Carol SL Mark’s Blog

Despite low interest rates from 2009 to 2018, avg rents in Toronto ↑35%. In 2018, no Toronto neighbourhoods were affordable for full-time minimum wage workers by standard definitions.

Toronto ranked among the top 10 most unaffordable cities globally. Urban Reform Institute highlights severe affordability decline since mid-2000s.

Toronto leads North America in construction with more cranes than any other city.

Interest rates have surged to unprecedented levels over the past 18 mo in the GTA. Housing prices have moderated but largely defied the expected downturn in high inflation periods.

Toronto is exploring new regulations that could introduce specific renovation requirements for landlords.Under the proposed bylaw, landlords must obtain a renovation permit when issuing N13 notices.

A record number of condos were for sale in the Toronto area in Mid-Q2, with ~10K units available. Investors are selling condos due to higher interest rates, rising mortgage payments, and insufficient rents.

Rate Cut Relief: The Bank of Canada's interest rate reduction is a positive step for Toronto's housing market.First-Time Buyers Gain Leverage: The lower rates will make it easier for first-time buyers to qualify for a mortgage and enter the market.

Evaluate Options: Decide between selling the house or assuming the existing mortgage yourself post-inheritance.Financial Assessment: Calculate equity and costs like repairs, closing fees, and potential tax implications.