Top 10 Real Estate News Stories From July 9 – 22, 2018

Our CondoNow experts have narrowed down the top 10 real estate news stories from July 9 – 22, 2018.

More condos than ever before are coming to the Toronto real estate market, CMHC makes obtaining a mortgage easier for the self-employed and more top news!

Toronto Hits A Multi-Year Record For New Condos Under Construction

Toronto real estate is about to get a whole lot of supply. Canada Mortgage and Housing Corporation (CMHC) numbers show Toronto CMA is just under the all-time high for homes under construction. Over 3 out of 4 of those units under constructions are condo apartments.
Full Story on BetterDwelling.com

 

CMHC Looks to Make it Easier for Self-Employed to Obtain a Mortgage

Canada Mortgage and Housing Corp. is making changes intended to make it easier for the self-employed to qualify for a mortgage.
Full Story on CTVNews.ca

 

 

 

Greater Toronto Area Condo Rental Rates Shoot Up Another 11.2 Per Cent

Rents continue their rapid rise in Toronto-area condominium leases in the second quarter of 2018, according to new data.
Full Story on TheGlobeandMail.com

 

 

 

Bank of Canada Hikes Rate, What It Means for Canadians

The Bank of Canada, as expected, raised its trend setting interest rate 0.25 per cent to 1.5 per cent. It is really an indication that the Canadian economy is doing well.
Full Story on CityNews.ca

 

 

 

It’s Not Just Condos — Toronto is Also Running Out of Commercial Real Estate

Canada is not just running out of residential real estate in its key markets — the country’s commercial and industrial real estate is also filling up fast.
Full Story on FinancialPost.com

 

 

 

Developer Hopes Website Helps People Navigate Toronto’s PATH

Toronto’s PATH network contains hundreds of shops along its 30 mostly underground kilometres, but some say getting lost is common. Eric Rotberg developed the website Pathmap.ca to help people navigate where GPS doesn’t work.
Full Story on TheGlobeandMail.com

 

 

Toronto Condo Starts hit 30-Year High: CMHC

Canadian housing starts surged in June to one of the highest levels over the past decade, driven by new condominium developments in Toronto that reached a 30-year high for the month.
Full Story on BNNBloomberg.ca

 

 

 

Priced Out of the Market: Why Homebuyers are Moving to Ottawa

The dream of owning a home has some Toronto and Vancouver residents turning to Ottawa.
Full Story on CTVNews.ca

 

 

 

Beware the HST Rebate Rules

Are you buying a new home or condominium unit with another person? If so, there is an interesting and probably little-known rule about the HST New Housing Rebate that may surprise you – and more importantly may disqualify you from obtaining the rebate entirely.
Full Story on REMOnline.com

 

 

 

Two New Parks Are Coming to Toronto’s Waterfront And You Can Actually Choose How You Want Them to Look

A six-week design competition is underway for York Street Park and Rees Street Park in Toronto’s waterfront district.
Full Story on Narcity.com