The Dog Days Of Summer Are Upon Us

The summer heat wave in Toronto has brought with it the typical slowdown in the real estate market. Prices and sales in July were lower than in June (as they are every year), though higher than last June. This probably sounds very confusing; the chart below should help to clarify what is going on. As… Read More

New Condo Buyers: Beware of HST and Capital Gains Tax

When a new condo is purchased,  HST of 13% must be paid, as only resale real estate is exempt from HST. In most cases, the builder includes the HST in the purchase price, so the buyer doesn’t have to come up with a huge cash payment to CRA in addition to their down payment. In… Read More

Toronto Market Remains Strong in June

For the first time this year, both sales and selling prices in the GTA were higher than the same month in 2017, ending six months of ‘lower than  last year’ comparisons. This is because the market has been steadily improving throughout this year, while the market fell steeply from May, 2017 onward, after the Ontario… Read More

What You Should Know About Buying and Selling Real Estate If You’ve Been Out Of The Market For A Long Time

If you’ve owned your current home for many years, you may find that a lot has changed in the real estate world. Understanding what has changed can come in handy when you’re entering the market for the first time in a while. Here are a few of the key ways the real estate marketplace has… Read More

Toronto Prices Up Four Months In A Row

Toronto area prices increased again in May, the fourth straight increase this year. While prices remain lower than last year, they will likely be on par with 2017 prices by next month, and then higher for the rest of the year. The reason for this is the extreme bubble last spring, which resulted in off-the-chart… Read More

Co-Ownership Becoming Popular

As house prices and interest rates continue to rise, and millennials despair of ever being able to afford a house, the idea of sharing the cost of buying real estate is becoming more and more attractive. On the surface the idea is very appealing – pool your resources with one or more friends and you… Read More

Laneway Suites Moving Forward

Rental housing is in short supply in Toronto, and the recent federal government changes in mortgage financing rules will likely make it even more difficult to find rental accommodation, since it is now harder than ever to afford a home or condo. Over the past 20 years, the City of Toronto has undertaken many initiatives… Read More

Toronto Market Continues to Normalize

For the third month in a row, average selling prices have increased in the Greater Toronto area. While prices are still significantly lower than this time last year, they are very much in line with the historical trend that existed before the aberrational late 2016/early 2017 bubble came and went.   For example, year-to-date average… Read More

Mortgage Rate Games

Since last week, four of Canada’s ‘Big Six’ banks have raised their posted mortgage rates: TD Canada Trust by 45 bps (from 5.14% to 5.59%) and the other three by 10-30 bps. These rates aren’t ‘real’ in the sense that they are typically about 2% higher than the actual 5 year fixed rate that you… Read More

Leaner Toronto Market Remains Strong

Media reports continue to focus on how this year’s market conditions compare to the same time last year, and therefore continue to misconstrue what is really going on. Last month total sales (number of homes sold) were 40% lower than the same month last year, and the average selling price was 14% lower. Year-to-date results… Read More