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Toronto Real Estate Market

Is it worthwhile to sue the developer for a project cancellation?

Over the past couple years, there have been a few pre-construction condo project cancellations and they range from a few hundred units to over a thousand units.

After this pandemic, we might see more project cancellations.

So why would developers cancel their projects?

There are the legal reasons and the real reasons.

Categories
Toronto Real Estate Market

2020 Year End Toronto Real Estate Market Update

As we enter the winter months, did the housing market lose momentum?

How did the second wave of Covid impact the market?

The November market statistics just came out and it was yet another record month of super strong sales.

In this episode, we’re not going to focus on the November numbers.

Instead, we’re going to look at trends.

And we’re going to break things down into the city vs the suburbs, low rise vs high rise.

We have lots to cover, so let’s dive in!

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Toronto Real Estate Market

Canadian Cities by Housing Prices

Do you know that Canada is the 2nd largest country in the world by area?

Russia is the largest.  

The United States and China are a little smaller than us.

Let me give you an idea of how big we are.  Flying from Vancouver on the west coast to Toronto on the east coast takes almost 5 hours.

And flying from Hong Kong to Tokyo is only around 4 hours.

I’m sure we all miss travelling around for vacation this year, how about I give you a tour around the major cities in the 10 provinces in Canada?

Then, we’re going to compare the home prices in these cities.

And we will also check out how the pandemic has affected the prices in each of the cities.

Let’s go!

Categories
Toronto Real Estate Market

The Game Changer Announcement for Toronto’s Rental Market

Last week, we talked about how to survive the current tenant’s market.

The major cause in the sharp drop in demand is obviously the drastic downturn in immigration.

Last year 2019, we had around 340,000 immigrants.

Earlier this year, the government announced an aggressive 3 year immigration plan.

We planned to welcome another 341,000 immigrants in 2020.

Then 351,000 in 2021.

And 361,000 in 2022.

That’s over 1 million immigrants in 3 years.

Well, of course, nothing goes as planned in 2020.

We’ve only had around 130,000 immigrants so far this year, that’s only 38% of the originally planned number.

You see, a killer drop in immigration, international students and travellers, plus a record high number of new condo completions this year, drag us to a struggling rental market.

In the meantime, we can only survive the current rental market with the “Love me, hate me, there’s no money in the middle” strategy.

If you don’t know what this strategy is, make sure you watch last week’s video at the link below.

The good news is…

A few days ago, the government just announced a vaccine for our rental market.

Categories
Toronto Real Estate Market

How to Survive a Tenant’s Market in Downtown Toronto

Rents are plunging in the world’s richest cities!

From New York to London to Sydney to Singapore… Landlords are all facing rent declines.

With downtown Toronto being the home to the second largest financial centre in North America just behind New York, we’re no exception.

On the supply side, a record 7,776 new condo units were completed in the 3rd quarter of 2020.

Typically, one-third of the units are investors owned.  

And indeed, these new units produced 2,366 rental listings.