OTTAWA - The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won't stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020 during the first wave of the COVID-19 pandemic as the economy went into a downturn and three million jobs were lost.   The central bank said Wednesday the rebound since then...

Conceived and built by Pemberton, this is our flagship residence in Toronto and a new beacon of luxury living in the city’s most prestigious location. Rising 42 and 68 stories tall, the two towers form a unified vision from the renowned architects-Alliance. Stunning textural installation art by Nicolas Baier adorns the podium and symbolizes the connection to the neighborhood. Inside, modern and...

The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Condominium Authority Tribunal (CAT) – the Province’s virtual tribunal that helps resolve condo-related disputes. As of January 1st, 2022, the CAT will be granted the authority to handle disputes involving nuisances, annoyances, and disruptions. Specifically,...

Municipal Land Transfer Tax Increase NOT Implemented TRREB is applauding Toronto City Council for listening to the concerns we expressed, and deciding to not implement an increase to the Municipal Land Transfer Tax (MLTT) on homes priced over $2 million. City Council directed staff to conduct a comprehensive study of all revenue tools and options for Toronto, instead of just focusing on the MLTT. We...

TORONTO -- A Toronto budget briefing note reveals that the city could yield an additional $18.7 million in revenue this year—if the city council is willing to implement a luxury home tax. Properties valued at more than $2 million are currently subject to a municipal land transfer rate of two-and-a-half percent, in addition to provincial fees, but proponents argue that a one-per-cent hike could...