New condo market in Toronto hits 15-year low: ‘It is dead’
"Buyers can find cheaper & larger condos that have already been built"
Our new condo market was fueled by the speculative beliefs of investors
As those beliefs die, so does our new condo market
https://t.co/KbsnnOOot0
A friend of mine was renting a place.
The landlord told them they will be moving in so he needs to vacate the property.
Generally in Ontario, a tenant can be kicked out if a landlord will be moving in.
My friend didn’t believe the landlord and thought he just wanted him out to relist and increase rent. So he dug into the rules and found out that a corporation owns the property, not an individual.
And in order for the tenant to be kicked out for a landlord to move in, the landlord has to be an individual (not a corporation).
So he refused and the landlord wasn’t able to do anything.
Lesson for landlords: You shouldn’t act in bad faith but separately, be aware of operational considerations, not just tax considerations when buying a rental property.
Lesson for tenants: Be aware of your rights.
After a 10.5% property tax increase in the City of Toronto
The average homeowner will be paying a rate that is roughly equal to 0.35% of their home's current market value
Well below the typical 1% property tax rate in many other jurisdictions
I think homeowners will be fine
The year is 2019, you were prudent and locked in a 5 year mortgage at 2.9%. Your renewal letter just came in the mail, the new rate is 6.4%. This is the new reality facing most Canadians in 2024.