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Canadian Residential Real Estate Investment Peaked And Is Heading For Declines

Thursday Jul 26th, 2018

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Source: BetterDwelling.com, by Stephen Punwasi Peak Canadian real estate investment is behind us, according to another indicator. Statistics Canada (StatCan) numbers show residential investment as a percentage of gross domestic product (GDP) is moving lower. Taking a dive through unadjusted data, we can see this trend is primed to head much lower soon. What Is Residential Investment? Residential investment is how countries measure economic activity related to building residential... [read more]

Online brokerage TheRedPin closes its doors

Saturday Jun 16th, 2018

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Source: TheStar.com, By TESS KALINOWSKI Real Estate ReporterFri., June 15, 2018   Toronto real estate start-up TheRedPin has closed its doors and is now in the hands of a receiver. The small online real estate brokerage had, in the last year, been working on a tech-based re-boot that its most recent CEO Keith McSpurren hoped would, using software and artificial intelligence, transform the real estate transaction for consumers and agents. Keith McSpurren, CEO of... [read more]

Haunted by housing: Millennials let rip about their home ownership frustrations

Wednesday Jun 13th, 2018

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Although house prices have soared in many places, we still to a large extent tell ourselves that home ownership is doable if you save hard and have a decent job.   It’s kind of a lie in some cities, and young adults are noticing.   A recent poll covered in this column indicated that 40 per cent of 18- to 37-year-olds believe their generation is mostly or much worse off than their parents, and 54 per cent said the economic system in Canada benefits other... [read more]

Condo Market Speculators In Toronto, Vancouver A Risk To Economy

Wednesday Jun 13th, 2018

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The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment.   Be careful if you're planning to jump into the condo market in Toronto, Vancouver or nearby areas: The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment. In its financial system review released last week, the Bank noted that the housing markets in many Canadian cities have reversed... [read more]

I Am Running For SickKids!

Wednesday May 30th, 2018

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  "Clear your mind of "can't" - Samuel Johnson   Hi Friends!    I decided to support SickKids because I believe they will continue to be a place where patient care, research and education play equal roles in saving lives, and changing lives.   Your generous donation will not only help me realize my personal goals, but more importantly it will also make a huge difference in the lives of children in... [read more]

West Rouge Public School FUN FAIR!!

Thursday May 24th, 2018

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The weekend was calling for rain, but it turns out it's going to be sunny skies all weekend! Come join in on the fun, meet the members of your community, and play some games! There will be bouncy castales, pony rides, a dunk tank (should be really fun for the students dunking their teachers!), and so much more!  See you there!! [read more]

Toronto housing sales slump in weakest start since 2009 recession

Saturday May 19th, 2018

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  Condo prices jump 10%, while detached home prices fall 10%   Source: FInancial Post, Erik Hertzberg and Natalie Wong   Spring has finally sprung but Toronto’s home sales remain gloomy as tougher mortgage qualifications and rising interest rates continue to push buyers out of the market. Realtors in Canada’s biggest city had one of their worst months in the past 15 years in April, with sales down by almost one-third from a year earlier to 7,792... [read more]

Bank of Canada Rate Hikes

Monday Apr 30th, 2018

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With the Bank of Canada keeping its rates at the current rate. It does raise the question as to when the current mortgage rate will rise. The central bank’s next interest-rate announcement is May 30, 2018, followed by one on July 11, 2018.  In theory, the central bank has to lift its current benchmark by 1.75 percentage points in order to return to normal. Markets see an 80 per cent probability the Bank of Canada will raise rates in May, while a hike is fully priced in for... [read more]

7 Common Myths About Buying a Pre-Construction Condo

Wednesday Apr 11th, 2018

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Source: Tridel.com Buying a pre-construction condo is a big financial investment. First, it’s not built yet, so you’re buying based on a conceptual understanding of what the final building and suite will be like. Second, unlike buying a freehold property like a house, you’re also paying for maintenance, upkeep and common amenities. That’s why it’s important to consider all of the facts about buying a pre-construction condo before you... [read more]

Bank of Canada keeps key interest rate at 1.25%, underlines trade uncertainty

Thursday Mar 29th, 2018

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The Bank of Canada kept its key interest rate target on hold Wednesday as it pointed to a climate of broadening, important unknowns around trade. In explaining its decision to maintain its benchmark at 1.25 per cent, the central bank noted that recent trade policy developments have created thickening clouds around the outlook for the Canadian and global economies. U.S. President Donald Trump recently added threats of steel and aluminum tariffs to an already uncertain context for Canada... [read more]

Toronto City Council Set To Vote On Yonge Street Changes, Pedestrian Safety Plans

Monday Mar 26th, 2018

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Source: cbc.ca, by John Rieti · CBC News · Posted: Mar 26, 2018 5:00 AM ET A plan to redesign Yonge Street in Willowdale is becoming one of the more controversial decisions facing city council, and it could be voted on Monday. City staff, local Coun. John Filion, a group of more than a dozen high-profile city builders, several advocacy groups and many area residents are supporting a plan to reduce Yonge Street from six lanes of traffic to four, while widening sidewalks... [read more]

GTA home sales down 35% from February 2017

Tuesday Mar 06th, 2018

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The Toronto Real Estate Board said Tuesday that home sales in the Greater Toronto Area fell nearly 35 per cent year over year in February as selling prices dropped more than 12 per cent. (Mark Blinch/Reuters)   Canada's largest real estate board says home sales in the Greater Toronto Area fell nearly 35 per cent year over year in February, as selling prices dropped more than 12 per cent.   The Toronto Real Estate Board reported 5,175 residential transactions... [read more]

Best Time to BUY - A Seasonal Guide

Thursday Mar 01st, 2018

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If you’ve settled on the idea of buying a house within the next year, then first of all, congratulations! But now you’re probably wondering what specific factors could affect the deal you get for your new home. For example, can buying at a certain time of year make a difference to the price of a new home?   Like most markets, house prices are based largely on demand. The more demand there is, the more competition and the more price elasticity sellers can play with. Of... [read more]

Condo owners allege former board members siphoned money, left them on hook for $750K

Tuesday Feb 27th, 2018

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Toronto Police investigating alleged frauds at downtown condos Source: cbc.ca, John Lancaster, Feb 23, 2018 5:00 AM ET George Laczko, left, Ray Blanchard, centre, and Darryl McGregor, right, are among the people being sued by Five Condos owners. (LinkedIn)   Condo owners at a Toronto highrise are suing several former members of their board for $800,000, alleging those members conspired to divert hundreds of thousands of dollars from the... [read more]

32 Home Upgrades That Are a Huge Waste of Money

Monday Feb 26th, 2018

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Home upgrades come in different shapes and sizes. Converting an extra bedroom into a home office may be just as satisfying as installing motion sensor lights, but neither one adds significant value to your home. If you want to add real resale value to your home, don't waste your money doing these.   Improving too much One of the first resources realtors use to determine the value of your home is the neighborhood you live in and the homes in it. "If you improve your home... [read more]

Private Island in Ontario Costs Less Than Half the Price of a House in Toronto

Tuesday Feb 13th, 2018

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Toronto housing is still incredibly expensive in 2018. This past January, the average selling price of a detached home in the city was a staggering $1.2 million, according to the Toronto Real Estate Board. Semis, townhouses and condos weren’t any better, either — they sold at average prices of $936,623, $712,186 and $514,279 respectively.    Across all types of housing, the average property sold for $736,783, and even though such value represents a 4.1... [read more]

One Yonge Condos

Friday Feb 09th, 2018

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  One Yonge Condos Toronto by Pinnacle International is a new mixed-use condo development and commercial redevelopment currently in pre-construction on 1 Yonge St, Toronto, ON M5E 1W7, Ontario. One Yonge will have five towers of 95, 80, 65, 35 & 22 storeys in height with 2962 number of units and includes the existing Toronto Star building. One Yonge Condos is launching in January 2018 with the first tower named Prestige at One Yonge Condos. Pinnacle International... [read more]

Guideline B-20 - The Real Estate Landscape Has Changed

Saturday Feb 03rd, 2018

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The new year is upon us, and with it, a whole new real estate reality. Tougher federal mortgage regulations took full effect on Jan. 1, slashing affordability for new borrowers and contributing to slower selling conditions than the record-breaking activity experienced throughout 2017 in Canada’s largest markets. Dubbed Guideline B-20, this latest parcel of policy changes is also anticipated to be the most impactful, as all new mortgage applicants must undergo a stress test regardless... [read more]

Toronto Condo Maintenance Fees in 2017

Wednesday Jan 31st, 2018

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How much are you paying each month in condo maintenance fees and what do those fees truly pay for? If you don’t know the answer to that question, you might want to read this study.   Maintenance fees (MF) are a constant topic in condo real estate, both during your search process and once you own a home. Back in 2015, we released a study that revealed the truths and myths behind maintenance fees in Toronto condos. But two years is a long time, especially in today’s real... [read more]

Toronto Home Sales to Fall in 2018, but Prices Will Go Up

Wednesday Jan 31st, 2018

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It seems unlikely that the Toronto real estate market will be able to top 2017’s record home sales this year. But, according to the city’s real estate board, home prices are only going to keep climbing in 2018. The Toronto Real Estate Board (TREB) released its 2018 forecast today, predicting between 85,000 to 95,000 GTA home sales this year, while the average price of a home could sell for anywhere between $800,000 and $850,000. In 2017, there were 92,394 sales, while the... [read more]

Canadian home prices rose 10.8% annually in fourth quarter of 2017

Tuesday Jan 30th, 2018

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Canada’s residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017, according to a report by Royal LePage. The real estate company says based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter. Broken down by housing type, Royal LePage says the median price of a two-storey home rose 11.1 per cent year-over-year to $741,924, and the median price of a bungalow... [read more]

Economists Report On Cooling Real Estate Market

Tuesday Jan 23rd, 2018

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It’s too soon to say for certain what the first few months of 2018 will bring for the Canadian housing market — but that isn’t stopping Canadian economists from making their best guesses.  Canadian home resales set a record high in December, with 551,700 units sold. That had economists scrambling to predict whether the trend would continue into the new year, or if industry watchers should brace for a cooling period.  Could the market be poised to keep... [read more]

Foreign-buyer Home Purchases Dropping in Toronto

Monday Jan 08th, 2018

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Foreign buyers have purchased fewer homes in the Toronto region in recent months, according to new figures from the Ontario government.   The province also revealed how much money has flowed into its coffers from its 15-per-cent tax on international residential purchases: about $133-million in six months.   However, the government warned the figure could drop "significantly" because some buyers may eventually claim rebates.   In all, 3.8 per cent of... [read more]

5 Factors That Make 2018 The Year To Buy

Monday Jan 01st, 2018

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Here are five of the factors expected to keep the market more balanced in 2018.   1. OFSI’s Stress Test rules   The government regulator known as the Office of the Superintendent of Financial Institutions will require all homebuyers taking out mortgages from the lenders that it regulates to meet a “stress test” as of Jan. 1. That means buyers going to a Big Five bank for a mortgage will need to prove they can afford the Bank of Canada prime rate, even if... [read more]

Toronto region home prices forecast to rise 6.8% next year

Monday Dec 18th, 2017

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One of the country's biggest residential real estate companies is forecasting a 6.8 per cent increase in Toronto area housing prices next year with starter homes — particularly condos — expected to be in high demand again. Royal LePage says the average aggregate price in the region — condos to single-family, detached houses — will be $901,392, compared to $844,000, its 2017 year-end estimate. That is the highest increase forecast among nine Canadian centres,... [read more]

Building a Real Estate Portfolio for Cash Flow

Saturday Dec 16th, 2017

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“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrialinvestments combined. The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie That quote is decades old but still holds true today. Though it's all the rage today on TV, this article isn't about real estate wholesaling or flipping houses. True, there is money to be made in those... [read more]

New Mortgage Rules Coming Jan 1 Boost November Home Sales

Saturday Dec 16th, 2017

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So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling. Even so, activity remains below peak... [read more]

Mortgage Rules: January 1, 2018

Monday Nov 06th, 2017

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Three new rules are being implemented as of January 1, 2018.  Here are the details, and what they mean to real estate purchasers.   1. Stress Tests: Uninsured Mortgages In the past, only insured mortgages would face tougher stress tests.  With this first new change, anyone who is putting down more than 20% will also face new challenges.  These purchasers are required to qualify for their mortgages using a new minimum qualifing rate.   The rate will be... [read more]

Bank of Canada Keeps Interest Rate at 1%

Wednesday Oct 25th, 2017

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The Bank of Canada left its benchmark interest rate unchanged.  This is following two straight hikes. It's suggested that future increases are still likely, but at a gradual pace.  Read more here.    There was also the announcement of new mortgage stress tests to come in January 2018.  Home buyers who don’t require mortgage insurance (i.e. CMHC) because they have a 20% downpayment will have to prove they can manage to keep a... [read more]

Gallery Square Condos - Downtown Markham

Saturday Oct 21st, 2017

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Gallery Square is a new condominium project by the The Remington Groupin the Downtown Markham. An art-inspired condominium community with creativity at its heart. Modern urban condos in one of North America’s most environmentally conscious master-planned communities, surrounded by art, culture, commerce, nature, education and more. It’s contemporary living raised to an art from. North America’s largest urban park, the rouge park, is just moments away. This is the setting... [read more]

Toronto Market Recovery

Tuesday Oct 10th, 2017

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The Ontario government created several policies in an effort to control the real estate “heated” market.  This did in fact slow down the market over the past several months while these changes were implemented.  Sales volumes decreased, prices were impacted, bidding wars and bully offers weren’t required anymore, and some deals were negatively impacted and have gone to litigation.   Buyers have stood back for a long time now, contemplating with their... [read more]

Multiple Representation: Protection for Consumers

Friday Oct 06th, 2017

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What is Multiple Representation? When your brokerage represents both buyer and seller (or more than one competing buyer) in the same transaction, this is known as multiple representation.  This scenario can tricky for consumers because a brokerage’s loyalty is divided between buyer and seller, who undoubtedly have opposing interests within a single deal.   New Legislation The Ontario government announced new legislation that, if passed, will increase consumer protection... [read more]

Smith Manoeuvre: Tax-Deductible Mortgage

Wednesday Oct 04th, 2017

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The Smith Manoeuvre is essentially just borrowing the available equity from your home with each mortgage payment. This follows all the tax rules.  I should also mention that this isn’t for everyone. Five-Step Process Step 1 You need a re-advanceable mortgage, like a home equity line of credit (HELOC).  They are commonly called STEP (Scotiabank), All-in-One (National Bank), or Homeline (RBC). Step 2 Access your home equity and invest in an income-producing asset (e.g.... [read more]

Tax Deductions 101: Rental Properties and Income

Wednesday Sep 27th, 2017

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Someone asked me about what tax deductions exist for rental properties.  I knew the basics, but as a property investor myself, it was time to find out just how much can be safely deducted without getting in trouble with the taxman.  I’ve been on that side before with Canada Revenue Agency selecting me for a basic tax audit.  It can be time-consuming, stressful, but in the end, not as bad as it seems.  If there’s one piece of advice that you take away from this... [read more]

Realtor Perspective of The $37,000 Commission Case

Friday Sep 22nd, 2017

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A Toronto-family is being held accountable to pay a commission of $36,753 after walking away from a deal.  Who is right and wrong in this sticky situation?  Please understand that I write this from a perspective that is purely objective.  This is a learning experience for all.  Let's continue! Background The family's original plan was to sell their home and purchase a new one.  The family's agent told them their current home would be... [read more]

Think twice before upgrading the kitchen

Wednesday Sep 20th, 2017

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The kitchen is the center of attention in a home.  If you're like me and only cook every other day (my wife would argue that it's less), we still use a kitchen to work from home at the breakfast table, or entertain guests for instance.     If you're thinking of a kitchen remodel to boost the potential sale price of your home, it's important to know which upgrades might hold you back from achieving a 70% return on investment.   1)... [read more]

Foreclosure v.s. Power of Sale

Tuesday Dec 27th, 2016

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In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]

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