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Unlocking Your RRSP: The Home Buyers Plan Explained

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Unlocking Your RRSP: The Home Buyer’s Plan Explained In order to purchase or construct a qualified house for yourself or a relative with a handicap, you may make a withdrawal from your Registered Retirement Savings Plan (RRSP) under the house Buyers’ Plan (HBP). Withdrawals from the HBP must be repaid within 15 years. If you are the owner of more than one RRSP, you may make withdrawals from any or all of them. Up to $35,000 ($70,000 for a couple) of your RRSP assets may be withdrawn tax-free to use towards a down payment on a property. You can’t access the money in a locked-in RRSP or a group RRSP, for example. Participation in the HBP is contingent upon meeting the following requirements: You must be a first-time buyer to qualify. A signed contract to purchase or construct a qualified residence for yourself or a family member who is disabled is required. The money you’re withdrawing from your RRSP must have been in the bank for at least 90 days. When you take money out of your RRSPs for the HBP, and until the time you buy or build a qualified house, you must be a Canadian resident. Within a year of purchasing or constructing the qualifying house, you must move in and use it as your primary residence. You must have the intent that the person with a handicap for whom you purchase or construct a qualified house, or whom you assist in purchasing or constructing a qualifying home, will use the home as his or her permanent residence. If your repayable HBP amount is zero on January 1 of the year of the withdrawal, and you fulfil all the other HBP eligibility rules, you may be eligible to enroll in the HBP again. The greatest thing is that if you pay back the money within 15 years, you won’t have to pay taxes on the withdrawal. The First-time Home Buyer Rule If this is your first time buying a property, you are termed a “first-time buyer.” You are not eligible for first-time homebuyer status if you plan to live in a residence that was acquired by your spouse. The 4-year rule If you did not own a property or reside in a home acquired by your spouse for 4 calendar years previous to 2019, you may qualify for the HBP. You may rejoin the HBP four calendar years after relocating to a flat, for instance, if you and your spouse have divorced and you no longer live together. You may become qualified in 2022 if you relocate in 2018. Before you may sign up for the HBP programme again, any outstanding debt must be settled in full. Qualifying for Homebuyers’ Plan after relationship breakdown, withdrawals after 2019 Withdrawals made after March 2019 are subject to the new policy mentioned below. If you and your husband or partner are no longer living together due to marital or relationship problems, you may be eligible to participate in the Homebuyer’s Plan. Your separation period prior to the withdrawal date is at least ninety days. You and your spouse started living apart in the year of the withdrawal, or during the preceding four calendar years. If the Homebuyers Plan participant already owns a home that was their principal residence at the time of the withdrawal but is not the same as the dwelling they intend to purchase with the Homebuyers funds. If the participant sells or terminates their right to the principal residence to their former spouse no later than the end of the second calendar year following the year of the withdrawal, or if the participant remarries before the end of the second calendar year following the year of the withdrawal, then the Homebuyers Plan participant may use it. No sooner than 30 days prior to the withdrawal, and no later than September 30 of the year following the withdrawal, does the Participant acquire the interest or right of the other spouse in the home that was the matrimonial home; and if the Participant has a new spouse at the time of the withdrawal, the new spouse may not own or occupy a dwelling that is the Participant’s primary residenceI How to Withdraw RRSP Funds Under The Home Buyers Plan Fill out form T1036 to make a tax-free withdrawal from the Home Buyers plan. This is a request to withdraw money from a registered retirement savings plan under the Home Buyers’ Plan (HBP). To notify your bank of your desire to withdraw money, please complete this form. Be cautious to follow the correct procedures, since it is impossible to take the funds from your RRSP and then claim they were part of the Home Buyers Plan. Multiple Home Buyers Plan withdrawals are permitted every calendar year, up to a maximum of $35,000. RRSP Home Buyers Plan Repayment Let’s get to the bad news now. The Home Buyers Plan requires you to make annual payments on the full amount of money you withdraw. These payments must begin in the second year after the closing of the Home Buyers Plan withdrawal. The Home Buyers Plan functions similarly to a loan, although interest-free. All money taken out must be paid back within 15 years, at the rate of one-fifteenth each year. Any payments made to settle an outstanding HBP amount will not reduce your contribution limit. Repaying an HBP loan with RRSP contributions is not eligible for the RRSP tax deduction.The amount reported on Schedule 7 as an HBP payback will be subtracted from any RRSP contribution refunds. You should also check that your RRSP contributions are being applied to the HBP loan, not just your RRSP. Many Canadians don’t do this and end up in arrears on their HBP as a consequence. Related posts 18 July 2023 Unlocking Your RRSP: The Home Buyer’s Plan Explained 10 July 2023 How Your Home Warranty Can Help You in an Emergency How Your Home Warranty Can Help You in an Emergency The last thing you want to face

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How Your Home Warranty Can Help You in an Emergency

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How Your Home Warranty Can Help You in an Emergency The last thing you want to face when moving into a new home or condominium is an emergency, such as a total loss of heat or an extensive plumbing leak. After all, everything in the house is spanking new, including the principal systems and materials, and the house was examined at various phases of construction. Even yet, situations do occur from time to time. Fortunately, your Tarion-managed new home warranty covers situations that can be traced directly to your builder’s labor and supplies. What is an emergency? According to Ontario’s new home warranty, an emergency happens within the warranty term and includes a guaranteed fault that, if not addressed quickly, will cause significant damage to your house, condominium unit, or standard condominium features. An emergency might also endangers your health and safety or renders your house uninhabitable. Examples of typical emergencies that may be covered under warranty include: complete loss of heat between September 15 and May 15 complete loss of electricity a gas leak complete loss of water complete stoppage of sewage disposal; a plumbing leak that necessitates shutting off the entire water supply a major collapse of any part of the home’s exterior or interior structure water penetration through the interior walls or ceiling a pool of standing water inside the home and/or the presence of unacceptable levels of hazardous substances. It should be noted that an emergency scenario over which the builder has no control, such as municipal or utility service breakdowns, is not covered by the builder’s guarantee. What should you do in an emergency? In the event of an emergency, you should contact your builder as soon as possible since you are responsible for handling the warranty procedure for your property. Afterward, your builder has up to 24 hours to handle the emergency problem by making your house safe and avoiding future damage. What if you can’t contact your builder or if they don’t handle the situation within 24 hours? That’s when you may contact Tarion for advice on handling the emergency scenario. Tarion has a dual function in this circumstance. First, they ensure homeowners get the warranty coverage to which they are entitled. Second, when builders fail to satisfy their duties, we hold them responsible. If you are unable to contact your builder or Tarion, you or a contractor you hire may do the required repairs to handle the immediate issue and then file a claim to be compensated for the expenditures. You must preserve records of the emergency and repair work done, save all receipts and take photos before and after the repairs. After dealing with the immediate emergency, your builder has 30 days to thoroughly remedy the fault. If they don’t, you may contact Tarion to address the issue. Nobody wants or anticipates an emergency to ruin their first house-buying experience. But, if they do occur, you can be certain that steps are in place to guarantee that you can quickly return to fully enjoying your new home. Related posts 10 July 2023 How Your Home Warranty Can Help You in an Emergency 02 July 2023 Four 2023 new home buyer facts that may surprise you Four 2023 new house buyer facts that may surprise you Tarion revealed the findings of its initial poll… 02 July 2023 3 “warranty exceptions” for warm weather 3 “warranty exceptions” for warm weather Your routines as a new homeowner will likely shift when the… 27 June 2023 Reuters survey predicts rising Canadian housing prices due to high demand Reuters survey predicts rising Canadian housing prices due to high demand According to a Reuters survey… 21 June 2023 Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ. Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market… 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing… 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,…

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Four 2023 new home buyer facts that may surprise you

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Four 2023 new house buyer facts that may surprise you Tarion revealed the findings of its initial poll of Ontario new home purchasers this week to better understand our customers.  They wanted to know why Ontarians choose new or pre-construction houses over resale homes and how they prepare for one of life’s largest expenditures.  In many respects, the study verified what was already known about new home purchasers and owners from many years of running the province’s new home warranty program. Some survey results stood out. New homebuyers prioritize energy efficiency. New appliances and building materials make new homes energy efficient. Energy efficiency, size, affordability, and style were homebuyers’ top five variables when buying a new house. It was anticipated that poll respondents prioritize energy efficiency during high inflation and rising energy bills, but we didn’t expect it to finish first. Most new house purchasers want to live in, not rent out, but prefer having alternatives. According to the poll, only 15% of new homebuyers want to utilize their house as an investment property. We found it fascinating that more than half of respondents considered their house purchase a future revenue source. 58% of respondents prioritized the prospect of renting out all or part of the residence. The survey findings show how Ontarians live and work post-pandemic. In 2020-21, a “pandemic exodus” of urbanites fled Canada’s larger cities, including Toronto, for smaller towns or rural regions, with some abandoning Ontario completely. Our study showed that this tendency has slowed, and most respondents don’t expect to relocate far from their residence. Only 5% of respondents want to leave Ontario, while 56% contemplate purchasing their next home in the same town or city and 49% in the same area.  Many poll respondents considered hybrid or remote employment while buying a property. When buying a house, 72% of respondents prioritized home office space. New homebuyers understand the builder’s warranty scheme, which is good Eight respondents (83%) knew of Ontario’s new home warranty program, and six-in-ten (64%) thought it was crucial when buying a house.  This was fantastic for Tarion. We want homeowners to know about the warranty and how to receive coverage if needed. Related posts 02 July 2023 Four 2023 new home buyer facts that may surprise you Four 2023 new house buyer facts that may surprise you Tarion revealed the findings of its initial poll… 02 July 2023 3 “warranty exceptions” for warm weather Reuters survey predicts rising Canadian housing prices due to high demand Your routines as a new homeowner… 27 June 2023 Reuters survey predicts rising Canadian housing prices due to high demand Reuters survey predicts rising Canadian housing prices due to high demand According to a Reuters survey… 21 June 2023 Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ. Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market… 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing… 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,… 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,…

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3 “warranty exceptions” for warm weather

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3 “warranty exceptions” for warm weather Your routines as a new homeowner will likely shift when the temperature outdoors rises. Do you like gardening? Do your kids like spending time in the backyard? Or do you like to read a light novel inside as you cool down this summer?  Unfinished exterior work or a malfunctioning air conditioner might put a damper on your good time no matter what you choose. That’s why it’s important to familiarize yourself with the “warranty exceptions” (as Tarion calls them) that will go into effect in May. Seasonal goods Decks, caulking, and in-ground supports are considered “seasonal” warranty items, as are exterior painting, cement, concrete, mortar, and stucco work because doing so needs warmer weather (preferably drier). Depending on when you filed a warranty form for seasonal products to your builder and Tarion, they will be handled in one of two ways: Suppose you filed a warranty request with a seasonal item between November 16 and April 30. In that case, the builder must do the work as soon as feasible once weather conditions are favorable again, but no later than September 1.  Between May 1 and November 15, if you filed a warranty claim for a seasonal item, your builder has 120 days to execute the repair according to the standard warranty claims procedure. Unique Holiday Merchandise “Special seasonal” warranty items include final grading, sod, driveway, and pathway installations. Municipal permissions and installations (such as sidewalks and curbs) also need more time, thus these projects are given extensions. You must file a warranty claim during the first year of owning your new home if the aforementioned things are not fully functional. From the moment your warranty begins until the end of “seasonal weather” (often around November 15), your builder has 270 days to execute any necessary seasonal modifications. Your builder’s warranty on these things will extend into the second year since there are only 199 days of seasonal weather in a year. Air conditioner Have you unpacked the air conditioner your construction company sold you yet? Avoid overheating this summer by taking it easy. If your air conditioner stops working entirely between May 15 and September 15, you may expect speedier service under your new home warranty. We mean there is no way to cool down your house since either your air conditioner is not installed yet or is broken. Notify your builder and Tarion about the problem. After receiving your request, your builder has 30 days to make the necessary repairs. Not a problem, Tarion is here to assist you. Conclusion What if you own a condo, and the air conditioner and any seasonal or specialty goods are considered part of the common elements? If this is the case, you should notify the board of directors of your condo association. They oversee the warranty for shared facilities and may coordinate resolutions with the developer and Tarion. You can make the most of your house this summer, inside and out, by taking a break from your favorite summer activities to read up on what your warranty covers. Related posts 02 July 2023 Four 2023 new home buyer facts that may surprise you Four 2023 new house buyer facts that may surprise you Tarion revealed the findings of its initial poll… 02 July 2023 3 “warranty exceptions” for warm weather Reuters survey predicts rising Canadian housing prices due to high demand Your routines as a new homeowner… 27 June 2023 Reuters survey predicts rising Canadian housing prices due to high demand Reuters survey predicts rising Canadian housing prices due to high demand According to a Reuters survey… 21 June 2023 Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ. Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market… 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing… 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,… 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,…

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Reuters survey predicts rising Canadian housing prices due to high demand

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Reuters survey predicts rising Canadian housing prices due to high demand According to a Reuters survey of real estate experts, Canadian house prices are expected to decline by approximately 9 percent this year before rising again in 2024 and beyond as purchasers wager interest rates have already peaked and demand for housing remains high. After skyrocketing by over 50% from the onset of the COVID epidemic in early 2020, Canadian house prices have declined by roughly 15% since March due to the Bank of Canada’s quick rate hike from near-zero early last year to 4.25% in January. Home prices in Canada have been on the increase again this year, increasing by 17% according to one metric, since the Canadian central bank decided for a conditional freeze on rate hikes in January. In a survey conducted between May 15 and June 5 by Reuters, 11 industry experts anticipated that house values would drop by around 9% in 2023, which is less severe than the 12% drop predicted in a poll conducted three months ago and the 12% loss in April from a year earlier reported by the Canadian Real Estate Association. The median forecast from the most recent survey predicted that property prices will grow by 2% in 2024 and by 4% in 2025. After a year-long recession, Canada’s housing market is on the upswing in the spring of 2023. As RBC’s associate chief economist Robert Hogue said, “Demand-supply conditions suddenly appear tight.” “Sellers are once again in control in most major markets as rising demand and falling supply have driven prices up and supply down. Now that the Bank of Canada has halted its aggressive rate raise campaign, buyers’ confidence is fast returning to both markets. Despite widespread predictions that the Bank of Canada would leave rates unchanged all year, another Reuters poll found that if economic growth remains robust and inflation remains high, the BoC may be forced to raise rates again. There may be no relief for rising costs if immigration rates continue to rise with demand. Experts who were asked a follow-up question predicted a small increase in delinquency rates among highly indebted families in 2018. Despite efforts, “Canada’s housing affordability problem is not easing,” said Douglas Porter, chief economist at BMO Capital Markets. While many may advocate for a supply-side solution, we’ve always held that it’s naive to imagine that a sector operating at full capacity can suddenly quadruple production, resulting in a glut of new units that drives down prices and rents. Related posts 27 June 2023 Reuters survey predicts rising Canadian housing prices due to high demand 21 June 2023 Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ. Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market… 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing… 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,… 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,… 11 May 2023 Rise in Toronto’s Home Building Costs Rise in Toronoto’s Home Building Price Even if inflation in Canada has slowed, the price of constructing… 05 May 2023 Toronto and Vancouver Home Prices Rise Like Mortgage Credit Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month…

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Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ.

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Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market in Canada is heating up again. Sales increased by the thousands in certain areas while prices rose by the tens of thousands in others in May. A leading economist cautions against expecting it to persist. Oxford Economics has cautioned customers that they anticipate this boost to be short-lived and that the current decline in existing property values is just halfway to the lowest they anticipate. Correction in Canadian Real Estate Put on Hold, Optimism Returns The housing market in Canada is heating up. In May, sales of previously owned homes saw a 5.1% increase over the previous month, when adjusted for seasonal factors. Despite purchasers having to contend with substantially higher loan rates, unadjusted sales were 1.4% higher than during the previous year.  Most Canadian markets had an increase in sales volume, totaling 70%. However, it should be stressed that sales of previously owned homes continue to fall short of their 10-year average. A Leading Economist in Canada Warns That the Real Estate Downturn Is Far From Over Excited purchasers rushed into the market as mortgage rates briefly dropped. As a result, house prices have risen by 2.1% in the last month, bringing them within 12% of their all-time peak set in February 2022. Prices increased by 62% from their December 2019 low to their peak in March 2020, even though the rate of new home construction has been far higher than the rate of population expansion. Given the rise, it seems like not much of a decrease. Stillo and his group believe this is only a temporary setback before the downturn resumes.  Stillo makes it clear that he and his team do not believe the housing market downturn in Canada is resolved. Sales activity may go up in the run-up to the Bank of Canada‘s rate announcement in July. Weaker housing demand and more listings are anticipated to re-initiate house price declines as interest rates rise and Canada enters recession, leading to an overall 20-25% peak-to-trough loss from the February 2022 high. Related posts 21 June 2023 Canadian Real Estate Correction Continues, Sales Rise Temporarily: Oxford Econ. Recent Immigrants Cannot Support High Home Prices in Canada After a temporary lull, the real estate market… 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing… 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,… 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,… 11 May 2023 Rise in Toronto’s Home Building Costs Rise in Toronoto’s Home Building Price Even if inflation in Canada has slowed, the price of constructing… 05 May 2023 Toronto and Vancouver Home Prices Rise Like Mortgage Credit Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month… 29 April 2023 To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years What is Canada’s secret for having…

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Recent Immigrants Cannot Support High Home Prices in Canada

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Recent Immigrants Cannot Support High Home Prices in Canada Canada’s population growth is contributing to rising home costs. The more the demand, the higher the property price, right? Don’t jump to conclusions; the story’s premise could not be accurate. The income levels of immigrants were surveyed in 2021, and the results were just revealed by Statistics Canada (Stat Can). Recent immigrants to Canada have lower wages than the average Canadian, making it difficult for them to afford even the most basic housing needs without raising rents. Recent Canadian immigrants had far lower wages than native Canadians Recent immigrants to Canada (those who came between 2016 and 2019) are paid much less than native-born Canadians. The median annual income of these immigrants was $35.6k, which was about 20% (-$7.2k) lower than their non-immigrant counterparts. It’s not simple to obtain affordable housing if a couple earns the median salary. Rent in Most Canadian Cities Is Too Expensive for Newcomers Finding affordable rental homes is challenging for them. At the 30% poverty line for housing costs, they have a maximum monthly budget of $1,780. Put another way, that’s around 17% less than the $2,140/month a dual-income, non-immigrant family may spend before meeting the shelter poverty criterion. In April, the national average for a one-bedroom rental was a little over $2,000 per month. The average monthly rent is much higher in more costly cities like Toronto ($2,370) and Vancouver ($2,600). Canadians could only afford to buy a home in a few urban centres It will also be difficult to purchase a property at this salary. The maximum price they could pay is roughly $400,000 if they used 100% of their available credit and a high-ratio mortgage. It’s around $65k less than a family of four without immigration status could afford. In all of Canada, that amount of money won’t go very far. According to CREA, the national average house price in March was $709,000 nationwide. Winnipeg ($331k), Moncton ($309), Quebec City ($323k), St. John’s ($313k), Regina ($309k), Mauricie, QC ($231k), Fredericton ($273k), or Saint John ($270k) are among the few places that come close to the budget. For a while, a story can keep a trend going, but it becomes difficult to maintain after that. Immigration and population expansion may boost demand, but wages couldn’t keep up in the long run. Taking increasing proportions of family earnings is the only way to continuously boost rents without fast, inflationary rise of income. On the other hand, widespread acceptance of shelter poverty isn’t exactly a selling factor for future immigration. Related posts 24 May 2023 Recent Immigrants Cannot Support High Home Prices in Canada 16 May 2023 Toronto’s Best Investment Areas for Families Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises,… 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,… 11 May 2023 Rise in Toronto’s Home Building Costs Rise in Toronoto’s Home Building Price Even if inflation in Canada has slowed, the price of constructing… 05 May 2023 Toronto and Vancouver Home Prices Rise Like Mortgage Credit Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month… 29 April 2023 To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years What is Canada’s secret for having… 24 April 2023 Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Everyone in Canada is trying to determine…

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Toronto’s Best Investment Areas for Families

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Toronto’s Best Investment Areas for Families Don’t be fooled by The Six’s huge towers, high-rises, and reputation as Canada’s de facto financial hub. Many of the city’s best neighbourhoods, ideal for raising a family, may be found within easy commuting distance of the central business district. Why It’s Important to Investors Investors would do well to consider the needs of prospective tenants when evaluating a property. The astute investor may use this perspective to better cater to the demands of the families moving into their houses.  In addition to some of the best universities and colleges in Canada, Toronto is home to several elementary and secondary schools located around the city. In addition, there are often patches of greenery in these metropolitan settings, which are perfect for dogs and toddlers. They are also in close proximity to places suitable for families.We’ve compiled the Toronto communities we believe best position investors to attract the most Rockwellian of families from among the estimated 140 that may benefit an investment targeting families well. Canadian Real Estate Wealth has compiled a summary of the fundamental features, educational institutions, and demographics of each community that made our cut as being among the finest in Toronto, Ontario, for families. Keep in mind that there is no specific sequence to them. Bedford Park In the late 1890s, Bedford Park was a part of the City of North Toronto.  Compared to the other megacity, Bedford Park is one of the few surviving areas where it is safe to stroll for at least 30 minutes in any direction. This neighbourhood and its environs have a long history of being considered safe and welcoming places to raise a family. Since the end of World War II, this area has had a stellar reputation. One needs only take a drive through the neighbourhood to see that this is the case; the streets are lined with tiny homes, or “wartime,” so named because they predate the 1950s, the era in which the vast majority of Toronto’s dwellings were constructed.Bedford Park is home to some of the city’s best schools, which have been lauded for decades. The floral garden hidden behind John Locke Library is a great place to start exploring the beautiful park system. This route takes you on some of the best paths in the city out to Lake Ontario, a natural wonder. It’s the best vacation ever, but if you go any lower in latitude, you’ll be in the ocean. The Beaches The Beaches, or “The Beach” as the locals call it, is a popular vacation spot on Lake Ontario because of its four beaches of the same name. However, there are several reasons why this Toronto suburb is an excellent option for starting or expanding a family. To the south is Lake Ontario, while to the north is Coxwell Avenue and Victoria Park Avenue along Queen Street East. The Beaches, a neighbourhood in eastern Toronto just south of East York, is conveniently close to the downtown area. In around 20 minutes by automobile, or 45-55 minutes by rail or bus, residents may reach the heart of Toronto. There are several parks and paths in addition to the beaches, with Woodbine Beach being the most kid- and dog-friendly. Queen Street East is a great place to take the kids because of the abundance of cafés and eateries along its length. There is a vibrant, multiethnic community in the area that hosts events like the Winter Stations Outdoor Art Show and a jazz festival in July. The latter is a great way to re-jam a family night together. While the music fills the night air, traffic on Queen Street is restricted to foot traffic only. Danforth Village Danforth Village is home to a large number of families due of its welcoming environment and proximity to excellent educational opportunities, green space, and retail options in Toronto. Students and young urban professionals alike might be seen living in the area. The latter is what sets this neighbourhood apart; not only is Danforth Avenue one of Toronto’s most popular shopping destinations, but it’s also often referred to as Greektown. Investors should know that there is a great selection of excellent restaurants, cafes, and supermarkets within walking distance of the property. Families will find a lot to love at Danforth Village. The easygoing lifestyle and safe, tree-lined avenues make it ideal for families with young children. Danforth Village is not only a great place to shop because of all the great parks, schools, and other amenities it has to offer for families. Eleven public schools, including Chester Elementary, Westwood Middle, and East York Collegiate Institute, are located nearby. Monarch Park is another neighbourhood highlight, and it has a top-notch leisure facilities complete with an ice rink, a kiddie pool, and an Olympic-size swimming pool. Many locals consider this to be the crown jewel of the area’s recreational facilities. If you’re a sports fan, you’ll be happy to know that Danforth Village is home to a public library, a gym, and a variety of playing fields. Bloor West Village Bloor West Village, or BWV as the locals call it, is a fantastic community with excellent housing, safety, shopping, health, and job opportunities. This pleasant area of west Toronto has a beautiful array of architectural styles. There are many friendly shops to peruse along Bloor Street West. The convenience of being near High Park, sometimes known as “Toronto’s Central Park,” makes it the best aspect of the neighbourhood. The 400 acres of this public park are stunning. In the spring, when the cherry blossoms are in bloom, people from all over Toronto go to the tranquil area surrounding Grenadier Pond. The High Park Amphitheatre hosts Shakespeare in the Park, a not-to-be-missed event. It’s a popular spot for family picnics. Not only that, but nobody has ever seen Yogi Bear in Bloor West Village. Conclusion To sum up, it is clear that there is a wide variety of family-friendly housing alternatives in Toronto, or The Six, to

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Sales and prices in Toronto’s real estate market are soaring

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Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown, Toronto’s housing market came roaring back to life last month as the annual spring selling season produced a jump in both sales and home prices. According to data released Wednesday by the Toronto Regional Real Estate Board, on a seasonally adjusted basis, the number of house sales in Canada’s most populous city increased by 27% in April compared to March. Outside of the recovery from the Covid lockdowns in 2020, it is the largest monthly gain in the previous two decades. In April, the average price of a property in Toronto, which is C$1.11 million ($815,000), was up 2.4% from the previous month. This increase completely reversed prior drops in pricing for the year, with prices being 0.5% higher overall. According to Toronto real estate agent Tom Storey, “this is seasonal activity in the way things typically happen, but the difference this time is that inventory is not just low but extremely low.” There was a lack of listings because “sellers didn’t want to put their property on the market in a market they were told wasn’t very good.” After a historic drop in prices in 2017 due to the Bank of Canada‘s aggressive rate rises, prices have already begun to rise again. With the central bank on hold, buyers have returned, refocusing attention on the severe lack of inventory that made Canada’s real estate market so competitive in 2017. “As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices,” said Jason Mercer, the real estate board’s senior market analyst, in a news statement accompanying the study. He claimed the “persistent lack of listings” is making it harder for people to purchase homes. National Bank of Canada said in a research note on Wednesday that the amount of new listings entering the Toronto market lags considerably behind the growth in sales, at only 2.8%. That resulted in a 12.3% decrease in the inventory of homes for sale, which had been building up over the previous year, and left the city’s active listings to sales ratio, a metric of buyer competition, tighter than the historical norm, as noted. Supply shortages and price increases aren’t exclusive to Toronto’s real estate market. Vancouver, historically one of the most expensive markets in the nation, also witnessed a 2.4% increase in its benchmark price last month. According to Vancouver Real Estate Board Director of Economics and Analytics Andrew Lis, “the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market,” as stated in a press statement on Tuesday. After a difficult year, “home buyers are returning with confidence as evidenced by rising prices and a rebound in sales this spring” Related posts 11 May 2023 Sales and prices in Toronto’s real estate market are soaring Sales and prices in Toronto’s real estate market are soaring After last year’s record meltdown,… 11 May 2023 Rise in Toronto’s Home Building Costs Rise in Toronoto’s Home Building Price Even if inflation in Canada has slowed, the price of constructing… 05 May 2023 Toronto and Vancouver Home Prices Rise Like Mortgage Credit Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month… 29 April 2023 To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years What is Canada’s secret for having… 24 April 2023 Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Everyone in Canada is trying to determine… 14 April 2023 Canada maintains 4.5% interest rate, What’s next Canada maintains 4.5% interest rate, What’s next? The Bank of Canada will reveal its decision on… 11 April 2023 TRREB: GTA Competition increases due to tight market conditions  TRREB: GTA Competition increases due to tight market conditions In March 2023, the Greater Toronto Area…

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Rise in Toronto’s Home Building Costs

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Rise in Toronoto’s Home Building Price Even if inflation in Canada has slowed, the price of constructing a new house continues to soar. According to Stat Can, Q1 2023 saw a significant increase in the price of constructing a new house. Instead of slowing down, growth has been picking up steam and is already over five times the inflation objective. In Toronto, the “high rise crane capital of North America,” construction prices have increased by over 9 times the rate of inflation. The price of constructing a home in Canada is rising rapidly Despite the reduction in inflation, Canadian homebuilding costs continue to rise. First quarter 2023 construction costs increased by 1.8% from the previous quarter’s levels. Despite apparently slowing inflation, annual growth has increased to 11.1%. Almost every category of expense has increased. Growth was highest in Conveying Equipment (+4.0%) and Masonry (+4.0%). The Woods, Plastics, and Composites category was the only one to see a decrease (-0.2%), and this was due only to a drop in timber prices. Despite a precipitous decline in recent years, current timber prices remain much above levels predicted by 2020. Home construction costs in Toronto are rising at a rate that is 60% higher than the national average Home construction expenses in the first quarter were relatively high throughout Canada, with Toronto being an exception (+3.2%). Compared to Stat Can’s urban index, it grew at a rate 23 percentage points quicker, well above even Halifax (+2.6%) and Vancouver (+2.3%). Only in Calgary (-0.2%) did prices fall throughout the quarter. Toronto, the construction hub of North America, is expanding at a pace that is causing shortages in the industry. Annual growth exceeded 17.7 percent, about 60 percent greater than the national average, in the city with the most high-rise cranes. Although inflation in Canada has slowed, construction costs, particularly in Toronto, continue to increase. In an extreme case of diseconomies of scale, the country’s rapid population growth has hampered its economic development. Demand is higher than productive capacity, therefore rising costs cannot be offset by increasing production. As a result, the price per unit rises, as can be shown. It’s a risky move for a nation whose economy is 30 percent more reliant on the property market than the United States’ was in 2006. Related posts 11 May 2023 Rise in Toronto’s home building costs 05 May 2023 Toronto and Vancouver Home Prices Rise Like Mortgage Credit Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month… 29 April 2023 To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years What is Canada’s secret for having… 24 April 2023 Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Everyone in Canada is trying to determine… 14 April 2023 Canada maintains 4.5% interest rate, What’s next Canada maintains 4.5% interest rate, What’s next? The Bank of Canada will reveal its decision on… 11 April 2023 TRREB: GTA Competition increases due to tight market conditions  TRREB: GTA Competition increases due to tight market conditions In March 2023, the Greater Toronto Area… 08 April 2023 Why Canadian Homeowners Aren’t Selling Why Canadian Homeowners Aren’t Selling There hasn’t been the usual rush of vendors at Canada’s…

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