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March 2020 - Posts

GTA clocks surge in new homes sales pre-COVID-19
Home sales in the Greater Toronto Area (GTA) increased significantly in February, according to the latest market report from the Building Industry and Land Development Association (BILD). Citing figures from Altus Group, BILD said there were a total of Read More...
China’s housing market springs back to life as sales in 30 major cities triple with coronavirus crisis abating
Property sales in 30 tier-1 and tier-2 cities triple in March from February in sign coronavirus crisis is abating Sizzling sales in pockets of market unlikely to compensate for expected decline in nationwide sales this year, analysts say China’s Read More...
Toronto Property Management Company Shows How to Support Residents During COVID-19
In a time when many Torontonians fear they might not be able to pay their rent, let alone put food on the table, amidst the coronavirus emergency in the city, a property management company is going above and beyond to show its residents that they’re Read More...
Something odd is going on with mortgage rates: they’re going up, even as the key rate are going down!
A second surprise rate-cut this month from Canada’s central bank, has mortgage experts reluctant to predict what is in store for consumers, who are reeling from lost income in the COVID-19 pandemic. The Bank of Canada’s decision to lower its Read More...
What the government is offering you in coronavirus-related benefits and how to get them
The federal government this past week announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. Here’s a quick summary of the major tax changes affecting individuals. TAX PAYMENT AND FILING DEADLINES Read More...
Big banks cut prime rates to 2.45% after Bank of Canada's surprise move
TORONTO — Canada’s top lenders lowered their prime rates by 50 basis points on Friday, hours after the central bank unexpectedly cut its key interest rate to help the county weather the economic fallout of the coronavirus pandemic. Royal Bank Read More...
Something odd is going on with mortgage rates: they’re going up, even as the key rate goes down
A second surprise rate-cut this month from Canada’s central bank, has mortgage experts reluctant to predict what is in store for consumers, who are reeling from lost income in the COVID-19 pandemic. The Bank of Canada’s decision to lower its Read More...
CMHC Expands Mortgage Buying Program to $150 Billion
In turn, the Canada Mortgage and Housing Corporation (CMHC) announced it’s expanding the Insured Mortgage Purchase Program to $150 billion of insured mortgage pools to further support the Canadian economy during this unprecedented time The taxpayer-funded Read More...
CMHC suspends dividend payment to Ottawa
There will be no dividend payments to the Canadian government from the Canada Mortgage and Housing Corporation during the coronavirus crisis. CMHC usually makes regular and special dividend payments to Ottawa, ranging from a hundreds of thousands of dollars Read More...
Toronto new home sales surge 211% in February: Altus
It was an “exceptionally busy” February for new home sales before the coronavirus slammed into the Toronto region just weeks later. Data released today by the Building Industry and Land Development Association (BILD) and its source for home Read More...
February Sees its Highest Number of New Home Sales Since 2002
While February may feel like it took place years ago, given the daily coronavirus updates the city, province, and country are providing, it was fewer than just four weeks ago. And it was still on fire from a real estate perspective. According to a new Read More...
Taking Stock of the GTA Condo Market in the Time of Coronavirus
It should come as no surprise that the recent coronavirus pandemic will have an effect on the real estate and housing market. Even one as hot as the GTA’s has been in recent months and years. According to most, we’ve never seen anything like Read More...
CLARK: A message to Ontario renters and landlords
This is a time for all Ontarians to pull together, and we’ve seen this happening in communities right across our province. But I know people are anxious, wondering how they will pay their April rent in just a few days, and landlords are wondering Read More...
Bank of Canada cuts rate for third time to 0.25% in bid to shield economy from coronavirus fallout
The Bank of Canada slashed interest rates for a third time in a matter of weeks and announced plans to acquire more commercial paper and government securities to help shield the nation’s economy from coronavirus fallout. The central bank lowered Read More...
CMHC to take more mortgages off banks' books to free up cash for loans amid COVID-19 crisis
The Canada Mortgage and Housing Corporation is expanding the number of insured mortgages it is willing to buy from banks to give the banks more freedom to lend out more money to consumers and businesses and keep the economy humming. The taxpayer-funded Read More...
How will COVID-19 impact the real estate market in Canada?
To say the events of the past few months have had an unprecedented impact on how our society functions would be an understatement. As the threat of the COVID-19 global pandemic grows across Canada and all levels of government enact policies to stop community Read More...
Site Plan Submitted for Two-Tower Complex on Eglinton near Yonge
Almost a year after two adjacent proposals on Eglinton west of Yonge in Midtown Toronto were integrated into a single plan, the proposed two-tower complex at 50 through 90 Eglinton Avenue West has been submitted for Site Plan Approval (SPA) to City staff. Read More...
Peel Region new condo sales soared 329% in February before pandemic hit
February was a stellar month for new condo sales in the populous region immediately west of Toronto. But with the COVID-19 pandemic disrupting every aspect of life in Canada, it is likely to be the last high-performing sales month for a while. Peel Region Read More...
Bank of Canada Cuts Rate to 0.25% In Emergency COVID-19 Measure
The Bank of Canada (BoC) has made another unscheduled rate cut, slashing its Overnight Lending Rate by 50 basis points from 0.75% to 0.25% – the lowest it has been since April 2009 – as further response to the COVID-19 pandemic and its impact Read More...
Bank of Canada battles coronavirus fallout with third rate cut
In an emergency announcement today, Canada’s central bank cut its market-shaping overnight rate by 50 basis points to 0.25 percent in response to the coronavirus pandemic’s dramatic impact on the Canadian economy and financial system. This Read More...
RBC accused of using COVID-19 to acquire assets at low cost
A real estate investment trust has alleged that RBC has used the COVID-19 coronavirus outbreak to acquire real estate assets at rock-bottom prices. According to a Bloomberg report, a subsidiary of AG Mortgage Investment Trust Inc. claims that on March Read More...
Toronto home sells for $330k over asking amid coronavirus chaos
It’s an uncertain time for many. Amid the coronavirus crisis, borders have shut, flights have been downed and workplaces around the world are learning to adapt to empty desks as employees work from home. This week was so different from the last, Read More...
Seventeen offers for compact Theatre District condo
Across from Roy Thomson Hall, one-bedroom suites at Theatre Park sold for $568,000 and $590,000 in June and July respectively. Months passed before a similar model – this 450-square-foot unit – was again available for sale and 140 potential Read More...
Here's how Toronto renters feel about the new mortgage deferrals in Canada
Now that banks in Canada have announced that they will allow homeowners to defer their mortgage payments for up to six months in light of the current novel coronavirus pandemic, tenants are wondering why they still have to keep up with rent payments in Read More...
Can the Tech Industry Help Save Toronto From its Housing Crisis?
Finding a stable, affordable and comfortable place to live is what Torontonians are after, Toronto’s Deputy Mayor Ana Bailão tells Toronto Storeys. Bailão, who is also the city councillor of Ward 9, says “Housing affordability Read More...
Canada’s Population Explodes At The Fastest Rate Since 1990, Even With Outbreak
Canada’s national statistics agency is estimating monster growth for population. Statistics Canada (Stat Can) population estimates show fast growth in Q1 2020. The population is now estimated to be growing at the fastest pace in 3 years. Canada’s Read More...
More interest rate cuts imminent in Canada’s coronavirus response: RBC
Canada’s central bank has already taken forceful action this month to cut its influential overnight rate to support the country’s economy through the coronavirus pandemic. It moved on March 4th during one of its regularly scheduled announcements Read More...
Housing market still set for a "big year" despite gloom
Lower interest rates will throw more fuel onto the fire that is Canada’s housing market and lead to a strong increase in resale home prices and residential investment this year, despite an economy that looks to be on the brink of a recession. A Read More...
Canada’s largest banks slash prime lending rates
Following the Bank of Canada’s surprise announcement last week that it is lowering interest rates by 50 basis points to 0.75%, the country’s largest banks cut their prime lending rates to 2.95% from 3.45%. RBC Royal Bank, BMO Bank of Montreal, Read More...
Rent for 1-Bedroom in Toronto Dips Back Below $2300 in February
Torontonians struggling to make ends meet during the COVID-19 pandemic have gotten some respite for their housing concerns: last week, the province suspended evictions, and now, it looks like rental rates in the city are finally starting to drop. According Read More...
The Orbit aims to transform Innisfil into Ontario’s most futuristic town
A small town situated 60 kilometres north of Toronto along the shores of Lake Simcoe has aspirations of becoming the city of the future. Characterized by its rolling hills, farmland and cottages, Innisfil is a quiet municipality known to many Torontonians Read More...
Toronto urges landlords to protect their tenants
Landlords should support tenants who become unemployed as a result from the coronavirus outbreak, the City of Toronto said Tuesday. Mayor John Tory announced the City is taking action to help Toronto's most vulnerable tenants impacted by the COVID-19 Read More...
8 REASONS THE CORONAVIRUS WON’T CRASH THE HOUSING MARKET
It’s all you hear on the news, it’s all you read in the papers, and it’s all you see on social media. The coronavirus is everywhere, and it’s safe to say that everyone is scared, both of the disease itself and the potential economic Read More...
33 Avenue Road Condo Tower Proposal Changes in New Design
A proposal to redevelop the northeast corner of Avenue Road and Yorkville Avenue first appeared on UrbanToronto's front page in 2012, and after another change to the project's team, a new version of the proposal has appeared in a new rezoning Read More...
Canada's home market expected to overcome slowing market
A WEEK into a pandemic that has forced a swath of Canada's economy to shut down and wiped hundreds of billions of dollars off the nation's stock market, a Vancouver mansion sold for C$150,000 (S$150,000) over the asking price. As the coronavirus Read More...
Toronto Residents Granted 60-Day Grace Period to Pay Utility Bills
To alleviate some of the hardships Torontonians are facing due to the spread of COVID-19, Mayor John Tory has announced a 60-day grace period for several City utility bills. Mayor Tory announced the 60-day grace period Friday morning, which will cover Read More...
Is Toronto real estate the new gold? Home sales soar as global financial markets tank
Every financial market you can think of is in an uproar right now, but not Toronto real estate. Sales of houses and condos for the first week of March were up 47 per cent over the same period last year and average prices rose 18 per cent, said John Pasalis, Read More...
Will COVID-19 affect the spring real estate market?
Unlike the stock market, COVID-19 hasn't affected the Lower Mainland real estate market — at least, not in a negative way. A friend of mine just closed on an apartment for $500,000 where she had to deal with a bidding war and ended up paying Read More...
CORONAVIRUS (Covid-19) and THE TORONTO REAL ESTATE MARKET
What is the real story of Covid-19? If you are a “News Junkie”, like me, and have been following the story of the virus Covid-19, including, cancellations of school, work, events and travel options. It is very hard to get pragmatic advice Read More...
How the coronavirus might impact Canada's housing market
Businesses all over the world are becoming increasingly concerned about the coronavirus’s impact on various markets as the death count and number of affected individuals mounts. Could the coronavirus adversely impact property markets in China and Read More...
Virus-driven rate cut could add kerosene to housing market
Canada’s housing market is poised for a hot spring -- with lower mortgage rates likely to offset any major drag from the coronavirus. While a reduced travel from China may crimp sales in Vancouver, and the potential for a recession could set the Read More...
Bank of Canada cuts overnight rate again
Beginning today, the Bank of Canada is lowering its target for the overnight rate by 50 basis points to 0.75%. The Bank Rate is correspondingly 1 percent and the deposit rate is 0.50 percent. The unscheduled rate decision is the second in as many weeks. Read More...
Home Sales in Canada up 26.9% Year-Over-Year in February: Report
Despite a rocky couple of weeks, Canada’s real estate market continues to experience notable growth, with home sales up in February compared to the same time the year prior, according to a new report from the Canadian Real Estate Association (CREA). Read More...
COVID-19: Government announces new mortgage buying program
The Canadian government has announced a further measure to mitigate the impact of the COVID-19 crisis and to help maintain stability in the financial system. It will launch a revised Insured Mortgage Purchase Program (IMPP) which will see up to $50 billion Read More...
Property Taxes in Toronto are Increasing 4.24% this Year
Toronto city council has voted in favour to increase residential property taxes 4.24% this year. Council voted 21-3 in favour of the tax hike Wednesday morning, as part of the city’s $13.53-billion operating budget. Under the 2020 budget, property Read More...
Home buyers in the GTA will largely focus on detached housing
A significant proportion of those planning to buy homes in the Greater Toronto Area this year are going for detached housing, according to a new report by the Toronto Residential Real Estate Board. The share of those seeking this type of property stood Read More...
Toronto Named 6th Happiest City in the World: Report
Despite real estate prices that are forcing millennials to look elsewhere in Ontario, and a public transportation system that leaves too many stranded too often, it turns out Toronto residents are pretty happy despite these circumstances. In fact, Torontonians Read More...
Power of sale properties must seek full market value: Ask Joe
If I purchase a power of sale property, will I get a great deal? Let’s start by explaining “power of sale” in plain language: if I borrow money from a bank, and we agree in a contract that the property is my guarantee the money will Read More...
What’s driving talented workers out of Toronto? Five young people on why they left the city
Over the next 10 years, the population of the Toronto area will hit 8 million people. How will the city handle the rapid growth and fill its ever-increasing employment needs? Already experts are pointing to a talent gap in Toronto — too few people Read More...
Borrowing to buy a house? Mortgage rates to fall following Bank of Canada rate cut
Variable rate mortgage holders are the big winners from the Big Six banks’ moves to match the Bank of Canada’s 50 point reduction to its trendsetting interest rate. According to rate comparison variable rate customers will see rates drop by Read More...
Bank of Canada believes this time rate cut will bolster housing market, not fuel froth
Bank of Canada Governor Stephen Poloz suggested Thursday that lower interest rates would not send home prices skyrocketing, but could instead help bolster consumer confidence and the housing market amid the spread of the new coronavirus. Poloz told reporters Read More...
GTA Investment Transaction Stats – Q4 2019
Near Record Year for GTA Investment Activity Total investments increased by 7% to $22.6 billion compared to $21.1 billion recorded in 2018. Driven by a record fourth quarter, overall investment volumes in 2019 rank second highest all time and was only Read More...
5 Reasons Why 2020 is The Year To Buy Real Estate
Lower mortgage rates, lower home prices, and the rise in buyer confidence means a busy year ahead for realtors Thinking of buying a home? Well, 2020 could be your year! Real Estate experts across the country are optimistic this year will see an upswing Read More...
A study on expanding housing options in Toronto
The City of Toronto is currently studying ways to increase housing options/supply and planning permissions in areas of the city that are designated as Neighbourhoods in the Official Plan. These are areas that are sometimes referred to as the “Yellowbelt”, Read More...