Jeanette Grant

MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 19TH, 2021

23 February 2021
Jeanette Grant

More than two-thirds of Toronto condo investors are planning to sell their properties rather than pay the new vacant home tax, according to a new Toronto Regional Real Estate Board (TRREB) report. Toronto City Council voted to create an implementation plan for a vacant homes tax in the city which would take effect sometime in 2022. The tax would encourage owners to sell or rent out their vacant properties, which would increase housing supply, the City of Toronto said in a news release. Those who do not would need to pay the tax, and proceeds would go toward building new housing supply.


MARKET UPDATE FOR THE WEEK ENDING JANUARY 29TH, 2021

02 February 2021
Jeanette Grant

Have you heard? The Toronto spring real estate market is underway and its picking up steam at an uncomfortable pace. Several significant home sales with multiple offers and plenty of “bully offers” are flaring up in some hot pockets of the city and the surrounding 905 regions. Buyers have secured very attractive interest rates and the demand for space rather than speculation seem to be driving the market. It’s a concern among central bankers that this could be become a bubble with such low interest rates. On Wednesday, Canadian policy makers kept interest rates at 0.25%, and committed to keep borrowing costs low until the damage from the pandemic is fully repaired, something they don’t see happening until 2023.