O'Neill Real Estate, The Beach, Toronto
Buying and selling homes and condos in The Beach and downtown Toronto
Home ownership costs for Canadians rose in the first few months of 2011, according to RBC’s latest quarterly report on housing trends and affordability. In Toronto, the statistics are currently stable: home ownership costs rose 0.8% for detached bungalows and 0.1% for condominiums, although it dropped 0.9% for two-storey homes. Overall, the mortgage payments, utilities… Read More
Property fundamentals are “very positive,” CIBC analyst Alex Avery told the Globe and Mail yesterday. Avery cites a high occupancy rate, rising market rental rates, inexpensive debt and limited new construction. According to CIBC, REITs raised more than $4.6-billion of public capital and acquired about $6-billion of property last year. Aside: Note that REITs, like… Read More
The Globe and Mail lists the top nine reasons you may be unable to pay your mortgage or obtain a mortgage: You are missing payments You can’t pay all the bills You make minimum payments on credit cards You don’t have 6-12 months worth of savings for emergencies You can’t afford maintenance of the home… Read More
Most Canadians planning to buy a new home in the next two years favour location and price over resale value, so says an online survey by Leger Marketing and BMO Bank of Montreal. Two-thirds of Canadians surveyed also indicated that a “good feeling” toward a property as a reason to buy. Cynics may snicker at… Read More
Is Canada a happy country? We seem to think so. More than two-thirds of Canadians polled in 2010 rated themselves as “thriving” and content, according to the 2010 Gallup Global Wellbeing Survey. Of the 124 countries polled, the country with the highest score was Denmark. Canada was tied with Sweden, followed by Australia, Finland and… Read More
Sales of new houses and condominiums were down 8.5% between March 2010 and 2011, according to a recent report published by the Building Industry & Land Development Association (BILD) and RealNet Canada. RealNet indicates the declines are attributable to lack of land to build low-rise properties such as detached and semi-detached houses, especially in York… Read More
How do you calculate inflation on housing? Statistics Canada uses a hybrid of costs to calculate the “Shelter” category in their Consumer Price Index (CPI). Canadian shelter costs went up 2.4% between March 2010 and March 2011: That leaves economists measuring rent (1.2 per cent higher year-over-year), mortgage interest cost (-2.2 per cent), replacement cost… Read More
Vacancy rates for office space in the Greater Toronto Area is expected to remain stable and even contract slightly this year despite continuing construction of office towers, according to a report published this week by Colliers International. The current first quarter vacancy rate of 6.4 per cent for office towers is expected to drop to… Read More
Toronto’s detached bungalows saw the biggest year over year increase in property value, according to the latest Royal LePage House Price Survey. Neighbourhoods such as Leaside, York Mills, Lawrence Park and Moore Park (within TREB districts C09, C10, C11 and C12) were highlighted as some of the biggest winners. This, however, has also applied upward… Read More
Who really knows what the future holds in Canadian real estate – absolutely no one. However, George Athanassakos, finance professor at the Richard Ivey School of Business, University of Western Ontario, makes a chilling prediction: Home prices are simply way out of line, especially when viewed in relation to household income. The ratio of house… Read More
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