*Index and Market Summary based on previous 14 days rolling Average from Sold & Leased listings. PSF = Price per FT2
Well, we got what we asked for and maybe a bit more than we wanted. Last week, the Ontario government introduced its Fair Housing Plan, a list of 16 measures that should help cool the housing market. With benefits and drawbacks on all sides, we wanted to look at the 15% foreign buyers tax and the province-wide rental control.
First off, the 15% foreign buyer tax
Known as the Non-Resident Speculation Tax (NRST), the new tax comes as a sudden setback for many foreign buyers with their eyes and hearts set on Ontario. While it’s a disappointment for legitimate homebuyers who must now rethink their purchase, as well as their Realtors®, something had to be done to control the flood of investors. The NRST is a smart move for Toronto, Hamilton, and surrounding GTA neighbourhoods to help keep these vibrant, thriving cities open for people who honestly want to live here.
Last Thursday, the Ontario government released a package of proposed legislation to help cool our crazy real estate market and address the issue of affordable long-term housing. The package includes new rent control measures that will bring all rental units in Toronto, including those built after 1991, under standard rates of increase. Although all rental units are now covered, some people may still prefer to search for buildings built before 1991. The city of Toronto has a lot of older condo buildings, most of which enjoy comparable amenities and conveniences as modern condos, if not better. Let’s have a look at some.
The Condos.ca Downtown Condo PSF Ranking* presents . . .
Five Must-See Luxury Condos in Toronto
As the real estate spring season takes off, we thought we’d showcase some of the most expensive condos in Toronto. There are many factors that contribute to a condo’s asking price — location, exposure, design finishes, building amenities, among others. But does the combination of these things always equal the price tag? Let’s find out.
After sharing Carl’s post two weeks ago, in which he called for a foreign investor tax and new regulations, we got a great response from our readers sending in their thoughts on the issue. We also had some spirited comments on the blog, and the discussion remains heatedly divided. In fact, Real Estate Professional magazine recently polled their readers on the issue of a foreign investor tax, and the poll returned a near 50/50 split. This week, we wanted to talk about the effect of foreign investment on the Canadian economy, and how a foreign investor tax would be more like a fairness tax.
As we head into April and the spring season starts to take off, the demand for condos in Vancouver is fast out-pacing the supply and the effect on prices is a little hard to believe. While the Real Estate Board of Greater Vancouver recorded a 28.8% decrease in condo apartment sales in February 2017 compared to 2016, our Condo Pros on the ground in the Metro Vancouver area say the condo market is still very busy.
Vancouver condo market is still hot
There simply isn’t enough inventory to meet the demand. A reluctance to sell among homeowners has placed a strain on the resale market, and new developments offer mostly one-bedroom and bachelor style micro-condos that are too small for families.
Hey guys, Carl Langschmidt here, President of Condos.ca. We’ve been hearing from every direction that Toronto condo prices are going crazy and something needs to be done.
A recent report from the Ryerson City Building Institute released data showing the drastic, demand-side impact of foreign speculation on Toronto real estate and the need for government action. On the other side of the issue, Brad Lamb, a well-known condo developer and broker, published his opinion on why a foreign investor tax might just be the worst thing possible for Ontario. Brad Lamb states that foreign investors “represent a significant percentage of buyers in the purchase of new development condos sold from floor plans.” Without them, new developments would suffer and Toronto’s supply problems would worsen. With all this going on, I felt there were a few things worth considering before jumping to conclusions.