222 Old Weston Road was the answer to our clients’ condo alternative hunt. The semi-detached two storey home offered two bedrooms, two washrooms, a bright open kitchen, and a backyard with deck. This home is located within walking distance to The Junction with numerous restaurants, shops and bars. We’re so happy for our clients who succeeded in their goal of skipping “the condo step” of home ownership in Toronto!
Toronto was ranked as one of the most innovative cities in the world, according to a new report from the Melbourne-based organization 2thinknow.
According to the 2016-2017 Innovation Cities Index, Toronto ranked eighth out of 500 cities worldwide.
As CTV News reports, 2thinknow grades each city in three categories – cultural assets, human infrastructure and networked markets – to determine its overall potential for fostering innovation.
London, New York and Tokyo took the top three spots, respectively. Montreal came in at 19 and Vancouver ranked 24th.
SOURCE: BlogTO
The GTA housing market has been operating within a policy of intensification for more than a decade now. This has caused a shift away from ground-oriented homes and moved the market toward higher-density housing, such as condominiums.
Our real-estate market has seen consistent increases in the cost of housing, with the average price of a detached home in Toronto increasing by over 32 per cent this past November from the same month last year, according to the Toronto Real Estate Board.
While those who prefer urban living have embraced higher-density housing, folks looking for traditional ground-oriented housing must move farther and farther away from the city to find it.
So what if there was a way to introduce new ground-oriented housing in the heart of Toronto that could accommodate up to 100,000 people, and the solution was literally in our backyard all along? That is, if your backyard is along a laneway.
Laneway housing is an innovative concept first introduced in Toronto back in 2006. And while it ultimately went nowhere here, it did inspire Vancouver, Ottawa and other cities to introduce policies that embraced it.
The original concept a decade ago contemplated a separate dwelling being legally severed and requiring new municipal services, resulting in the digging up of laneways.
The new groundswell of interest in laneway housing (call it laneway housing 2.0) is focused on taking a different approach, where the new structures will be treated as secondary dwellings on the existing property.
That means the garage at the rear of the property could be rebuilt by the owner to include a secondary dwelling unit, potentially serviced through the existing municipal connections, limiting neighbourhood disruption and creating new appropriately sized, ground-oriented housing units that could range in size from 700 to 1,500 square feet.
This could represent one of the most innovative solutions to a wide range of the city‘s housing needs, including multi-generational households where the owner can provide accommodation for parents or children or introduce much needed rental housing stock and help generate new income from their property. And it would be creating new ground-oriented housing in areas close to transit and existing community amenities, with minimal neighbourhood disruption.
There is no silver bullet solution to solve all of our housing challenges in the GTA, but with approximately 300 kilometres of laneways in the City of Toronto, laneway housing could be a good start.
But this innovation will require that everyone works together: citizens, government and industry. And community consultations are underway. If you’re interested, you can participate by going online to: lanescape.ca/survey to learn more about the initiative and provide your input.
Remember: The best way to predict the future is to help create it.
It’s early in the evening and there’s a knock on the door. You answer and are greeted by an official-looking man who claims he needs to see your utility bill to confirm you’re getting your energy rebate.
Do you let him in?
While he may be legitimate, he may also be using deception to sell you something you don’t want. Here are some suggestions for finding out:
• Ask for a business card. Then, check if it has an address, phone
number and website. If the salesperson refuses or just shows you his
ID card (which anyone can fake), that’s a red flag.
• Ask for the name of his employer. Sometimes salespeople will say
they “represent the phone company”. That doesn’t mean they
actually work for it.
• Ask if you can call his company to confirm details before buying. If he
refuses, or says the office is closed, shut the door.
• Ask if you can consider the offer and call the office the next day to
place your order.
• If you’re really suspicious, ask him to come back later. Then, call the
non-emergency police number. Police are aware of common scams
in the area.
Most importantly, use your common sense. Door-to-door salespeople can
be pretty persuasive, but if something doesn’t seem right to you, trust your
gut. Say, “No thanks.”
Of course, if everything checks out with the salesperson, and the offer is a
good one, consider taking advantage of it.
Steady average price appreciation over close to two decades makes GTA housing market a global anomaly, says RE/MAX Hallmark
214 per cent increase in real estate values since 1996
Toronto, ON (January 12, 2016) – Low interest rates, coupled with population growth and solid economic fundamentals, contributed to a 214 per cent increase in average residential housing values in the Greater Toronto Area (GTA) over almost two--decades, according to RE/MAX Hallmark Ltd., one of country’s largest real estate franchises.
The GTA housing market is now entering its 20th year of consecutive price appreciation, on the heels of a record--breaking 2015. The market has reported a steady increase in values since 1996, when the cost of an average home in the GTA hovered at $198,150. Average price broke through the $600,000 benchmark in 2015, settling at $622,217 – an increase of 6.21 per cent when compounded annually over the 19--year period.
“The overall strength and stability of Toronto’s housing market is a global anomaly,” says Ken McLachlan, Broker--Owner, RE/MAX Hallmark Ltd. “Very few large residential housing markets can compete with the GTA’s performance over the past two decades”
When analyzing the level of growth in the Greater Toronto Area, population played a serious role. In 2014, the Toronto CMA topped six million (6,055,724), a figure eight per cent higher than the 2011 Census population of 5,583,064 and a substantial 42 per cent uptick over the 1996 Census figure of 4,263,757.
The low interest rate environment has also influenced home buying activity in the GTA. While the average residential mortgage--lending rate for a five--year term hovered at approximately eight per cent in 1996, the same product can be had for under three per cent in today’s competitive market.
Homeownership rates have also steadily increased in the GTA, in spite of rising values. Between 1996 and 2006, the level of ownership jumped approximately 10 per cent in the GTA (58.4 per cent to 67.6 per cent). The most recent available rates for the province of Ontario sat at 71.4 per cent in 2011.
Given the turbulence the GTA market has withstood –recessions, 9/11, and SARS, just to name a few – the performance is “nothing short of remarkable”, explains McLachlan.
“Moving forward, there is no reason to expect the upward trend to end,” says McLachlan. “In light of recent volatility in the stock market and overall economic uncertainty, we anticipate an upswing in home buying activity as investors look to tangible assets like bricks and mortar to ride out the storm. The strength of the US dollar will also contribute, serving as an impetus for greater investment in the Greater Toronto Area throughout 2016.”
When you purchase a home in Toronto, your Realtor will likely include at least 2 purchaser visits in the agreement of purchase and sale to occur before you close on the property. These visits can be used to make sure furniture fits, bring your family to see your new home, select paint colours, etc. You should plan to do your final purchaser visit a day or two before the closing date to ensure that everything is in order. Your Realtor will attend the purchaser visits with you and can help to answer any questions you might have. Now remember, you don’t own the home yet so there is a good chance that you will see moving boxes scattered around and the place might seem to be in disarray. This is normal (within reason). If your final purchaser visit takes place a day before closing and the house is full of garbage, no furniture has been moved and there is a car in the driveway with no tires on it, your realtor should definitely investigate further as it’s not likely that all of this will be resolved in one night.
Here is a list of things to look for during your final purchaser visit:
• Inspect ceilings, walls and floors for any damage that did not exist at the time you made your offer
• Turn on and off every light switch
• Test heating and air conditioning
• Test any exhaust fans
• Test all appliances
• Open and close all windows
• Test all of the outlets
• Check around all visible piping for leaks
• Run sink and tub water. Flush toilets
• Test the garage door opener
• Check for things that you thought would be included (appliances, light fixtures, etc)
ONTARIO GOVERNMENT ONE STEP CLOSER TO ALLOWING DOUBLING OF LAND TRANSFER TAXES ON HOME BUYERS PROVINCE-WIDE
Provincial government looking to extend power to all municipalities to charge unfair, unsustainable Municipal Land Transfer Tax despite public opposition and election promise
Toronto, ON, Oct. 27, 2015 – The Ontario Ministry of Municipal Affairs and Housing has indicated that they are going to make buying a home even harder by giving every municipality province-wide the power to charge a Municipal Land Transfer Tax (MLTT), a change that will double the land transfer taxes consumers have to pay on their next home. The Ontario Real Estate Association (OREA) encourages all Ontarians to visit www.donttaxmydream.ca to learn more about the negative impact of the MLTT and stop this tax from spreading province-wide.
“Ontario home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, they’re essentially doubling the tax burden on Ontario families,” said Patricia Verge, president of OREA. “If the Ontario Liberals follow through with this plan, home buyers will be forced to pay $10,000 in total land transfer taxes on the average priced home in Ontario, starting as early as next year.”
Broken election commitment doubles tax on home buyers
The provincial government is currently undertaking a public consultation on changes to the Municipal Act. Despite the fact that the period for public comment is still open until October 31, 2015, the Ministry of Municipal Affairs and Housing has indicated that they will move ahead with granting municipalities across the province the ability to impose a municipal land transfer tax, disregarding views expressed by Ontarians during this important public process.
Verge said that, “The Ontario Liberals wrote to us in May 2014, during the election, stating that ‘they had no plans to extend these powers to municipalities’. On behalf of home buyers, we want them to remain good on this election promise and that means Ontarians need to send a strong message that the government must rethink its plan to double the land transfer tax burden on home buyers.”
In 2008, the City of Toronto put an MLTT in place after the Ontario government extended the powers to do so two years prior. The result has been significant negative impacts on jobs and the economy. Over five years, it is estimated that 38,227 housing transactions did not occur in Toronto because of the MLTT. With every home transaction generating $55,000 in consumer spending on things like renovations, furniture, appliances, and fees to professionals, the MLTT has cost the City of Toronto $2.3 billion in lost economic activity and 15,000 jobs. This type of effect would be multiplied across Ontario if the government moves ahead with its plans.
New data from Ipsos Reid show Ontarians do not support new tax
A new Ipsos Reid poll shows that the overwhelming majority of Ontarians (89 per cent) outside of Toronto oppose a new MLTT charged on home purchases in their area. Respondents agreed that if a new land transfer tax were put in place, it would limit their ability to afford a home (77 per cent) and they would likely have to delay a purchase (75 per cent). Ontarians agreed (77 per cent) that the government should do all it can to help families own their own home.
Methodology
These are some of the findings of an Ipsos Reid poll conducted between August 28 to September 8, 2015, on behalf of the Ontario Real Estate Association. For this survey, a sample of 1,501 Ontarians from Ipsos’ Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/-2.9 percentage points of what the results would be had all adults in Ontario been surveyed.
For more information, please contact:
Ontario Real Estate Association
Katarina Markovinovic
Manager, Media Relations
Phone: (416) 445-9910 Ext 615
Email: katarinam@orea.com
Counsel Public Affairs Inc.
Derek Mletzko – (416) 920-0716 x212; dmletzko@counselpa.com
or
Lindsay Broadhead – (416) 920-0716 x210; lbroadhead@counselpa.com
Source: www.donttaxmyream.ca
SAY NO TO THE TAX CLICK HERE
Buying a water heater may pay off over the years, but Ontario homeowners have, traditionally, preferred to rent.
In Ontario most homeowners rent a water heater, but in Alberta virtually nobody does.
It’s hard to explain the difference other than habit. Whether one or the other is a better deal depends on how you look at it. In straight cost terms, over time buying is a better deal. When you factor in convenience and hassle-free service for many people renting may be worth the extra cost.
The cost of renting in Ontario is between $13 and $26 a month from Direct Energy or Reliance Home Comfort depending on the size of the heater. You don’t have to worry about maintenance or replacement. When you buy you’re on the hook for any issues that arise after the warranty expires.
The heaters cost between $800 to $1,200 depending on the size, plus $300 to $400 to have them installed. Since a typical heater lasts about 15 years, owning trumps renting after six or seven years, assuming no maintenance is required over that time.
Warren Healy, president of the Heating, Refrigeration and Air Conditioning Institute of Canada (HRAI), says it’s important to read and understand the contract before you rent because it can be long and sometimes difficult to understand.
“Take the time to read through the document, have a friend or neighbour read it, and ask questions to ensure you understand what you are signing,” he said.
Office: 416.465.7850
Fax: 416.463.7850
Ford Direct: 416.356.1011
Chris Direct: 416.995.4717
785 QUEEN STREET EAST
TORONTO, ON M4M 1H5
Office: 416.465.7850
Fax: 416.463.7850
Ford Direct: 416.356.1011
Chris Direct: 416.995.4717
785 QUEEN STREET EAST
TORONTO, ON M4M 1H5