The Federal government tabled their new budget this month which among other things, promises tax incentives to first time home buyers in the GTA. While applauded by some, others feel the restrictions are still too stringent, i.e. the cost of buying a new home in the first place and the stipulations attached to the governments proposal. It remains to be seen how many people will be able to realize their dreams of owning their own home with these new government incentives, however it is a step in the right direction. Read Brandon Donnelly’s take on the new measures here
On The Block, a Toronto based brokerage is offering home buyers and sellers an alternate method of approach when buying or selling a home. An open, online auction instead of the current standard of blind offers is becoming the manner of choice for some home owners when putting their houses on the market. In this article, read how the Ontario Real Estate Association has asked the province to revamp the Real Estate & Business Brokers Act to allow agents to disclose not only the offer price but other elements of the bid to potential buyers when multiple offers are on the table. The move could potentially benefit buyers and sellers alike.
Toronto has often been referred to as “New York North”, as our city expands and swells on economic, social and cultural fronts and the cost to the consumer rises to a New York standard. However, Neil Sharma of Canadian Real Estate Magazine, points out that the term might actually have more to do with “how people live than how much they pay”. This is an interesting read on owners vs renters and the tilted balance of the two. Click here to read the article.
An article in Canadian Contractor on the housing market trends of late, speaks to the province’s intensification policy and how it affects the type of housing currently being built in the GTA. To find out more click HERE
The Building Industry and Land Development Association (BILD), issued a press release this week announcing that condo sales in Toronto reached a record high in the month of June. 91% of all new houses sold were condominiums with only 9% of new sales attributed to low-rise single family homes. Despite the resale market slowing down, the Province’s fair housing plan in effect since April, has had very little impact on new home sales. To read the full report, click here
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We have all heard the term “squatter’s rights” and immediately conjure up images of persons of an undesirable nature moving into a vacant home or cottage and refusing to move out once discovered. Many of us never think that squatters rights could affect the properties we currently own and live in. Think again. You may have squatters on your property right now and are not even aware of it. Tim Duggan offers up some interesting facts concerning the conundrum surrounding this age-old legal principle which can still be cause for concern in property ownership today. Find out more by reading Tim’s article here