Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

NIMBYs Should Say ‘Yes’ To Development In Their Backyard
Here are five reasons why NIMBYism is bad for business, your own property investments and the local economy as a whole.

Suburbs on Track: Touring Transit-Oriented GTHA Development
Throughout the next 15 years, the province of Ontario will invest more than $32 billion into building light rail transit (LRT), subways, regional transit, and rapid busways in the Greater Toronto and Hamilton Area.

Homebuilding lobby warns Toronto may become “the next London or Palo Alto”
“Complicated and restrictive government policies, already lengthy yet still worsening approval processes, a shortage of shovel-ready and approved land on which to build, escalating land prices and the growing issue of NIMBYism are impeding our ability to build homes and communities,” says BILD.

Ontario will not follow B.C.’s tax on foreign homebuyers, Premier Wynne says
“I’m not interested in doing something that would have an unintended consequence in Ontario – something that was designed for a totally different market.” Ontario Premier Kathleen Wynne added Ontario will present some housing proposals in the “not too distant future,” but said they will primarily aim to help first-time buyers afford homes.

Home Prices and Sales Continue to Soar in the GTA
The increased demand for housing coupled with a reduced supply of new low-rise homes due to land-use regulations is certain to keep the price of the latter escalating over the next few years, forcing many households to seek units in high-rise buildings and thus increasing the demand for more affordable condominium units.

Canadian housing crash fears overstated – Moody’s
Ontario is expected to be a focus of growth with four out of the five strongest metropolitan markets nationwide. In particular, Barrie prices will increase by 7.9 per cent annually over the next five years, with Toronto and Oshawa prices coming close at 6.7 per cent growth per year.

GTA condo rents increase as supply falls to five-year low
The average monthly rent surpassed $2,000 in the City of Toronto for the first time, reaching $2,044 in the third quarter of 2016 based on an average unit size of 717 square feet ($2.85 per square foot). In Toronto proper, average rents jumped 10 per cent year-over-year to surpass $3.00 per square foot for the first time, reaching $3.10 per square foot or $2,145). Growth in the 905 region was nearly as strong, as rents increased by seven per cent year-over-year to $1,749 per month or $2.14 per square foot.

The rise of a downtown in Vaughan
Set on 179 hectares, the transit-oriented new downtown core will have office and condo towers, shops, restaurants and entertainment. With track work complete on the Toronto-York Spadina Extension and stations almost finished, the subway will soon extend from Downsview Station to two stops at the VMC. York University will be one stop away; a trip downtown will take 40 minutes.

Foreign Buyers And Insane Home Prices: Get Used To It, Toronto
Prospective homebuyers in Toronto — get used to one thing: ever-increasing prices. Either that or move further out in the GTA. Or rent. These are the limited options — and unfortunate unintended consequences — caused by government policy and market forces in the Toronto area, says Benjamin Tal, deputy chief economist of CIBC World Markets.

8 questions about the principal residence tax
The newly announced rules will tighten and enforce the requirements necessary for claiming the capital gains tax exemption on a principal residence. To help you understand how this impacts you, we’ve answered eight questions about the principal residence exemption and the new rules.

Canadian home sales slightly higher in September
In townhouses and two-storey single family homes, year-over-year price growth was highest, at 16.4 and 16.3 per cent, respectively. In single-storey single-family homes, price growth was still significant at 14 per cent, while apartment units had the slowest growth at 11.1 per cent.

Here’s why Canada’s red-hot housing market may be cooling, but won’t be crashing
The house price outlook calls for a deceleration of house price growth, not for a serious decline, though there are exceptions for smaller regions. Read “Brookfield’s housing price index PDF“.

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