Photo Credit TORONTO – Reacting to news of Toronto Mayor Olivia Chow’s plan to hike property taxes by more than 10%, the 9 or so people that collectively own all Toronto real estate expressed outrage, saying that Chow is making the city unaffordable. “This city is expensive enough,” said the landlord who owns everything south of Front Street. “For the mayor to then turn around...

GTA REALTORS® Release October 2023 Stats Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels. “Record population growth and a relatively resilient GTA economy have kept the overall demand for...

Inflated interest rates may have made real estate in already-overpriced Toronto completely unaffordable to all but the ultra-wealthy in recent months, but even if mortgage and tax bills on the average Toronto home now amount to upwards of $7,000 per month, prices have yet to drop to match the decline in market activity. Sales for both condos and homes in the GTA have been tanking, but even with...

Federal GST Removal on Purpose-Built Rental Units The federal government recently announced an enhancement to the Goods and Services Tax (GST) Rental Rebate on new purpose-built rental housing to encourage the construction of much-needed rental housing stock across the country. If passed, this action will contribute to greater affordability in the rental market, as the removal of GST will apply to...

Bank of Canada maintains policy rate, continues quantitative tightening FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario September 6, 2023 The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening. Inflation in advanced economies has continued to come down,...