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'It’s simply not possible': Why home ownership is out of reach for millennials in Toronto

Monday Aug 01st, 2016

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It's interesting to see the demand for homes for sale in Georgina and York Region that has resulted, consequence to the following article. Via BNN Millennials need to adjust their expectations when it comes to living in single-family homes, according to Toronto’s chief city planner. “The reality is not everyone can live in a ground-oriented, single-family home. It’s simply not possible,” Jennifer Keesmaat told BNN in an interview. “There’s not... [read more]

'Troubling trend': Toronto posts record home sales in July as listings plummet

Friday Aug 05th, 2016

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Toronto’s housing market churned out another record-breaking month in July. Almost 10,000 homes changed hands in the Greater Toronto Area, the highest recorded number for the month of July, the Toronto Real Estate Board reported. Average resale prices jumped 16.6 per cent to $709,825, with the cost of detached homes soaring 21 per cent from the same period last year, to $952,983. The market also continued to experience what the board called “a troubling trend in the... [read more]

Ottawa to close tax loophole amid reports of abuse of home ownership rules

Monday Oct 03rd, 2016

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TORONTO - The Globe and Mail is reporting that Ottawa is preparing to close a tax loophole that's been used by foreign buyers in overheated housing markets such as Vancouver and Toronto. The Globe says the Trudeau government plans to tackle apparent abuse of a long-standing exemption that allows non-residents to buy homes and later claim a tax exemption on the sales of those properties. That exemption will reportedly now only be available to those who reside in Canada in the year... [read more]

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