Both sales and property prices in the 905 are up this July and have rebounded from a difficult first half of the year, reports the Toronto Real Estate Board (TREB).
Property taxes are an important consideration for home buyers, as this levy is a carrying cost that must be paid each year, and will increase or decrease along with the home’s value.
These taxes are collected by the municipality in which you live, and are used to fund a number of infrastructure and service needs at both the city and provincial level; in fact, property taxes account for $19 billion dollars in revenue for the province of Ontario.
The start of summer is typically a slower time for real estate, but that trend reversed in June – with 8,082 homes sold, the month ushered in the first year-over-year sales increase since December, according to the latest numbers from the Toronto Real Estate Board.
While sales were up just 2.4% since June 2017, this is still a reversal from double-digit declines between 20-30% recorded in the first half of the 2018.
Home sales in the Greater Toronto Area stayed below 2017 levels by double digits in May – but there are signs the market is starting to even out from the impact of the Ontario Fair Housing Plan, reports the Toronto Real Estate Board.
Home sales throughout the region tracked by TREB clocked in at 22.2 per cent lower than last year at 7,834 transactions. However, compared to the sub-30-per-cent declines recorded in February, March, and April, it’s a substantially smaller gap.
The vast majority of Canadian millennials — 84 per cent — feel that owning a home is an important life milestone, according to Zoocasa, the real estate brokerage and online resource that recently released its 2018 Housing Report.
Millennials, however, are having a hard time reaching that goal, with high monthly rents in city centres like Toronto reducing their ability to save for a down payment.
“Homeownership remains a coveted goal for many Canadians. However, achieving this perceived life milestone remains as challenging as ever in 2018, as a crop of new policy measures, heating home prices, and a rising interest rate environment continues to present obstacles to homeownership,” says Zoocasa.
The April real estate numbers are in for the Greater Toronto Area, revealing another double-digit plunge for sale and prices, compared to the same time last year. Activity in the region has fallen 31.1 per cent with 7,792 homes sold, prompting prices to soften 12.4 per cent to an average of $804,584.
This slower sales and price appreciation is in sharp contrast to the red-hot conditions that defined the spring 2017 real estate market, before the province stepped in with the Fair Housing Plan. The 16-part set of measures was designed to cool the Greater Golden Horseshoe, including regions such as Mississauga, Brampton and the Hamilton real estate market, as well as the City of Toronto.
Toronto real estate sales continue to perform well below March 2017 levels, with the latest data from the regional real estate board revealing a 39.5-per-cent drop in activity.
Just 7,228 homes were sold last month, a stark contrast to the record-breaking 11,954 the year prior, reports the Toronto Real Estate Board. It’s the third month in a row that 2018 home sales have failed to improve year over year, measuring 17.6 per cent lower than the 10-year average.
New listings also detracted 12.4 per cent, with 14,866 homes up for sale. Prices have followed suit, softening 14.3 per cent to an average of $784,558.
When our second child was on the way, my wife and I took a look around and realized we were running out of space.
Our 3-bedroom townhouse would still be big enough for our family, but we wanted room for our guests to stay, a place for the kids to play, and a way to get more use out of our home. So, we looked downstairs and dreamed about finishing our basement.
There’s a problem with renovation projects, though: they’re expensive. Even though we were able to find an awesome contractor, do a bit of the work ourselves, and get deals on some of the components like flooring, the project still cost close to $20,000. And we just didn’t have the money available to pay for the work out of pocket.
Fortunately, we were able to access equity in our home to pay for the job. And whether you’re planning to finish a basement, remodel a bathroom, or finally update your very dated kitchen, you may be able to borrow money secured by your home to do the work.
Whether you’ve decided to start a family, or a family has just decided to start (hey, things happen), you’re probably worried about money.
They’ll all warn you how expensive diapers are, but they’re really not that bad. I spend about $2 a day to keep my two kids in brand name diapers.
The real expense comes in the form of lifestyle changes. If you live in an apartment or urban area, you might be considering buying a new home. You might need a new car to fit your precious cargo, and all the cargo that comes with it. And childcare is a big expense that can make a dent in any budget.
If you’re planning to take leave from work, all of these big expenses might come up while your income is greatly reduced. In Canada, maternity and parental leave are paid by employment insurance (EI). You’ll get 55% of your regular earnings, but only to a maximum of $547 per week. There’s also the Canada Child Benefit, which pays up to $533.33 per month for children under 6 depending on your income in the previous year.