Toronto Real Estate Board Encouraged By Federal Parties' Focus On Housing Issues
The Toronto Real Estate Board (TREB) is encouraged by the attention being paid by federal political parties, during the current election campaign, on key housing issues affecting home buyers. Specifically, the Liberal Party’s expansion of the First Time Homebuyers Incentive Program, and the Conservative Party’s plan announced today to fix the mortgage stress test, increase mortgage amortization periods and make federal real estate available to increase the supply of housing..
Pricey downtown Toronto has luxury home buyers looking outside the core: Report
More luxury home buyers are considering property outside Toronto’s downtown where they get more for their money, says a national report released by Sotheby’s International Realty Canada.
The sale of $1-million-plus homes rose 29 per cent year over year in July and August in the Toronto region. But the gain was a more moderate 25 per cent in the core.
The boldest sales boost across the region this summer — 33 per cent — was in homes priced between $1 million and $2 million. Downtown saw a 31 per cent increase in the same period.................
TREB Releases Q3 2019 Commercial Statistics
Toronto Real Estate Board President Michael Collins announced that TREB Commercial Network Members reported 6,295,432 square feet of leased space in Q3 2019 for all lease transactions types across the industrial, commercial/retail and office market segments. This result represented an 8.7 per cent decline compared to Q3 of 2019.
Year-over-year changes in average per square foot net lease rates, for transactions with pricing disclosed, were mixed in Q3 2019. The average commercial/retail lease rate rose to $26.75 in Q3 2019 from $25.71 in Q3 2018. The industrial lease rate was down to $7.43 from $7.80, and the office lease rate declined from $14.89 in Q3 2018 to $13.07 in Q3 2019.
It is important to note that annual changes in average lease rates can be the result of changing market conditions and changes in the mix of properties leased from one year to the next, in terms of location, size, mix and other related variables.
"The Greater Toronto Area continues to be a key centre of economic activity in North America, as evidenced by our low unemployment rate, strong population growth and consistently high standing in global city rankings. Barring any large-scale economic shock, the GTA should continue to see strong investment in all segments of commercial real estate moving forward," said Mr. Collins.
Total commercial sales amounted to 222 in Q3 2019, down by 73 transactions compared to 295 sales reported in Q3 2018. Yearover- year declines were noted across all market segments.
Read Full Article -- Source of Information TREB News
Ontario tribunal upholds Toronto’s new rules to limit Airbnb, other short term rentals
An Ontario tribunal has upheld Toronto regulations on short-term rentals that will restrict the most prolific hosts on Airbnb and other home-sharing services.
Almost two years after Toronto council voted for zoning bylaw amendments meant to crack down on what are known as "ghost hotel” operators, the city can move forward with the restrictions. The new rules apply to homeowners and tenants who want to offer rooms and homes for short-term rental on such services as Airbnb or VRBO. The regulations restrict short-term rentals to a homeowner’s principal residence, and then only to a maximum of 180 days a year.