Mindblown: a blog about philosophy.
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Lowered Projections Signal Ontario Housing Struggles
Ontario lowers new housing projections for coming years, missing its 1.5M home target. 2024’s target of 125K homes has been reduced to 81,300 due to economic factors.
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Housing sizes shift across Ontario
New data from the Municipal Property Assessment Corporation (MPAC) reveals a trend towards smaller condos and larger single-detached houses in Ontario, driven by changing consumer preferences and affordability challenges. Since the 1970s, single-family homes have increased in size, while condos have shrunk by 32%. Townhouses and semi-detached homes have seen moderate size increases. The GTA…
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Must a Buyer accept an Open Building Permit on Closing?
Ontario courts have recently grappled with whether the closure of open building permits can be requisitioned as a title matter. In the case of EPRF Holdings Ltd. v Fergus Bloor Inc., the court ruled that an outstanding building permit constituted a valid objection to title, obligating the vendor to resolve it or provide title insurance.…
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TRREB Calls for Ontario’s Landlord and Tenant Board to Take Action to Tackle Backlogs
The Toronto Regional Real Estate Board (TRREB) released a report addressing inefficiencies in Ontario's Landlord and Tenant Board (LTB) and their impact on the housing market. The report calls for reforms to improve LTB operations, including reinstating in-person hearings, reducing the backlog, enhancing staffing and training, and upgrading technology. With over 53,000 unresolved cases, TRREB…
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New Canadian mortgage rules are now in effect. Here’s what that means for Ontario homebuyers
The federal government has introduced new mortgage rules effective December 15 to improve home ownership for first-time buyers, especially millennials and Generation Z. Changes include raising the insured mortgage price cap to $1.5 million, allowing 30-year amortizations, and altering mortgage stress test requirements. These measures aim to reduce monthly payments and enhance affordability. Recent rate…
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Housing Affordability in Canada to Recover by 2035
Despite slower population growth, affordability restoration nationally will take a decade due to persistent credit leverage effects.The Bank of Canada’s rate cuts to 2.25% by mid-2025 will mainly benefit variable-rate borrowers.
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GTA Home Prices to Grow 5% by End-2025
Home prices in GTA are projected to rise 5% annually, reaching $1.23 million by Q4 2025. GTA remains one of Canada’s priciest markets, with average home prices above $1 million.
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Ontario’s Winter Vacation Homes Set to Soar
The median price for Canadian vacation properties is projected to rise 7%. Canada's winter vacation properties may reach a median price of $1,019,960.
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Town staff recommend approval for large Hillsburgh development
A zoning bylaw amendment is recommended for a new residential development at 5916 Trafalgar Road in Hillsburgh, which will include over 300 residential units, a new school, and a park. The proposal features 195 single detached homes and 174 townhouses, with provisions for adequate water and wastewater services before development. The plan addresses community concerns…
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Toronto’s real estate market sees strongest monthly sales growth since December 2023
Home sales in the Greater Toronto Area (GTA) surged by 14% in October, marking the strongest monthly increase since December 2023, with 6,390 units sold. The average home price rose by 1.5% to CAD 1.13 million, the highest monthly increase since June. However, new property listings fell by 6.8%, attributed to high-interest rates. The Bank…
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