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Bogdan Poprawski's blog
Despite early signs of overheating in Canada's housing market, Bank of Canada Governor Tiff Macklem so far has no plans to raise interest rates until the economy and employment are back on track following the slump caused by COVID-19.
Speaking remotely to the combined Calgary and Edmonton chambers of commerce on Tuesday, Canada's top central banker said that the economy would continue to need monetary stimulus, likely until 2023, even though there are already signs it could be distorting the residential real estate market.
Some examples of insanity:
On Olive Street in Oshawa where a 1,100-square-foot house was listed with an asking price of $650,000 and sold for $802,000 after five bullies submitted bids ahead of the date scheduled for reviewing offers.
The house last changed hands in 2018 for $200,000.
Another bungalow of about the same size was listed with an asking price of $499,000 and sold for $713,000 in Oshawa.
In the small town of Orono a little farther east, a house listed with an asking price of $499,000 sold for $731,000.
This cannot last forever...
The City of Toronto has decided to not increase the Municipal Land Transfer Tax (MLTT) and, instead, conduct a comprehensive study of all revenue tools and options for the City.
This comes after the Toronto Regional Real Estate Board (TRREB) raised concerns about the potential increase last week, ahead of the council’s final 2021 Budget meeting.
Mississauga’s real estate and rental markets moved in different directions in 2020, with average rental prices falling to their lowest rates since 2018.
A Toronto budget briefing note reveals that the city could yield an additional $18.7 million in revenue this year—if the city council is willing to implement a luxury home tax.
Properties valued at more than $2 million are currently subject to a municipal land transfer rate of two-and-a-half percent, in addition to provincial fees, but proponents argue that a one-per-cent hike could generate much-needed cash for affordable housing and transit.
Say goodbye to the term master bedroom as the Canadian real estate industry looks to modernize its language and remove potentially racist undertones.
Changes to real estate language look to address racism by changing the word master to primary when describing bedrooms.
According to the Canadian Real Estate Association (CREA), the term master and its relationship to slavery and male centricity have caused concern.
My opinion: overkill.
The Canadian way of escaping draconian rules:
Cottage homes across the province are in scorching hot demand as many look for a reason to remain optimistic for a less restrictive summer.
Many families are already booking getaways in hopes of Ontario loosening up its COVID-19 pandemic restrictions when the weather gets warmer, as it did last year.
Some rental agencies say they are close to reaching capacity for the season, only a month into the new year.
For the first time ever, there were more pre-construction condos sold in the 905 area than Toronto last year
Last year was the first time that 905-area condos eclipsed pre-construction sales in the City of Toronto with a 51 percent share of the 18,247 units sold. But the overall number of new launch sales was 28 percent below 2019 sales, according to a year-end report released on Monday.
Sixty percent of the condos launched last year were one-bedroom and studio apartments, compared to 53 percent in 2019.
In many years, the Toronto-area real estate landscape feels glacial in January, but this year, sellers are quick to list and bidding contests are flaring up in some spots.
It is difficult to point out a real reason for such a situation, but many believe the spring market is starting early partly because people are not heading south for winter vacations during the coronavirus pandemic. They’ve also become accustomed to the stricter protocols around showing properties now that the Greater Toronto Area has entered a second lockdown.