New Ontario real estate rules take some of the nuttiness out of bidding wars
Stop me if this sounds familiar: You scour MLS for the semi that will rescue you from a life in a high-rise. Mortgage pre-approval in place, you bid well above asking, because you live in Toronto and that’s how it works. The selling agent comes back and says there’s another stronger bid, and couldn’t you do a bit more? You swallow hard and cough up another $10,000, sealing the deal, and only later wondering if there really was a competing offer in the first place.
When Toronto realtor Sohail Mansoor listed a 30-year-old, two-bedroom condo on Maitland Place for $419,900 earlier this month, even the building’s security guard warned that the price was too high.
Fellow realtors wondered why Mansoor would hold back considering offers for a week — a common strategy for whipping up bidding wars in Toronto’s frantically competitive house market, but almost unheard of for condos.
Oshawa ranked as one of the best cities in the country to buy real estate
OSHAWA -- As the spring housing market heats up, the area of Oshawa, Whitby and Clarington offers the best deals in real estate, according to a national magazine.
Durham and Oshawa ranked 10th on MoneySense Magazine’s Best Places to Buy Real Estate list, above 25 other cities, including two spots above Toronto. The ranking refers to the Oshawa census area, which includes Whitby and Clarington.
Ontario landlords charging their tenants a monthly all-in fee will find that utility prices and property taxes are far outpacing the guideline for rent increase in 2015 – is it time to put the onus for these costs on tenants?
“It puts a huge pressure on landlords who are paying utilities while at the same time unable to increase rent more than what’s been set by the Landlord and Tenant Board,” said investor Sahil Jaggi.
Potential legislative change may create way to pay for LRT to Cambridge
WATERLOO REGION – Proposed changes to the province’s Development Charge Act could help move forward phase two of the region’s light-rail transit plan, which would bring it to Cambridge.
Currently, development charges cannot be used to fund rapid transit projects, but rather were reserved for growth-related capital costs, including water, wastewater and roads.
Although the changes have yet to be passed, councillors are looking ahead to what impact they could have on funding the region’s LRT projects.
All land purchased for new Highway 7 between Kitchener and Guelph
GUELPH — Properties the province needs to construct the new Highway 7 between Guelph and Kitchener have been purchased. "However, we have agreements with several former property owners and tenants to stay longer in their buildings on a case-by-case basis, and where it won't impact the construction schedule," Ministry of Transportation communications co-ordinator Liane Fisher wrote Wednesday in an email. About $70 million was expected to be spent acquiring 87 properties. Once work begins, the new 18-kilometre highway corridor is expected to take five construction seasons to finish.
The already expansive price gap between condos and detached housing in the Greater Toronto Area (GTA) will continue to expand towards the end of the decade as new detached development is squeezed against the walls of the protected Greenbelt and overwhelmed by mature millennials looking for backyards.
That’s according to a new study from the Bank of Montreal examining how changing supply and demand dynamics will shape housing in the GTA.
“The spring market is definitely upon us. In March we saw increases in average selling prices across neighbourhoods and property types,” said Bruce Shipley, Barrie and District Association of Realtors’ president.
In Barrie, prices rose four per cent in March over March 2014, which brings the average selling price for a detached home to $365,615.
TORONTO, ONTARIO--(Marketwired - April 7, 2015) - Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 8,940 sales in March 2015. This result represented an 11 per cent increase compared to March 2014. Sales were up for most major home types, both in the City of Toronto and the surrounding regions. New listings were also up, but by a lesser 5.5 per cent, indicating tighter market conditions.
"Home sales increased compared to last year as the cost of home ownership remained affordable, with lower interest rates going a long way to mitigate the effect of rising home prices. However, a substantial amount of pent-up demand remains in place, especially as it relates to low-rise market segments. This suggests that strong competition between buyers, which has fuelled strong price growth so far this year, will continue to be experienced throughout the spring," said Mr. Etherington.
In March, the average selling price for all reported transactions was $613,933 - up 10 per
Toronto house prices surge 10% in March; no relief in sight
House prices shot up 10 per cent in March over a year ago driven largely by fierce competition, more demand for higher-end homes and a stunning 15.9 per cent jump in the price of detached homes in the City of Toronto.
There is no relief in sight for beleaguered buyers as Toronto heads into what’s looking to be a brisk spring market: While new listings were up some 5.5 per cent in March compared to a year ago, sales were up a whopping 11 per cent, according to figures released Tuesday by the Toronto Real Estate Board.
This will prove top be an 'affordability' story in the long run.
Ground oriented units (those with yards) will still be in high demand and that is where we will see the strongest upside in values over the coming decade.
And be cautious, those studio or micro suites may look affordable and accessible today, but a decade from now with the demographics still be demanding these... or will they lag 2 and 3 bedroom condos as we expect they will. (especially near rail based transit).
Transit now make or break for suburban investment spots
House prices in Toronto are reaching ever loftier and unaffordable levels, but one expert points to newly developed corridors in the city’s suburban areas as the next frontiers for investors and homebuyers.
“[People] can’t afford to live in the downtown, but they want the same choices as downtown,” said Harold Madi, director of urban design at the City of Toronto.
Ontario's decades of debt will resonate with taxpayers for years to come
Ontario’s net public debt is estimated at $287.3 billion and will hit nearly $320 billion by 2017. The evolution of this daunting number is an interesting story as the spring budget approaches. Much like Rome, Ontario’s debt was not built in a day but comes from decades of profligacy. Ontario has run a deficit nearly 80% of the time since 1965.
In 1965, John Robarts was premier and the net debt a mere $1.6 billion. As a share of GDP, it was only 6.9%. By the time Robarts passed on the political torch to William Davis in 1971, Ontario’s public debt had grown to $2.2 billion but the robust economic growth of the era reduced the net debt to GDP ratio to 5.2%. In terms of Ontario’s debt to GDP ratio, the Robarts era is as good as it gets.
Motorists could be driving on the first leg of the project, the 20.3
kilometre stretch from Brock Rd. to Harmony Rd., by the end of this year, a
spokesperson for Del Duca said.
When motorists do finally start using the provincially owned stretch, they
will only get one bill with one total, even if their trip is on the new and
existing highway. However, the bill will be broken down into who charged what.