Canada's Condominium Magazine

Author Archives: Josephine Nolan

Luxury Condo Prices Growing at Double-Digit Rates Despite Cooling Housing Market

Luxury Condo Prices Growing at Double-Digit Rates Despite Cooling Housing Market

As the housing market cools across Toronto and the rest of the country, condominiums continue to become increasingly popular, especially among foreign buyers and baby boomers who are looking to downsize. Sales of condos priced above $1 million surged drastically across the country, with Toronto taking the lead with a 59 per cent sales increase.… Continue Reading

Scheduled for work, but you have the flu. Should You stay, or should you go? With higher fatality indicators, experts say stay home.

Scheduled for work, but you have the flu. Should You stay, or should you go? With higher fatality indicators, experts say stay home.

The recent flu-related deaths of otherwise young, healthy patients brought “flu awareness” back to the top-of-mind social issue. A healthy athlete, a ten year-old child, and other healthy people have died of flu complications.The ongoing debate over “go to work or stay home” has never been more urgent than in this flu season, which appears… Continue Reading

Canada ranked #1 in world for “Quality of Life” and #2 overall in total rankings from annual U.S. News “Best Countries Overall Rankings 2018”

Canada ranked #1 in world for “Quality of Life” and #2 overall in total rankings from annual U.S. News “Best Countries Overall Rankings 2018”

It shouldn’t suprise people of Canada, that they are again number 1 for “Quality of Life” in the 2018 “Best Countries Overall Rankings” from U.S. News. Overall, on all rankings as a composite, Canada’s the number 2 country overall, after Switzerland (which ranked #6 for “Quality of Life.”) Our close neighbours, the United States ranked… Continue Reading

Toronto-Area Rental Prices Soar as Vacancies Dwindle, Forcing Potential Buyers to Look in the 905

Toronto-Area Rental Prices Soar as Vacancies Dwindle, Forcing Potential Buyers to Look in the 905

A recent report released by real estate consulting firm Urbanation showed that condo rental prices in the Greater Toronto Area rose 9 per cent in the fourth quarter as supplies dwindled. This brought the average price to $2,166 for the fourth quarter and $2,392 for the month. In fact, Toronto has the most expensive one-bedroom… Continue Reading

Ask the Lawyer: “I recently bought my condo and a locker, but my locker is currently occupied by somebody else.”

Ask the Lawyer: “I recently bought my condo and a locker, but my locker is currently occupied by somebody else.”

A reader asks: “I recently bought my condo and a locker, but my locker is currently occupied by somebody else. I asked building management a couple of times, but they said they are not responsible to vacate my locker. They can loan me the pliers to let me cut the padlock, but still, they said… Continue Reading

Beaches condos rose 9.16 percent December 2017 year-over-year; four neighbourhoods show remarkable price increases: E02, C01, W03, and C03

Beaches condos rose 9.16 percent December 2017 year-over-year; four neighbourhoods show remarkable price increases: E02, C01, W03, and C03

According to a recent report by the Toronto Real Estate Board, real estate prices rose drastically in four areas of Toronto — faster than the average: The Beachess condo segment’s benchmark price rose to $681,000, an increase of 9.16 per cent, one of the most dramatic increases of any area. The Toronto Real Estate Board’s… Continue Reading

57 percent of Millenials, aged 25-30, will create new demand for homes; “Peak Millennials” will likely seek vertical condos in Toronto

57 percent of Millenials, aged 25-30, will create new demand for homes; “Peak Millennials” will likely seek vertical condos in Toronto

Demographics is not an exact science, but the forces of aging are irresistable. According to Census data, millions of millenials, are in the target range for highly motivated “first time home buyers” — 25-30 year-olds. Two cohorts, demographically, are set to entirely change the real estate market: the millions of first-time-homebuyer “peak millenials”[2] and the… Continue Reading

Canadian banks match Bank of Canada’s interest rate hike, impacting mortgages and loans

Canadian banks match Bank of Canada’s interest rate hike, impacting mortgages and loans

All five of the major Canadian Banks,  BMO, CIBC, Royal, Scotiabank, and TD, raised interest rates on their bank prime rates by a quarter percentage point. There is no difference now, in prime rate at the banks at 3.45 percent, up from 3.2 percent. What does this amount to, for the average mortgage holder? A… Continue Reading

Fixed 5-year mortgage rates go up at Royal Bank and TD, others will likely follow

Fixed 5-year mortgage rates go up at Royal Bank and TD, others will likely follow

Two major Canadian banks, Toronto Dominion Bank and Royal Bank of Canada, raised the benchmark 5-year mortgage rate. Other banks will likely match the move. Currently, Scotiabank, Bank of Montreal and CIBC are at 4.99% for the five-year posted rate, while Royal and TD climb to 5.14%.     The strong economy is one factor… Continue Reading

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