Mindblown: a blog about philosophy.
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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.
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Outdoor Upgrades That Pay Off: Expert Tips!
Land Clearing Benefits – Improves curb appeal – Easier upkeep with cleared land – Increases property value and usability Forestry Mulching Advantages – Cost-effective for clearing small vegetation – Preserves roots, reducing erosion risks – Creates a "park-like" backyard scene
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FSRA Tightens Oversight on Private Mortgages in Ontario
FSRA’s 2024-2025 plan focuses on protecting consumers in the expanding private mortgage market. Private mortgages hit 20.4% of market volume and 15.6% by value in 2023, increasing from 2022.
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Underbidding Dominates GTA Market in Early-Q4
In October 2024, 70% of homes in the GTA sold for below their list price. Despite increased sales, overbidding activity remains low across the Greater Toronto Area.
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Toronto report recommends fee reductions, other steps to create new rentals
City of Toronto staff have recommended measures to develop 20,000 new rental homes, including 4,000 affordable units. The city plans to build 7,000 homes using its resources and proposes a new incentive program to expedite construction. Eligible projects must include at least 20% affordable units and start by 2026. The report also calls for provincial…
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Toronto has a plan to incentivize the construction of 20,000 new rental homes
Toronto city staff propose a plan to build 20,000 rental homes, contingent on financial support from other government levels. The initiative includes a new incentive program to construct 7,000 rental homes, with 1,400 affordable units, by deferring development charges and waiving property taxes for 40 years. A second phase aims for an additional 13,000 homes,…
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Ontario’s Cooling-off Period for Purchases
Buyer’s remorse is the regret felt after significant purchases, particularly homes. Ontario's Consumer Protection Act allows buyers a cooling-off period for certain purchases.
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