Tag: real estate
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76% of Canadians who don’t own property view homeownership as currently unachievable according to a recent survey by CIBC
A recent survey conducted by the Canadian Imperial Bank of Commerce (CIBC) has highlighted a stark reality: a significant majority of Canadians who do not currently own property find the prospect of homeownership increasingly unattainable. Despite 56% of non-owners still harboring the aspiration to own a home one day, a whopping 76% believe this goal…
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Trudeau Announces Bold, Multi-Billion Dollar Plan To ‘Solve’ Housing Crisis
As Canada grapples with a severe housing affordability crisis, Prime Minister Justin Trudeau has introduced a comprehensive multi-billion dollar strategy aimed at transforming the nation’s housing landscape. This ambitious plan, detailed in the 28-page document “Solving the Housing Crisis: Canada’s Housing Plan,” seeks to facilitate homeownership, improve housing for the unhoused, and enhance tenant protections.…
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Here are the GTA’s hottest neighbourhoods for bidding wars right now
Toronto’s real estate market is poised for a rebound in the latter half of 2024, as easing interest rates encourage previously hesitant buyers to re-enter the market. This resurgence is marked by the return of bidding wars, particularly in the Greater Toronto Area (GTA), signaling a significant uptick in competition and overbidding incidents across numerous…
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Canada to allow 30-year amortization for first-time buyers’ mortgages on new homes
In a move celebrated by housing advocates, the Canadian federal government has announced an extension of the amortization period for insured mortgages targeted at first-time homebuyers. This policy adjustment, declared by Finance Minister Chrystia Freeland in Toronto, aims to make homeownership more accessible amid escalating property prices and rents. Key Changes to Amortization Rules Starting…
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Is Your Toronto Rental Legit? How to Spot Scams Before You Sign the Lease
Navigating the rental market in Toronto can be fraught with challenges, not the least of which is the prevalence of rental scams that target unsuspecting tenants. These scams can vary widely in sophistication and audacity, but all share the same goal: to part you from your money under false pretenses. This guide will equip you…
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According to a new report by Zoocasa, Toronto is now less affordable than New York and Miami
A recent study by Zoocasa highlights a growing disparity in housing affordability, with Toronto emerging as significantly less affordable compared to major U.S. cities like Miami and New York. This comprehensive analysis underscores the affordability crisis facing Toronto residents, driven by lower median incomes and higher home prices relative to these metropolitan hubs in the…
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Toronto Police Make Arrest in Rental Scam Case: Woman Charged with Multiple Counts of Fraud
Toronto police have successfully apprehended a 26-year-old woman, Lariza Resendez Lopes, linked to a rental scam that preyed on individuals seeking apartments in the city. Operating under the guise of TorontoRental.org and LRLManagement, Lopes allegedly advertised rental properties on various online platforms from June to August 2023. Victims of the scam reported providing deposits for…
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Here’s how much it cost to buy a home in Toronto in the 1960s
For many Toronto residents, the dream of homeownership has become increasingly elusive, a stark contrast to a time not so long ago when single-income families could easily buy a house in the city. A throwback advertisement that has resurfaced on social media highlights the dramatic rise in housing costs, showcasing a two-storey home from the…
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Trudeau proposes Canadian Renters’ Bill of Rights to ease housing crisis
In a landmark move aimed at stabilizing the increasingly volatile housing market, Prime Minister Justin Trudeau has introduced a groundbreaking Canadian Renters’ Bill of Rights. Announced from East Vancouver – Canada’s priciest city for renters – this initiative promises significant changes to support young Canadians struggling to find their footing in today’s challenging economic landscape.…
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Canada to put a cap on temporary residents for the first time
In a significant policy shift, Prime Minister Justin Trudeau’s administration is set to introduce caps on temporary residents entering Canada for the first time this fall, aiming to address the country’s housing crisis and mitigate inflation. Presently, temporary residents, including students, asylum seekers, and temporary workers, comprise approximately 2.5 million individuals or about 6.2% of…
Canada Housing Market 