The Bank of Canada (BoC) has decided to hold its interest rate at 5% for the seventh consecutive time, as announced earlier today. This decision comes at a time when many Canadians are experiencing financial difficulties due to high mortgage payments and are hoping for some relief. However, the BoC has indicated that it might reduce the interest rate in the future, possibly as early as June, provided that...
IMPORTANT UPDATE FOR ALL LOAN HOLDERS ON REPAYMENT If you are unable to repay your CEBA loan when due (regardless of whether or not you are eligible* for the loan you received), your financial institution will contact you to request a lump sum repayment of the outstanding debt. If, at that point, you do not fully repay your CEBA loan to your financial institution, your financial institution will likely...
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...
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