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There's an old saying in the real estate industry: Drive until you qualify. Can't afford a home in downtown Toronto? Maybe look a little further from the core -- perhaps Etobicoke, or Mississauga, or Milton, or... Just how far are young home buyers willing to drive?
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Extensive condo building in Toronto has brought supply closer to demand, but availability remains tight, an expert said.
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Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
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A long-standing exemption allows non-residents to buy homes and later claim a tax exemption on the sales of those properties.
It's happening a fair bit: great tenants with no intentions of moving are being served N12 forms by their landlords, a legal notice which provides them with 60 days' notice to vacate the premises. And it's entirely lawful for the landlord to do this, as long as they meet some very specific conditions and act in "good faith."
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They say such a "knee-jerk reaction'' could have negative implications for the economy.
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From foreign buyers gobbling up properties sight unseen to young families trying to raise kids in condo towers, the Canadian housing market is a hot topic of discussion these days. But what do houses really cost these days?
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The first time I heard the line "you're not stuck in traffic, you are traffic" I immediately liked it. People tend to ignore their participation and impact on a situation and often believe things are happening to them, not because of them. I wanted to explore this concept as it applies to the Canadian real estate, specifically the Vancouver and Toronto metro area housing markets.
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"[Ontario] doesn't have a choice."
Tax evaders are using homes to bring money from high-tax jurisdictions into Canada. Since they can't just move fat wads of cash without attracting scrutiny, they've come up with several techniques. Using soft assets that don't have fixed trade values (like homes) is one of the easiest ways to do it.
Vancouver gained. But the gains were lower.
Prices up more than 17 per cent in a year.
Vancouver softens and Toronto looks to maintain its momentum.
"The short supply of single-family homes ... coupled with strong demand" is something to watch.