The Bank of Canada raised its benchmark interest rate this week by 25 basis points to 4.5 per cent, the highest it’s been since 2007. The move was widely expected by economists as the bank tries to wrestle with record-high inflation. It's the eighth time in less than a year that the bank has hiked its trendsetting rate — a move that will make borrowing money more expensive.
All Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. A property is considered vacant if it was not used as the principal residence by the owner(s) or any permitted occupant(s) or was unoccupied for a total of six months or more during the previous calendar year. Properties may also be deemed (or considered to be) vacant if an owner fails to make a declaration of occupancy status as outlined in the bylaw.
Even fast-rising mortgage rates couldn’t stop the rise of Toronto real estate prices in 2022. The average selling price of all GTA homes was up 8.6% or $1,189,850 in 2022, up from $1,095,333 in 2021, the Toronto Regional Real Estate Board (TRREB) reported. For the City of Toronto, the average selling price was up 8% or $1,140,595 for 2022 compared to $1,056,503 in 2021.