Carol SL Mark’s Blog
-
Here’s how much it really costs to own home in Toronto
Buying a home in Toronto is costly, with average prices above $1 million. Besides mortgage rates, other monthly expenses like property tax, insurance, utilities, and an emergency fund impact homeownership costs. Maintaining an emergency fund and comprehensive insurance is crucial due to climate-related risks. Shopping around for the best mortgage rate and insurance policy can…
-
Toronto: Biggest Jump in Required Homebuyer’s Income | Finding Toronto Real Estate GEMS
The annual income required to secure and carry a mortgage has climbed another $3,400 MoM. Required income: – Mid-Q1: $214,100 – Late-Q1: $217,500
-
Toronto Exploring School Land Sales to Address Housing Crisis | Finding Toronto Real Estate GEMS
Toronto faces a housing affordability crisis and needs more land to build affordable housing units. The Mayor proposes using surplus school land for affordable housing projects.
-
Finding Toronto Real Estate GEMS | The Average Toronto Home Will Cost $2M by 2034
Toronto homes to hit an avg of $2M by 2034, with ↑ 5.6% yearly. MLS Home Price Index shows ↑ 0.3% in Late-Q1 2024, with an avg selling price of $1,121,615.
-
Toronto developers are getting desperate as no one is buying condos anymore
Condo sales in Toronto have plummeted, leading to a surplus of homes on the market. Sellers, including developers, are struggling to attract buyers, with some projects being deferred or going into receivership. To entice buyers, companies are offering incentives like covering mortgage payments, reducing down payments, and providing rental guarantees. Despite a housing crisis, prices…
-
Can more townhouses and apartments address Toronto’s housing crisis?
A plan to allow townhouses and small apartment buildings up to six storeys on major streets in Toronto has been approved by a city committee. Concerns about its effectiveness in addressing the housing crisis have been raised. Some councillors oppose the plan, citing lack of consultation and transit access. Builders are requesting changes to make…
-
Finding Toronto Real Estate GEMS | GTA Housing Prices Expected to Jump 10% by Year’s End
A report predicts GTA housing prices will rise 10% by the end of 2024, due to strong demand and low supply. The increase is attributed to factors like warm weather, reduced interest rate expectations, and high immigration.
-
Finding Toronto Real Estate GEMS | Toronto’s Housing Shortage: 3 Contributing Factors
Perspectives emphasized urgency in solving Canada's housing crisis through demand reduction and faster construction. Interest rates impact affordability; a balanced market is needed to tackle future challenges.
-
Finding Toronto Real Estate GEMS | Understanding GTA Condo Fees: What You Pay and Why
Condo fees: – A monthly cost for condo owners that covers building insurance, maintenance, amenities, and reserves. Fees vary widely: – This analysis looked at the 10 most expensive and cheapest condo fees for 1-bed units sold in the GTA.
-
Finding Toronto Real Estate GEMS | Late-Q1 Shows Price Increase, Sales Decline in GTA
The avg home price slightly ↑ yearly in Toronto, reaching $1.1M in March. This represents good news for older homeowners looking to downsize and sell their properties.