torontonians 3 Decades To Afford Their First Home For the average millennial, buying homes in Toronto has always been a dream. The city is notorious for having a sky-high real estate market. Unless you’re a one-percenter, chances are you would have a hard time coming up with hundreds of thousands of dollars…
Toronto home sales jump 13% and prices climb 5% as demand outstrips supply A double-digit percentage increase in the number of Greater Toronto Area houses sold last month shows the region’s property market is “quite fine,” according to analysts, as it rebounds from mortgage controls introduced last year that sidelined some buyers. Housing sales in…
Toronto getting richer as Canada gets poorer, study finds According to a recent study looking at wealth trends in Canada, the average net worth in Toronto went up over the past year, even as the national average went down. But not all of the Toronto area is getting richer. The study, published by Environics Analytics,…
What Is Driving Toronto Real Estate Prices? The real estate sector can be a real mystery. Prices drive ever higher, drop, and then get back to soaring again with no apparent reason. Or is there a reason? There’s always something responsible for driving up housing prices. For Toronto, the spotlight has returned to detached housing,…