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Urban Dwellers Are Dissatisfied with Housing Options
Is it safe to say that condo living is now the norm in Toronto?
According to a new initiativeВ from the City of Toronto, 70% of families in downtown Toronto live in high-rise condos. Vertical communities. Since the 60s, high-rises have been an affordable housing option for first-time buyers or downsizers. Today, thatвЂ™s increasingly true for new and growing families. We feel itвЂ™s time to make sure developers are building in line with that we want.
This Shady Listing Strategy is Borderline False Advertising
There was a recent condo listing in the Queen West neighbourhood that caught our attention. You may have seen it. You may have called your Condo Pro in hopes of learning more and placing an offer. But itвЂ™s doubtful you won the bid, very doubtful. ThatвЂ™s because this Queen West condo listing was never meant for you, never meant for all the first-time buyers that it attracted. This condo listing was a shady piece of listing strategy designed to cause a bidding war to end all bidding wars, and weвЂ™re not impressed.
Vancouver Real Estate Has Split into Two Separate Markets
According to our Vancouver Condo Pros, there is a consensus that the real estate landscape in Vancouver has been divided into two separate markets; one for single-family detached houses and another for condos and townhouses. While these two arenas of real estate often experience different levels of activity, the division gap in Vancouver seems to be growing. The question is how are these separate markets performing and how do you navigate them?
Vancouver freehold market has slowed
How Your Buying Power May Change Under New Mortgage Stress Test
Stricter mortgage regulations are coming January 1, 2018. ItвЂ™s time to think about what that means for you. Back in October of 2016, the federal government implemented new mortgage rules, endearingly known as вЂњstress testsвЂќ, that required all insured mortgages to be approved at the Bank of CanadaвЂ™s posted rate of 4.64%. Now, a similar stress test is coming to non-insured mortgages.
Key things to know (in plain words)
When the new rules kick in, everyone applying for a mortgage will have to prove that they can afford the monthly costs of a 4.89% mortgage regardless of the rate they are offered and would pay if they are successful.
Toronto Condos that Allow Short-Term Rentals Like Airbnb
The city of Toronto is set to roll out new legislation to regulate how short-term rentals like Airbnb can operate. At September s Word on the Street festival, the Toronto Star held a panel discussion about Toronto real estate. Panelists, Edward Keenan, Tess Kalinowski, and David Rider explained the need for new short-term rental regulation.
A significant portion of TorontoвЂ™s available rental housing comes from private home owners listing their units, making short-term rentals both lucrative and problematic. While the new legislation is likely to allow short-term rentals to continue in Toronto, homeowners will have to prove that the apartment or house is their primary residence. The city wants to reduce the number of units that may be sitting empty as a short-term rental property instead of being listed as a long-term rental residence.
Pre-Construction Condo Boom Coming this Fall
Hold on to your butts! The Toronto condo market is about to be hit by a tidal wave of pre-construction launches. Never before have we seen this many new developments launching in such a short span of time. Across the city, from WaterвЂ™s Edge in Etobicoke to DuEast in Regent Park, it is estimated that nearly 17,000 new units will come to market over the next two months.
What kind of projects can we expect?
Except for Kingly Condos, most of the new developments are large projects with 300+ units. There are also multi-phase proposals such as 215 Lake Shore Boulevard that are planned to provide 1,000+ new suites. We are also expecting to see a wide range of project styles, so whether you like luxury-living or community-living there should be something to check out.