Despite rising interest rates and increasing mortgage payments, the mortgage default rates in Ontario and Canada have remained relatively low from 2018 to today. Contrary to popular belief and rumors, the data shows that Canadians are generally managing their mortgage obligations effectively. Here is a comparative analysis of mortgage defaults over the years. Mortgage Defaults in Canada 2018-2019:...
The terms "balance," "hot," and "cool" real estate markets in Toronto refer to the overall health and activity level of the real estate market in the city. These terms are often used by real estate professionals, economists, and media outlets to describe the state of the market and can have different meanings depending on the context. Here's what each of these terms typically means: 1-Balance Real...
The Non-Resident Speculation Tax (NRST) is a 25% tax in Ontario on residential property purchases by foreign nationals, foreign corporations, and certain trustees. It applies to purchases made after March 29, 2022, throughout Ontario and before that date in the Greater Golden Horseshoe region. Exemptions from NRST include: 1-Eligible Ontario Immigrant Nominee Program...
As of July 18, 2023, the inflation rate in Canada experienced a significant decline to 2.8% in June 2023, down from the 3.4% annual inflation rate observed in May 2023. This marks the lowest level of headline inflation since March 2021. The decline can be attributed primarily to a reduction in gas prices, which decreased by 22% compared to the previous year. Excluding gasoline prices, inflation rates were...
All Toronto neighborhoods will now permit the construction of multiplex housing following policy and zoning changes approved by Toronto councillors. This decision aims to expand housing options and meet the needs of the city's growing population. Deputy Mayor Jennifer McKelvie described the introduction of multiplexes in low-rise neighborhoods as a fairer approach to urban development. The Chief Planner...
If you're searching for valuable real estate in Canada, avoiding the Greater Toronto Area (GTA) and Greater Vancouver is advised. According to MoneySense's Where to Buy Real Estate in Canada 2023 report, the GTA ranked 42nd out of 45 cities regarding value and buying conditions, while Vancouver secured the 44th spot. Mississauga falls between the two, and Oakville-Milton was ranked as Canada's worst place...
Urbanation Inc. has released its Q1-2023 rental market results, showing that the average rents for purpose-built rental buildings completed since 2005 in the Greater Toronto Area (GTA) have reached a record high of $3,002, with a slower annual rent growth rate of 13.8% compared to Q1-2022. The average transacted rents for condominiums in the GTA also grew at a similar annual rate of 13.6%, with the fastest...
The Ontario government is considering implementing a cooling-off period for new freehold home sales. Currently, there is a 10-day cancellation period for purchasers of new condominiums from a builder, but such this cooling-off period is not mandatory for new freehold homes. If approved, builders would be required to inform buyers of the cooling-off period, which would then allow buyers to rescind their...
Canada is facing a shortage of purpose-built rental housing, with economists predicting a deficit of 25K-30K units already. If the situation doesn't improve, the shortage could quadruple by 2026, reaching over 120K units. Immigration growth and declining affordability are contributing to the problem, while purpose-built rental vacancy rates have fallen to 1.9%, the lowest point in 21 years. To address the...