Year: 2024
-
1 in 4 Canadians may be living in poverty according to a recent report from Food Banks Canda.
A recent report from Food Banks Canada reveals that poverty in Canada may be more extensive than previously thought. The organization estimates that 25% of Canadians could fall under this category due to their inability to afford two or more essential household items. This revelation significantly exceeds the four million people reported by Statistics Canada…
-
Here’s What $1,000,000 Gets You in Toronto
When it comes to real estate, first impressions can be deceiving. Despite its unassuming exterior, the charming two-bedroom, two-bathroom bungalow at 226 Woodmount Ave. in Old East York offers a pleasant surprise. Step inside, and you’ll discover a bright, inviting home filled with modern updates and cozy spaces, making it a hidden gem in the…
-
Toronto Unemployment Surges to 317K, Surpassing Entire Province of Quebec
Toronto’s unemployment crisis is a major concern for Canada’s economy. Data from Statistics Canada reveals that Greater Toronto’s unemployment rate sharply increased in May, contributing significantly to the national trend of rising unemployment. This surge in unemployment, particularly in Southern Ontario, highlights a troubling shift from economic driver to a significant drag on the national…
-
BMO: Canadian Real Estate Won’t See Big Boost from Rate Cut
Canadian real estate markets are pausing despite hopes that rate cuts would boost activity. BMO’s new analysis suggests that while the Bank of Canada’s (BoC) rate cut may lift spirits, it won’t significantly improve affordability or drive many new buyers. The market is expected to remain constrained by rising inventory and affordability issues. Small Sentiment…
-
Canadian Rent Prices Reach Record High of $2,202 in May
According to a new report by rentals.ca, the average asking rents for all residential property types in Canada reached a new high of $2,202 in May 2024. This is the first time the national average rent has surpassed the $2,200 mark, indicating a significant trend in the Canadian housing market. National Rent Rankings – June…
-
Why Canada’s #1 Real Estate Podcast is a Must-Listen
If you’re a Canadian real estate investor or aspiring to become one, there’s a podcast you need to tune into—The Canadian Real Estate Investor. Hosted by seasoned experts Daniel Foch and Nick Hill, this podcast has quickly become the go-to resource for anyone looking to navigate the complexities of the Canadian real estate market. About…
-
Toronto Could Soon Crack Down on Landlords Evicting Tenants
Toronto is considering new regulations inspired by a recently adopted Hamilton bylaw to prevent “bad faith renovictions” and better protect vulnerable tenants. Background: Hamilton’s Renovation Licence and Tenant Relocation Bylaw In January 2024, Hamilton introduced a Renovation Licence and Tenant Relocation Bylaw, requiring landlords to obtain a renovation permit if issuing renoviction notices (N13s). This…
-
5 Million Empty Bedrooms in Ontario Amid Skyrocketing Rent Prices and Housing Crisis
As housing affordability and soaring rent prices remain major concerns for renters in Ontario, a new map reveals a startling fact: there are millions of empty bedrooms across the province. According to the Canadian Census Mapper, the number of empty bedrooms in Ontario has reached approximately five million, a figure that some argue could significantly…
-
Toronto Council Urged to Invest $351 Million in Affordable Rentals
City staff in Toronto are calling on the council to invest $351 million into affordable housing projects to facilitate the construction of 6,000 new rental units for low-income tenants and young, middle-class families. This ambitious plan aims to address the city’s affordable housing crisis and ensure these units remain affordable for at least 40 years.…
-
Bank of Canada cuts key interest rate for the first time in 4 years
The Bank of Canada has reduced its overnight rate by 25 basis points, marking the first rate cut since the onset of the pandemic. This decision, announced on Wednesday, lowers the policy rate from 5% to 4.75%. Background and Context The Bank of Canada began increasing its key interest rate in March 2022 in response…
Canada Housing Market 