Nov. 22, 2022

6 Home-Staging Tips to Sell Your House Fast

One of the essential things you can do when selling your property is to stage it. It increases the appeal of your home to purchasers and can help you sell it faster and for more money. Here are some suggestions for staging your house before selling it.

1. Begin with a blank slate.
The first step in house staging is to declutter and thoroughly clean each space. This involves vacuuming, dusting, and washing the windows. Clutter removal helps make your rooms appear larger and more inviting. A thorough cleaning can make your property appear and smell new.

2. Make a welcoming entrance.
When buyers come to see your home, the first thing they will notice is the doorway. Make certain that it is clean and clutter-free. If necessary, reapply a fresh coat of paint. Consider including a small table or seat where individuals may place their keys or remove their shoes.

3. Make each room stand out.
Examine each room in your home and consider what a buyer would like to see. Arrange the furnishings in the living room to be both useful and welcoming. Clear the surfaces and make sure the appliances are clean and sparkling in the kitchen. Declutter the bathroom counters, hang new towels, and add a plant or flowers for a pop of color. Make sure the beds are prepared with fresh sheets and that items are stored in closets or dressers in the bedrooms.

4. Remove all personal things.
Buyers want to be able to visualize themselves living in your home, so remove all personal belongings before they come to see it. This contains family photographs, collections, souvenirs, and so on. You want purchasers to see their own stuff in your home, not yours.

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5. Allow light to shine!
Before showing your home to potential buyers, open all curtains and blinds to make each area appear light and pleasant. Turn on all lights, even if it is daylight outside—you want every area in your house to appear as bright as possible!

6. Finishing touches.
After you've decluttered, cleaned, and organized each space in your home, you may add some finishing touches that will set your home apart from the others! Fresh flowers in vases, aromatic candles, wraps, or blankets creatively placed on the furniture, or bowls of fruit on kitchen counters or dining tables might all serve as finishing touches.

One of the most essential things you can do to prepare your property for sale is to stage it.

By following these easy guidelines, you can quickly and effectively stage your property so that it appeals to buyers and helps you sell it faster and for more money.

Nov. 14, 2022

In one of Toronto's fastest-growing areas, a brand-new transit station is coming

Over the past 15 years, the South Etobicoke neighborhood of Humber Bay Shores has experienced population growth made possible by the building of several condo projects along Lake Ontario.
The transit issue, however, is one item that has remained the same.

To alleviate traffic congestion and provide locals with a direct route to the city center and other regional sites, Humber Bay Shores will soon have a brand-new GO Transit station.

The Lakeshore West Line will gain a new stop thanks to the Park Lawn GO Station, and the new infrastructure made a big step forward in October when a planning application was submitted to the city to secure approvals for the station's final design.


Developers First Capital and Pemberton Group will create the Park Lawn GO Station beside a sizable master-planned community at 2150 Lake Shore Boulevard, bringing 36 new buildings to South Etobicoke on the site of the former Mr. Christie cookie factory.

The proposal has been carefully coordinated with the mixed-use neighborhood, per the most recent planning papers, "to guarantee suitable integration with the first phase of construction at 2150 Lake Shore."

The station will cross Park Lawn Road and include entrances on both sides of the rail line and the street.

At the intersection of Park Lawn and an unnamed public route serving the new neighborhood, a stand-alone north station structure will be built.

A new publicly accessible private area is envisioned inside the neighborhood, with access to the station from both Park Lawn Road and another planned but as-yet-unnamed route. Another south station building will be seamlessly integrated into the first phase of construction at 2150 Lake Shore.

For simple access to both sides of the platforms, a below-grade tunnel connecting these two station buildings will run underneath the train line.

In order to meet safety regulations and give a direct route to the platforms' west end, a vestibule on Park Lawn's western side will be made available as a third access point.

Park Lawn Road will serve as a temporary connection point to TTC surface routes, but as the phased development moves forward, new streetcar infrastructure will be built for improved TTC service linkage.

Oct. 31, 2022

Ontario declares significant housing amendments that permit up to three units on many residential properties + The foreign homebuyer tax in Ontario has been raised to 25%

On Tuesday, the Ontario government proposed broad housing modifications that would, in certain situations, overrule municipal zoning regulations and allow for the construction of up to three units on a single residential site.

Elements of the proposed bill were first made public at a ticketed event attended by Premier Doug Ford and Municipal Affairs Minister Steve Clarke at the Toronto Region Board of Trade.

Ford told the crowd that the third installment of his government's housing action plan will include "new ideas" that will allow the next generation of Ontarians to buy a home.

"There's no time to waste," he added. "Previous governments recognized the crisis coming but completely disregarded it."

"You have to have a strong enough backbone to go out there and make those difficult judgments." Our administration will never disregard the countless Ontario families in need of a place to live."

The government introduced the More Homes, Built Faster Act on Tuesday, which includes a number of legislative changes and proposals that they claim will help "build housing faster and bring costs down," allowing the Progressive Conservatives to meet their goal of building 1.5 million homes in ten years.

As part of this proposal, the PCs would override local zoning restrictions to allow for the construction of more "missing middle" houses without the need for further planning permissions.

The legislation allows for up to three apartments on a single residential property without the need for bylaw modifications or municipal authorization. The government provides an example of a basement apartment and garden or laneway home that might be developed on a property and rented out to renters. Regardless of local zoning restrictions, duplexes and triplexes might be erected on single residential properties.

Municipalities would be prohibited from imposing unit size limitations or requiring more than one parking spot per unit under the law.

Under the new law, these units would be free from development and parkland dedication costs.

Development charges are fees collected from developers to help pay for municipal services or infrastructure such as roads and transportation.

Officials anticipate that this will result in a "wider mix of rental dwellings."

The Ontario government has also said that housing objectives would be assigned to 29 big communities based on population size and growth.

The City of Toronto will be responsible for the construction of 285,000 new dwellings by 2031 as part of the housing law.

Ottawa has a housing target of 161,000 units, Mississauga has a target of 120,000 units, and Brampton has a target of 113,000 units.

Each city will be required to create "pledges" describing how they will reach the objectives. Clarke would not elaborate on what would happen if municipalities did not fulfill their housing objectives, stating simply that he hoped municipalities will up to the task.

"We'll work together with those larger cities where we've begun a housing promise," he said, adding that housing was a key topic in municipal elections across the province.

As of far, no new financial expenditures were announced Tuesday to assist these towns in meeting their objectives or making up the difference lost due to the lowering of development levies and fees.

CHANGES IN DEVELOPMENT CHARGES AND FEES

Ontario would also eliminate costs for affordable housing, non-profit housing, and "inclusionary zoning units," as well as reduce construction charges by up to 25% for family-sized rental units.

Conservation authority costs for development permits will be temporarily halted.

Conservation authorities will no longer be required to consider considerations such as pollution or land conservation when issuing permit requirements, according to government officials. Instead, development laws would be simplified to focus on natural dangers such as floods and erosion.

They will also combine the province's 36 conservation authorities into a single organization.

A number of proposals would allow the government to "streamline processes" for building housing, such as removing the requirement for municipalities to hold public meetings for every development draft plan, focusing site plan reviews on health and safety issues rather than landscaping details, and allowing ministry staff to make certain decisions on aggregate development applications without waiting for ministerial approval.

The province also says it would limit third-party appeals to the Ontario Land Tribunal for official plan revisions, zoning bylaw amendments, and "small deviations and consents," which include appeals brought by people or community organizations who are not directly engaged in the development process.

The administration claims that this would expedite approvals and lower caseloads at the tribunal.
Clarke stated that residents' organizations or environmental groups can still file appeals with the city council.
"We're passed the stage of NIMBYs," he remarked. "We're not in 'not in my backyard.'"
"You can't keep doing what you're doing."
While the PCs are decreasing a lot of costs, they are also boosting sanctions for "bad actors" who terminate contracts or cancel projects like pre-construction homes.

If passed, this plan would raise the maximum penalty from $25,000 to $50,000, with the money going to customers harmed by the decision.

These new rules take effect on the same day that the government hiked the non-resident speculation tax on properties acquired by foreign nationals from 20% to 25%, the highest tax rate in Canada.

The tax increase takes effect today.

Meanwhile, the New Democratic Party expressed worry over whether the proposed law will provide enough inexpensive housing in comparison to what the province refers to as "attainable housing."

"It appears that this law is beneficial for new house construction, but we have some concerns about whether this bill will produce affordable homes," MPP Jessica Bell told reporters.

"We have some worries about whether this measure will allow towns to offer the essential services when new developments come online, and we have a lot of concerns about what this bill would entail for tenants and those experiencing homelessness."
If passed, the housing law will take effect in the summer of 2023, according to the administration.

Ontario has announced that the non-resident speculation tax on houses acquired by foreign nationals will be raised from 20% to 25% beginning Tuesday.
According to Finance Minister Peter Bethlenfalvy, the measure will raise Ontario's tax rate to the highest in Canada and will discourage international investment.
In March, the Progressive Conservative administration raised the non-resident speculation tax from 15% to 20% and expanded it to encompass the entire province, rather than simply the Greater Golden Horseshoe region of southern Ontario.

Municipal Affairs and Housing Minister Steve Clark will also propose housing legislation Tuesday, as the government aims to build 1.5 million houses in ten years.

According to Clark, hiking the tax is another step toward resolving Ontario's housing issue.

The last housing law proposed by the government granted so-called strong mayor powers to the mayors of Toronto and Ottawa, allowing them to reject council motions that conflicted with housing construction.

The non-resident speculation tax was predicted to bring in $175 million in Ontario's budget this year.

Oct. 27, 2022

The Bank of Canada hiked its benchmark interest rate by 0.5%, raising borrowing costs for Canadians for the sixth time this year while warning that economic growth will "slow" in the coming quarters

For the first time since early 2008, the policy rate has been raised to 3.75%. Markets had expected a higher 0.75% rate increase. According to the central bank, interest rates will most likely need to climb more in order to bring prices under control. How much more is unclear, but it appears that the tightening cycle is coming to an end. They are well aware that if they do too much, the economy would be slowed more than necessary.

The bank also reduced its prediction for Canadian economic growth. It now forecasts 0.9 percent annual GDP growth next year, down from 1.8 percent previously. While it avoided using the word "recession," it stated that "a couple quarters of growth slightly below zero is just as likely as a couple quarters of minor positive growth."

What does this mean for those with fixed-rate mortgages?

Nothing - your rate/mortgage payment remains constant during the period and is unaffected by Bank of Canada rate rises or decreases.

What does this mean for those who have variable-rate mortgages?
All lenders' prime rates will rise by 0.50% in response to the Bank of Canada's move, which means that if you have a variable rate mortgage (or home equity line of credit), your rate will rise by 0.50% as well.If you have an adjustable variable rate mortgage (meaning your payment swings depending on whether the prime rate rises or falls), your next mortgage payment will rise. This is how most variable-rate mortgages are constructed.

If you have a static payment variable-rate plan, your payment will remain the same, but more of it will be used to pay interest rather than principal.

If you have a static payment variable rate product (i.e. a TD variable rate), you can use your prepayment choices to either raise your premium or make some lump amount prepayments to keep paying down your principal and maintaining your existing amortization. Otherwise, with rates continuing to climb and your payment remaining unchanged, it will begin to eat away at how quickly you are paying down your mortgage.

Keep in mind that if your payment is only interest, the bank will push you to increase your payment (this means you hit your trigger rate).

What will the increase in my variable-rate mortgage payment be?
A 0.50% rise in your interest rate equals roughly a $25 increase in your mortgage payment.

How many additional rate increases are anticipated?

The rate cycle looks to be reaching its end. Perhaps another 0.25-0.50% boost on December 7th, but I anticipate the Bank of Canada will wait a few months to see if inflation is starting to fall more meaningfully, which most economists believe it will. However, if inflation does not pick up, more rate rises may be necessary.

Is it a good moment to move from a variable rate to a fixed rate?

This is dependent on your current variable rate, but at this time you might not want to convert to a fixed rate, depending on where you are in your term. If you are still early in your term, you might not want to convert; but, if you just have 1-2 years remaining, locking in a fixed rate may make sense to give some consistency in your payment/rate until the dust settles with inflation in the next year or two.

You must contact your lender directly to find out what fixed rate you might convert to today.
As a side note, as inflation ideally falls in the following 12-18 months and the economic slump hits, variable and fixed rates will begin to decline, and you'll have the option at that time to wait out the rate drops OR perhaps convert to a lower fixed rate.

Oct. 24, 2022

Toronto Rent Prices Have Now Risen 31% over the Last Year

According to a new report, the average list price of a one-bedroom apartment in Toronto increased by more than 6% in September as prospective tenants continued to deal with a steady increase in rent.

In September, the average monthly asking price for a one-bedroom apartment in Toronto was $2,474, while the average monthly asking price for a two-bedroom apartment in Toronto was $3,361, according to the report created by Rentals.ca and Bullpen Research & Consulting.

After reaching a low during the COVID-19 pandemic, asking prices for one-bedroom rentals in the city have now increased by 27.5% year over year.

Despite a more modest increase of 2.9% month over month in September, two-bedroom apartments are up 27.7% year over year.

Bullpen Research & Consulting President Ben Myers stated in a news release that part of the increase "is attributable to larger units on the market, as well as high-end building completions adding expensive listings."

However, he claims that rising demand is pushing up rents even as the housing market undergoes a significant correction.

"With continued interest rate hikes, falling ownership house prices, and changing post-pandemic preferences," he said, "rental demand has increased significantly."

Rent prices in Toronto fell by 11% year on year in May 2021 and 6% year on year in May 2020, as many people fled the city in search of more space during the COVID-19 pandemic.

However, asking prices have been steadily rising in recent months, particularly in urban areas.

According to the most recent data from Rentals.ca and Bullpen Research & Consulting, the average asking price across all rental types in Canada last month was up more than 15% year on year.

The average rent in Vancouver was $3,225 per month, followed by $2,855 in Toronto.

The average rent in Ontario increased 18.4% year on year to $2,451 per month.

In September, the average rental asking price for a condominium in Toronto was $2,988. It had previously reached a low of $2,053 in February 2021.

"Many of the same factors that have been influencing rental demand continue to have an impact on the market in September." Interest rate increases are reducing the affordability of home ownership and keeping prospective buyers in the rental market. Second, a softening ownership market with further declines forecasted keeps prospective buyers on the sidelines, waiting for the market to bottom out," according to the report.

While rental demand is expected to remain high, the report notes that page views per listing fell for the first time in months in September.

The authors also pointed out that the rental market is seasonal, with demand typically peaking in the fall.

 

Oct. 17, 2022

The 5 Best Restaurants in Oakville that You Need to Try

1. Maro's Bistro

The only restaurant in Oakville with a perfect Tripadvisor rating. Maro, the owner, and chef brings eastern Mediterranean food culture to life. Maro's is located south of Rebecca and north of Lakeshore Road West in Kerr Village.

Every dish prepared in the kitchen at Maro's Bistro is vibrant, fresh, flavorful, and inspired by Middle Eastern cuisine. There's something for everyone on the extensive menu, which includes salads, flatbreads, bowls, and more, as well as vegan and gluten-free options.

Link: www.marosbistro.com

2. Stoney’s Bread Company

Stoney's has been a local favorite since 2004, serving hearty, the family-friendly fare for brunch, lunch, and dinner. There are plenty of reasons why this place is always packed, from inventive sandwiches to fresh pizzas, pasta, and brunch staples made from farm-fresh ingredients.

The food is delicious, and the Caesar Salad is quite possibly the best in town. You line up to order, but they do bring your meal to the table once it is prepared.

Link: www.stoneysbreadcompany.com

3. Trattoria Timone Ristorante

Trattoria, which is family-owned and operated, is the type of restaurant that encourages repeat visits. Trattoria's dishes are the culinary equivalent of Nonna's warmest hugs, with a menu of hearty, classic Italian fare that inspires cravings and nostalgia.

A great place to go for an authentic Italian meal. This is also the only good restaurant in the Winston Churchill and QEW entertainment complex. It's also big enough for private parties.

Link: www.trattoriatimone.ca

4. Plank Resto Bar

Bronte Village's friendly neighborhood restaurant. The vibe is upbeat, and the food is southern American with a few twists to keep things interesting. You should arrive early because it is a very busy location. It also offers a stunning view of Bronte Harbour.

Plank focuses on fresh, seasonal food that is brought to life with global flavors. Do you want dumplings, arancini, pizza, or tempura? This popular restaurant has everything you're looking for.

Link: www.plankrestobar.ca

5. Cucci Ristorante

Cucci earned its reputation for smooth service and quality with traditional, house-made pastas reminiscent of Nonna's. With a menu that includes a variety of tempting proteins served with seasonal sides, house-made desserts, and an impressive wine list, it's no surprise that reservations are highly recommended.

For many years, Bronte's formal Italian restaurant. If you're looking for a fun night out, check out Cucci for their delicious Italian cuisine.

Link: www.cucci.ca

Posted in Informative blogs
Sept. 21, 2022

August 2022 GTA Market Report and Fall Hiking Destinations

In August 2022, GTA real estate showed a higher number of listings than in previous months and has also stirred conversations about reforming interest rate systems. As fall creeps up around the corner, it’s that time of year when it is that perfect temperature– ideal for hiking! 

This August 2022, there was a dip in home sales of 34.2 percent year over year, representing a lesser decline compared to the previous 4 months. Sales picked up gradually from July 2022 as well, and in particular, sales exhibited a higher share of new listings compared to previous months which could indicate some support for selling prices in the near future. The average selling price also rose slightly month-over-month, whereas the Home Price Index composite saw a dip, which suggests a greater share of more expensive home types were sold in August. 

Higher borrowing costs have greatly impacted home purchase decisions, and we cannot forget that as well as buyers, existing homeowners nearing their mortgage renewals are also facing higher borrowing rates. President of The Toronto Regional Real Estate Board, Kevin Crigger, believes that there is room for Canada to provide for greater housing affordability for homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater mortgage competition.
 

We should consider if the stress test, which determines if individuals can afford their mortgage if rates rise, is still applicable at this time. Some restructuring of the test that would integrate more flexibility and is applied to the interest rate cycle may be more reasonable, as well, we should consider removing the stress test entirely for existing homeowners - giving them the power to shop for the best possible rates at renewal time. 
 

Ah, that time of year again, right before leaves turn red and orange. Getting outdoors is a great way to stay physically active with loved ones, and being in nature is excellent to maintain good mental health. That is exactly why we thought it is crucial to name our top hiking destinations in the GTA! 

 

1. Buffalo Crag Outlook Trail, Oakville 

Enjoy this 3.2 km hiking look in Oakville, but be prepared for a challenge! Bring your hiking boots, this is considered a relatively challenging route popular for birding and rock climbing. If you’re looking for a hike with a beautiful outlook, this is the trail for you. See the picture below to get a sneak peek at its beauty! 

 

2. Boyd Conservation Area Trail, Vaughan 

Experience this 4.7km trail near Vaughan, which is generally considered an easier trail - great for beginners! On average, this trail takes approximately 1 hour to complete, and is a very popular camping destination and biking location! Dogs are welcome as well, as long as they are on a leash. Located between the waters of the Don and Humber Valley Rivers, this trail offers a unique opportunity to be engulfed in nature in the city.

3. Mill Run Trail in Cambridge 

A MILL RUN is a channel for a flow of water that powers the water wheel in a watermill. Along this trail, you will view 3 mill runs. This 6.5km trail provides a link between Riverside Park and Jacob’s Landing, a great way to spend a Sunday by the water! 

4. Heber Down Conservation Trail near Whitby

Located on the Lake of the Iroquois, hiking this trail you’ll likely run into a fisherman or two! Dotted with nature bonds, and protected ecosystems, this is a great trail to bring kids on who are curious about creatures and critters found in conservation areas. 4.6 km, and generally considered an easy route, this is a must-see. 

5. Chedoke Radial Trail in Hamilton 

The longest of all trails touched on so far, Chedoke is 9.5 km so carve out an entire afternoon to tackle this gorgeous Ontario trail. This trail boasts three unique attractions for hikers, Westcliff Falls, Sanatorium Falls, and Princess Falls! 

If you want to know if now is the best time to buy or sell for YOU, let’s sit down and have a chat!
Sept. 8, 2022

The Bank of Canada raises its benchmark interest rate to 3.25% while announcing that it has not yet finished

The Bank of Canada raised its overnight rate target to 3.25% yesterday while keeping the Bank Rate at 3.25% and the deposit rate at 3.25%. The Bank is also maintaining its quantitative tightening policy.

The global and Canadian economies are progressing in line with the Bank's July forecast. COVID-19 outbreaks, ongoing supply disruptions, and the Ukraine war continue to dampen growth and raise prices.

Global inflation remains high, and core inflation measures in most countries are rising. As a result, central banks all over the world have continued to tighten monetary policy. The pace of economic activity in the United States has slowed, but the labor market remains tight. China is still dealing with the consequences of COVID shutdowns. Commodity prices have been volatile: prices for oil, wheat, and lumber have moderated, while natural gas prices have risen.

In Canada, CPI inflation fell to 7.6% in July from 8.1% in June due to lower gasoline prices. However, inflation excluding gasoline rose, and data show that price pressures are spreading further, particularly in services. In July, the Bank's core measures of inflation rose further, ranging from 5% to 5.5%. According to polls, short-term inflation expectations remain high. The longer this goes on, the more likely it is that high inflation will become entrenched.

The Canadian economy remains in oversupply, and labor markets remain tight. In the second quarter, Canada's GDP increased by 3.3%. While this was slightly lower than the Bank had predicted, indicators of domestic demand were very strong, with consumption increasing by approximately 92% and business investment rising by nearly 12%. With higher mortgage rates, the housing market is reversing its unsustainable growth during the pandemic. The Bank of Canada continues to forecast that the economy will slow in the second half of this year as global demand weakens and tighter monetary policy in Canada begins to bring demand more in line with supply.

Given the inflation outlook, the Governing Council believes that the policy interest rate should be raised further. Quantitative tightening is supplementing policy rate hikes. As the effects of tighter monetary policy play out in the economy, we will assess how much higher interest rates need to be before inflation returns to target. The Governing Council remains committed to price stability and will continue to take appropriate action to achieve the 2% inflation target.

How interest rate hikes could impact home buyers and sellers?

Mortgage rates are frequently the first thing that people consider after a rate hike is announced. Even a minor increase can have a significant impact on both prospective buyers and existing homeowners over time. 

If you currently have a fixed-rate mortgage, you will not notice the difference right away. You're still locked into the interest rate you agreed to at the start of your mortgage term, and it won't change until the term ends and it's time to renew.

If you have a variable-rate mortgage, you may notice the difference within a few days or weeks. However, depending on your agreement, your monthly payments may not change. Instead, more of your payment will go toward interest, which may cause you to take longer to repay your loan.

At this point, we strongly advise fixed payment variable rate clients to increase their payments to match the rate increases as much as possible. For the rest of you, your mortgage payment will rise by about $42 per $100,000.

Sept. 5, 2022

Toronto home sales increased by 15% in July after falling 34% from the previous year

According to the Toronto Regional Real Estate Board, sales in August were up nearly 15% from July despite being down 34% from the previous year as buyers came back to the market to take advantage of prices that had dropped from the high levels of the previous winter.

Sales for the month totaled 5,627, according to the board, down from 8,549 in August 2018 and 4,900 in July 2022.

The region's real estate market has significantly cooled off from the heated conditions seen at the beginning of the year, but the year-over-year decline of 34% was still slower than the previous four months.

Recent increases in interest and mortgage rates have slowed down sales and started to put pressure on prices, ending bidding wars and encouraging potential buyers to wait for further price drops.

Those who ventured into the market recently discovered that while prices were higher than they had been a year and even a month prior, they were still lower than those observed during the frenetic winter months.

The home price index increased by 8.9% over the previous year, and the average selling price of all home types increased by 0.9% to $1,079,500. The index was, however, lower than in July.

The region's highest average price in the previous 12 months was $1,285,129 when the seasonally adjusted average selling price was $1,130,463, up about 2% month over month but down about 12% from that figure.

As per TRREB, monthly price growth and a decline in the index point to a higher proportion of more expensive home types being sold in August.

10,537 new listings were added in total last month, a slight decrease from 10,615 in August of last year.

The board also demanded policy modifications in its monthly real estate report.

The board requests that, rather than requiring current mortgage holders to stick with their current lender to avoid the stress test, the Office of the Superintendent of Financial Institutions take into account removing the stress test for those who wish to shop around for the best rate when their mortgages are up for renewal.

The qualifying rate for uninsured mortgages is set by the stress test at either two percentage points over the contract rate or 5.25 percent, whichever is higher.

According to Kevin Crigger, president of TRREB, "there is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market."

"Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically."

Aug. 17, 2022

The Average Rent in Ontario Rose by This Much in July

According to a new national analysis of online listings, the cost of renting a home increased more in Ontario than in almost every other province in Canada last month.

The province of Ontario was found to have the second-highest average rent for all types of dwellings in July, according to the most recent National Rent Report, published this week by Rentals.ca and Bullpen Research and Consulting.

With an increase of 19% yearly, British Columbia was the only province to surpass Ontario.

In Ontario, the average monthly rent for a home increased to $2,332 in July, a 3.1% monthly increase and a 15.2% annual bump. 

 The average rent in Ontario rose by this much in July

FROM A LOCAL POINT OF VIEW

In July, the average rent in central Toronto increased by 24% year over year.

Rent for a one-bedroom unit in Toronto was $2,257 in July, representing a 21.6 percent year-over-year increase.

The increase for a two-bedroom apartment rose by 25% to $3,259.

The month-over-month average rent in the city increased by 4% for a one-bedroom and 7.8% for a two-bedroom.

While downtown Toronto is well-known for its high rents, three of the city's former townships, Etobicoke, North York, and Scarborough, also saw significant rent hikes in July.

The average monthly rent in Etobicoke in July was $2,007 for a one-bedroom apartment and $2,582 for a two-bedroom.

That represents an increase of 11.5% for a one-bedroom in Etobicoke and a 9.3% increase for a two-bedroom year over year.

In North York, renters paid an average of $2,469 for a two-bedroom suite and $1,913 for a one-bedroom apartment last month.

The average monthly rent in North York increased by 21.9 percent for a two-bedroom apartment and 14.6% for a one-bedroom apartment.

A one-bedroom apartment in Scarborough, further