Category: Uncategorized
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Doug Ford awards $7 million in funding for Oakville housing
Ontario Premier Doug Ford announced $7.06 million in funding for Oakville from the Building Faster Fund, aimed at addressing housing needs. The fund rewards municipalities for meeting provincial housing targets as part of a three-year, $1.2 billion program. Ford presented the check at a Chamber conference, highlighting the role of local leaders in securing the…
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Tax Relief Needed for Toronto Home Buyers
GTA residents face high taxes, totalling over $200K on the avg home purchase. Proposed tax cuts, like removing GST on homes under $1M, could save buyers $40K.
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Buyers are still offering way under asking price for homes in most parts of Toronto area
Home sales in the Toronto area are gradually increasing after a prolonged slump, but buyers still hold significant negotiating power. As of October, 88% of the GTA is in "underbidding territory," with 70% of homes selling for less than the asking price. Despite a decline in bidding activity, there are signs of renewed buyer interest,…
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GTA Pre-Construction Investment Trends
Master-planned communities, combining residential units with commercial spaces and parks, attract diverse residents and investors. Infrastructure improvements and affordability in Scarborough and North York position them as key growth markets.
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Ontario’s New Rules Threaten City Planning Stability
Ontario cities fear new provincial rules allowing individual development applications could undermine long-term urban planning. The provincial planning statement mandates cities to evaluate ad hoc applications, increasing administrative costs and appeals.
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Oakville’s budget committee looking to speed up building permits
Oakville has improved its average building permit processing time to 31 business days in 2024, but challenges remain, particularly with incomplete applications and complex projects. As of August 30, 2024, 1,895 permit applications were submitted, with 38% requiring multiple submissions due to issues. In 2023, residential permits took an average of 54 days, while non-residential…
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Toronto city council passes plan to entice developers to build rental homes
Toronto city council has approved a plan to build 20,000 new rental homes, offering monetary incentives to developers, including deferrals of development charges and property tax reductions. Mayor Olivia Chow emphasized the urgent need for rental housing, as 50% of residents are renters. The first phase aims to construct 7,000 homes, while the second phase…
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Ontario Property Reassessment Paused
Property reassessment in Ontario remains on hold, maintaining 2016 market values for the 2025 tax year. The fall economic statement reveals upcoming flexibility for municipalities regarding student housing tax subclasses.
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Ontario: Two CRA Benefits Coming for Residents
In Mid-Q4 2024, Ontario residents will receive the Canada Child Benefit (CCB) and Ontario Trillium Benefit (OTB).The CCB provides monthly support for families with children under 18 to cover essential expenses.
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Ontario’s Open Bidding Real Estate Law
Since December 2023, Ontario sellers can opt for open bidding, disclosing bid details to all participants. Open bidding can reduce overbidding by giving buyers insight into competing offers, potentially stabilizing prices.