Toronto new condo sales decline 19%, but prices rise: Urbanation Sales of new condominiums in the greater Toronto area have declined by 19 percent in the second quarter of this year, while the average price per square foot reached a record high of $1,453, according to the latest report from real estate consulting firm Urbanation Inc.
Canada’s Tax Authority Has Been On A Multi-Billion Dollar Real Estate Crackdown! Canadian real estate owners are stuck paying huge penalties after trying to avoid taxes owed. New data from the Canadian Revenue Agency (CRA) shows their crackdown on real estate owners/sellers has led to billions in recouped revenue. Data provided by the agency also shows they’ve collected substantial fines adding up to hundreds of millions, after diving into real estate transactions. The program is largely focused on Greater Toronto and Vancouver, as a high volume of red flags were being set off.
Mortgage rates are rising, but here’s why you won’t see a rash of Canadians losing their homes. Canadians will run up their credit cards, fall behind on their utilities and juggle car payments. The one thing they don’t do in significant numbers is fall behind on their mortgage payments.