Millennials’ Financial Future Different From Previous Generations – KPMG Poll

Giant consulting firm KPMG recently conducted a survey among 2,500 Canadians, including 1,000 millennials, aimed at exploring what retirement will look like for Millennials. The key findings of the survey were: More than three quarters (78%) of all Canadians believe that home ownership is an investment for financial stability in retirement. Because one’s principal residence… Read More

Ontario Government Encouraging Co-Ownership Of Homes

Last month, the Ford government released a consumer guide aimed at encouraging buyers to consider co-ownership as a way to make home ownership more affordable as well as to alleviate the housing supply crisis. The government defines co-ownership as follows: “Co-ownership housing is a shared living arrangement where two or more people own and live in… Read More

Luxury Toronto Real Estate Sales Over $5 Million Increasing

After a soft start to the year, sales of luxury Toronto real estate is on the upswing, surpassing 2018 trough levels. Year-to-date sales in the GTA of freehold and condominium properties priced in excess of $5 million topped 100 units between January and October 31. This is up 8.5 per cent from the 94 sales… Read More

Annual CMHC Survey Shows Homebuyers Are Upbeat

Every year, CMHC conducts a survey of Canadians across the country to find out the thoughts, attitudes and behaviours of homebuyers. The 2019 survery includes 1,385 first-time and repeat homebuyers in every region of the country in both English and French. All participants had undertaken a mortgage transaction in the past 18 months. Highlights of this years survey include:… Read More

IMF Says More Supply Is The Key To Improved Housing Affordability

In a recent blog post, the International Monetary Fund (IMF) took aim at Canada’s housing affordability crisis and suggested that the solution lies in building more houses. Actually, this is pretty obvious when you think about it. If we focus on making it easier for buyers to afford to purchase a home (e.g., the government’s… Read More

Federal Election – Housing Platforms

Here’s a quick summary of what each of the federal parties are promising/proposing for housing in Canada: Conservative Party Make the mortgage qualification stress test less stringent, and eliminate it completely for renewals to keep banks from gouging borrowers on renewal with uncompetitive high rates. Allow first time buyers to obtain 30 year amortizations to… Read More

Many Canadians Are Financially Stressed – BDO

BDO Canada is part of a large global network of firms that provide debt solutions for people in financial difficulty. They publish a study called the ‘BDO Canada Affordability Index‘. Here are some of the key conclusions from the latest study: More and more Canadians are taking on debt in all forms: 57% carry a… Read More

Controversy Over Short Term Rentals in Toronto

The rental housing crisis in Toronto has put the spotlight on short term rentals like Airbnb, which have removed thousands of units from the stock of long term rental properties in the city. Rental units are in critically short supply, and so there has been an outcry from housing advocates calling for restrictions on Airbnb…. Read More

GTA Market for Rental Properties Growing Stronger

A recent report conducted by Ryerson University’s Centre for Urban Research and Land Development found that Toronto is the fastest-growing city in Canada and the U.S. by a huge margin. Immigrants are being attracted in droves by employment opportunities – for example, in the first half of 2019 alone, 81,600 new jobs were added and, on a… Read More

City of Toronto Supports “Missing Middle” Housing Options

Last week, Toronto City Council voted 20-3 to approve Mayor John Tory’s motion to expand “missing middle” housing options in areas designated as Neighbourhoods in Toronto’s Official Plan. These neighbourhoods coloured yellow in the City’s land use plan map are known as the “Yellowbelt”, mainly zoned for single and semi-detached housing since the 1960’s, accounting for approximately… Read More