IF TORONTO WANTS AFFORDABLE HOUSING, IT SHOULD BUILD MORE LUXURY CONDOS Chris Spoke, The Globe & Mail Image courtesty of: Toronto Life Toronto, we now know, is in the midst of a housing availability and affordability crisis that is pricing many young people and middle-class families out of the city. As the average price across all housing types has surpassed $700,000, all levels of government appear to have been caught off-guard and are now scrambling to advance policy... [read more]

LATER LAST CALL COULD BRING IN BILLIONS FOR TORONTO, BAR OWNER TELLS COUNCILLORS Bar and club owners say that Toronto isn't taking advantage of its night economy where billions can be made a year and told city council's economic development committee Monday that a later last call would help rake in those billions.  "We don't know the exact value of the night economy in Toronto," said nightclub owner Spencer Sutherland, who also chairs the business... [read more]

TORONTO'S HOUSING PRICES ARE SO HOT, EVEN THE COST OF HOUSE BOATS HAS DOUBLED Soaring housing prices in Toronto have forced some home buyers to look for more affordable alternatives to the conventional detached home, but prices for one type of dwelling may be on the same boat. House boat prices in the Greater Toronto Area have doubled in the last six years, putting the average cost of a floating home in the range of the average condo.  According to the Toronto Real... [read more]

HOUSEHOLD DEBT CLIMBS TO RECORD LEVELS, DRIVEN PARTLY BY HOT REAL ESTATE MARKETS The amount Canadians owe compared with how much they earn hit a new record in the second quarter, driven in part by the country's hot housing markets. TD Bank senior economist Leslie Preston said low interest rates have made borrowing more attractive, especially for homebuyers, and predicted the debt ratio could continue to trend a little higher in the next few quarters.  "We think... [read more]

REDUCE, POSTPONE OR AVOID REAL ESTATE DEATH TAXES Those soaring values of GTA-area homes has made it an increasingly expensive proposition to die while owning real estate. Huge probate taxes, officially known as estate administration fees and a result of astronomical prices in the overheated market, must be paid by the deceased person's estate. The average $1-million Toronto home, with a mortgage of, say, $450,000, would attract a probate tax of $9,250. Without a mortgage, the... [read more]