On Sunday, The Bank of International Settlements (BIS) published their quarterly review of central banks, noting Canada is among the top three economies in the world most at risk of a banking crisis. The 196-page report from the Swiss-based organization outlines an assessment of various banking indicators; observing potential signs that can lead to stress […]
Bank of Canada Keeps Interest Rates at 1.25%
On Wednesday, the Bank of Canada (BOC) announced they will keep key interest rates unchanged at 1.25 per cent. Since June 2017, the BOC has raised its rates three times (including their latest hike in January), in return, forcing up the rates commercial banks charge on mortgages, lines of credit, and other consumer loans. The […]
February Home Sales Dropped 35% in the GTA
Homes sales across the Greater Toronto Area (GTA) saw a steep decline in February, when compared to the same time last year. According to the Toronto Real Estate Board’s (TREB) latest report released earlier today, figures show there were only 5,175 residential transactions reported through TREB’s MLS® System in February 2018, this number was down […]
Federal Budget 2018: Is Too Little Being Done For The Housing Market
On Tuesday, Finance Minister Bill Morneau released the 2018 Federal Budget, which some believe did little to address concerns about Ontario and B.C.’s overheated housing market. One of the biggest issues remaining for Toronto and Vancouver residents is the lack of affordable housing. There were many who expected additional initiatives to be put forward by […]
Is Multi-Generational Living..The New Way of Living?
Multi-generation households, or in other words, households that include at least three different generations, are the fastest growing type of home in Canada. A few of the factors contributing to this rise are: increasingly high single dwelling housing costs, vast migration to dense urban areas, young adults living at home longer, and an ageing population […]
City of Mississauga Approves 4% Hotel Tax
Last April, the Province of Ontario passed Bill 127, a legislation that allows municipalities to collect a municipal transient accommodation sales tax (MAT). The tax, which will be set at the rate of 4%, will apply to hotels, motels, short-term rentals such as AirBnB, and other bed and breakfasts. The hotel tax, effective April 2018, […]
Toronto’s Housing Market Is Driving Young People Out of The City
Toronto’s housing climate is becoming simply unrealistic for many individuals. Young Torontonians and new entrants to the job market are faced with skyrocketing rental prices and high costs of living. Average rent prices for a one-bedroom hit $2,020 this year, making Toronto the most expensive city in Canada to rent. According to LowestRates.ca, the average […]
2.9% Increase on Residential Property Tax
On Monday, Toronto city council passed an $11.12 billion operating budget, which includes a 2.1% increase in residential property tax. Residents, however, will have to pay an additional 0.5% for the city’s build fund (which supports infrastructure projects) as well as an extra 0.31% towards the enhancement of Toronto’s business climate and reassessment impact, totalling […]
The New Age Of YIMBY-ism
The rise of the ‘YIMBY’ movement is becoming increasingly prominent as more millennials are making their voice heard. In contrast to the well-known NIMBY (Not In My Backyard) movement, which categorizes those who oppose development projects that take place in their neighbourhood, YIMBY (YES In My Backyard) supports those development projects. In the eyes of […]
Toronto Homes Sales Plunge 22%
It was a rough month for Toronto home sales, which saw a 22% downfall to 4,019 units sold in comparison to year prior, which was sitting at a record setting 5,155 sales. The Toronto Real Estate Board (TREB) released data earlier this week, stating this was the weakest month of sales for January since 2009. […]