July 2015 - Another Month of Price Gains

By: Lifestyle Realty Team

July 2015 - Another Month of Price Gains

Tags: market updates

  "Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB's MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions was up for all major home types, including a double digit year-over-year increase in condominium apartme...Read More

Odd One out for Price Growth

By: Lifestyle Realty Team

Odd One out for Price Growth

Tags: market updates

  July marks another record for home sales, with an eight per cent increase in number of sales over July 2014. Strikingly, prices for detached homes dropped below $1 million, which has not been the case for a number of months. The record high number of sales reflects Toronto’s consumer confidence, expressed by Mark McLean, president of the Toronto Real Estate Board, in a release, &ldqu...Read More

Rejoice for Renovation Tax Credit

By: Lifestyle Realty Team

Rejoice for Renovation Tax Credit

Tags: Good news

The Conservative government may re-introduce its home renovation tax credit. It announced plans to reinstate the tax credit if they win this October’s election, which will be great for home owners and investors. Brandon Sage, a real estate investment consultant at the LandLord Group, says that the program never should have been removed, but points out that as it is election year, the Conserv...Read More

Condo prices surpass all previous records

By: Lifestyle Realty Team

Condo prices surpass all previous records

Tags: condos

Condominiums are the hottest category of Toronto's real estate, with a swarm of buyers looking to secure their money in the market before prices soar even higher.  Richard Vilner, a commercial property manager at RealNew Canada, expressed his excitement in a National Post article, stating that there were several major transactions, as well as a record number of deals. He also cautioned t...Read More

The Price Growth just won't Stop!

By: Lifestyle Realty Team

The Price Growth just won't Stop!

Tags: monthly report

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Rethinking Eviction Laws in Ontario

By: Lifestyle Realty Team

Rethinking Eviction Laws in Ontario

Tags: legal

  Ontario's housing laws are facing reform in the processes of recouping unpaid rent from evicted tenants. As it stands currently, the main issues with the recoup process is that it is too time-consuming and tedious. A recent investigation into how MetCap Living Management pursued an evicted tenant for two months' rent has sparked controvercy and an urge for reform of housing laws. ...Read More

Thinking of Renting Out? - A Warning From Insurance Bureau

By: Lifestyle Realty Team

Thinking of Renting Out? - A Warning From Insurance Bureau

Tags: advice

The Insurance Bureau of Canada (IBC) is warning all homeowners that renting out their properties during the summer may be unwelcomed by insurance companies and brokers. The IBC is urging homeowners who are considering renting out their homes to check with their insurance company or broker to ensure that their property is properly covered, since many home policies restrict against commercial activ...Read More

Homes Too Hot to Touch

By: Lifestyle Realty Team

Homes Too Hot to Touch

Tags: Buyers

  Specifically, houses in which marijuana plants have been grown are a hot potato for mortgage lenders and insurance companies. Not surprisingly, The Financial Post reports that lenders and insurance companies have a growing tendency to decline applications for houses where marijuana had been grown due to probable damage to the property. Substances such as mould and chemicals can penetrate w...Read More

Another sales record set for the month of May

By: Lifestyle Realty Team

Another sales record set for the month of May

Tags: monthly report

In this month’s market watch report, Toronto Real Estate Board President Paul Etherington declared 11,706 sales by GTA realtors in this past month. This is a 6.3% increase in comparison to 11,013 sales last May. Sales numbers were up in the GTA market area as a whole across all major home types. However, in the City of Toronto area, where the inventory of low-rise listings has been limited, ...Read More

Rate debate

By: Lifestyle Realty Team

Rate debate

Tags: Market trends

Canadian economists are suggesting that the Bank of Canada is planning to increase mortgage rates soon, while the Bank of America predicts a rate cut.   "As the Fed hikes, the spillover effect of higher long-term rates in Canada will likely tighten financial conditions, reducing the need for any BoC policy tightening," Emanuella Enenajor, a Bank of America economist, and Ian Go...Read More