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Wednesday , 22 February 2017

Monthly Archives: January 2016

Pre-construction condo? Read the fine print and buy from reputable builder

As reported on CBC television news last night, a Toronto man is suing the developer of a condominium building in which he bought a pre-construction unit. The man said that the developer’s marketing materials were misleading, and that he is disappointed in the building now that it is finished. He is reportedly suing for $6.5 million. The developer pointed out by way of justification that the purchase agreement all purchasers sign contains a clause stipulating that the developer may change the design of the building “at its sole discretion.” It was not clear from the report whether the man had read this section of the agreement. A real estate agent ... Read More »

Housing markets to continue expansion in 2016, says Ontario Chamber of Commerce

Ontario’s business community, especially the auto industry, is not feeling very confident about the economy these days, according to the Ontario Chamber of Commerce. The OCC has released a report on the state of the economy going into 2016, and, ironically, the sector expressing the greatest confidence is the energy/petroleum industry. The auto industry, which just came out of a record-breaking year for production and sales in Ontario, is least confident in its future. Businesses in the construction, engineering, infrastructure and transportation sector are almost as pessimistic. Nevertheless, despite low confidence in certain industries, the OCC’s economic update for 2016 is mainly positive. It says that economic prospects are in ... Read More »

Rapid price growth still problematic for Toronto housing market: CMHC

Canada Mortgage and Housing Corporation has once again red-flagged the Toronto housing market for potential problematic conditions. The corporation finds “strong evidence” of such conditions, mainly in the areas of overvaluation and price acceleration. The strong, rapid price growth in the single-detached home category, which has been ongoing for several years now, has not been matched by growth in personal disposable income and population. It is this dynamic that gives rise to a risk of overvaluation, CMHC finds. That risk is considered strong in Toronto. CMHC’s Housing Market Assessment (HMA) framework considers three other factors besides overvaluation: overheating, which refers to demand outpacing supply; price acceleration, and overbuilding. Price acceleration ... Read More »

Condo sales and rentals up significantly in fourth quarter of 2015

Sales and rental numbers for the final quarter of 2015 show once again how important the condominium is to Toronto’s housing market. The Toronto Real Estate Board’s statistics for the fourth quarter show large increases in both sales and rentals in the final three months of 2015. Conditions were tight for purchasers and renters alike, as demand increased faster than supply. The number of renters signing agreements with condo owners rose by 20.7 per cent, to 6,073, in the quarter. The number of units listed, however, grew by just 5.5 per cent compared to one year ago. This resulted in more competition among renters and tighter market conditions, TREB president ... Read More »

Worried about finances, the future? Make a plan!

Onward and downward seems to be the direction of the day. The loonie is down. Stock markets are down. Interest rates are down. Oil prices are down. Employment is down in some areas. It’s enough to depress a person. It looks like that rainy day we’re supposed to have saved for is here. How much worse could things get? It turns out that a (slim) majority of Canadians (54 per cent) have made saving for the long term, i.e. retirement, their top financial priority in the face of all the economic gloom. Financial independence at retirement is Number One on the top ten list of financial priorities, ahead of “general ... Read More »

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