Blog

  1. Eileen Wylie
  2. Blog

Market update week ending November 11th

23 November 2022
Eileen Wylie

Beginning January 1, 2023, non-Canadians will be subject to a two-year ban on the purchase of certain residential real estate in Canada – and anyone who knowingly helps a non-Canadian buy a house could find themselves in hot water.

  Information

Market update week ending November 4th

23 November 2022
Eileen Wylie

Pre-construction condo sales plummet 79% as market cools The third quarter saw the steepest annual decline since 2009, expected to impact construction later next year, said market research firm Urbanation. Greater Toronto Area (GTA) new condominium sales totaled 1,748 units in the third quarter, declining 79% from a year ago (8,320 sales) amid soaring interest rates and construction costs that sent Toronto region developers to join their customers on the market’s sidelines.

  Information

Market update week ending October 28th

23 November 2022
Eileen Wylie

The government of Ontario announced that effective immediately its foreign buyer tax would be hiked to 25% — the highest such tax in Canada. The Non-Resident Speculation Tax, which aims to crack down on foreign real estate speculation, previously sat at 20%, marking a 5% hike, but critics say it won’t do much to improve affordability.

  Information