January 2025 | PreConCentral.com

The City of Vaughan, under the leadership of Mayor Steven Del Duca, has made headlines with a decisive move to reduce development charges (DCs). This bold action, effective November 19, 2024, is a welcome relief for aspiring homeowners in York Region and a pivotal step toward enhancing housing affordability and supply for 2025 and onwards

The Toronto Regional Real Estate Board (TRREB) praised Vaughan’s leadership in addressing the cost barriers that have long plagued the region’s housing market. TRREB President Jennifer Pearce remarked:

“It’s time to stop looking at housing as a cash cow and instead focus on bold action to get home taxes under control. Vaughan’s decision is a good first step.”

What Are Development Charges?

Development charges are fees municipalities impose on builders to help fund infrastructure and public services for new developments, including roads, parks, and utilities. While these charges serve an essential purpose, their rising costs significantly impact home prices, often being passed down to buyers.

From 2009 to 2021, Vaughan’s DC rates for low-rise residential developments skyrocketed by 229%, making homeownership increasingly unattainable for many families. Prior to the reduction, the published rate for low-rise residential development stood at $94,466. Under the new policy, this rate has dropped dramatically to $50,193—a significant 47% decrease.

A Win for Housing Affordability

The impact of these changes extends beyond builders; they directly benefit buyers by reducing one of the hidden costs inflating home prices. Lower DCs mean:

• More Affordable Homes: Builders can pass these savings on to buyers, reducing the overall cost of new homes.
• Increased Housing Supply: Reduced costs encourage developers to build more homes, addressing the ongoing housing supply crisis.
• Economic Growth: By making the region more attractive for development, Vaughan positions itself as a leader in creating sustainable growth.

High Housing Taxes in York Region

York Region, including Vaughan, has long been burdened with some of the highest housing taxes in North America. From development charges to property taxes, these costs create barriers for families looking to enter the housing market.

By cutting DCs nearly in half, Vaughan sets an example for other municipalities in the Greater Toronto Area (GTA). This move highlights the need for governments to rethink their approach to housing, shifting from a revenue-focused mindset to one prioritizing affordability and accessibility.

How This Impacts the GTA Housing Market

Vaughan’s decision may set a precedent for other cities within the GTA, encouraging them to reevaluate their own development charge policies. With housing affordability being a critical issue across the region, bold measures like this can make a significant difference.

Lower DCs could help balance the scales for first-time buyers who are already struggling with high down payments, mortgage rates, and property taxes. Moreover, Vaughan’s initiative aligns with TRREB’s broader advocacy for policies that tackle housing affordability holistically.

Looking Ahead

While Vaughan’s leadership is commendable, there’s still work to be done. Housing affordability requires a multi-pronged approach that addresses land use, zoning regulations, and other financial barriers. Mayor Del Duca’s decision is a step in the right direction, but it should inspire other municipalities to follow suit.

Final Thoughts

Vaughan’s development charge reduction is a game-changer for York Region’s housing market. It not only alleviates financial pressures on homebuyers but also signals a shift toward sustainable and affordable urban growth.

As other cities observe the outcomes of Vaughan’s decision, this could mark the beginning of a more collaborative approach to addressing housing challenges across the GTA.

Stay updated on housing trends, government policies, and the latest real estate news at PreConCentral.com.

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The real estate and financial landscapes in Canada have been shaken by recent political developments. Prime Minister Justin Trudeau‘s resignation and the prorogation of Parliament until March 24, 2025, have left many Canadians wondering about the status of proposed capital gains tax changes. With the potential to impact individual taxpayers, corporations, and trusts, the temporary suspension of legislative activity is a hot topic for investors and homeowners alike. Let’s break it down.

What Does Prorogation Mean for Legislation?

When Parliament is prorogued, all pending bills and motions are terminated. This resets the legislative agenda, effectively putting a pause on any new laws or changes. For taxpayers, this means any bills that had not been passed are off the table—at least temporarily.

One of the most discussed measures impacted by prorogation is the proposed increase in the capital gains inclusion rate. Introduced in April 2024, this motion sought to raise the inclusion rate from 50% to 67% for annual capital gains exceeding $250,000. While it hadn’t yet become law, the Canada Revenue Agency (CRA) had already begun operating under this framework due to parliamentary conventions.

What Are the Proposed Capital Gains Changes?

Here’s a quick summary of the proposed changes:

• Inclusion Rate Increase: The amount of taxable capital gains for amounts exceeding $250,000 annually was set to increase to 67%.
• Scope: Applies to individuals, corporations, and most types of trusts.
• Primary Residence Exemption: Owners of primary residences remain exempt from these changes, keeping the home-sale market relatively unaffected.

Impact of Trudeau’s Resignation and Prorogation

With Parliament suspended, the Order Paper—a document listing all active legislative items—has been cleared. This includes the motion for capital gains tax changes. As of now, the CRA has paused its administration of this policy and awaits further direction when Parliament reconvenes.

For Canadians, this creates a temporary reprieve. However, it also brings uncertainty. Will the motion be reintroduced? Or will the government scrap it entirely?

The Toronto Regional Real Estate Board (TRREB) is actively monitoring the situation and will update its members as developments unfold.

What Does This Mean for Investors and Homeowners?

Investors and homeowners are left in a state of limbo. Here’s what you need to consider in the meantime:

1. Primary Residence Exemption Stands: For homeowners selling their primary residence, there’s no immediate concern. Your capital gains remain untaxed under this exemption.
2. Other Real Estate Investments: If you’re selling secondary properties or investment assets, you’ll want to stay informed about future changes.
3. Corporations and Trusts: The paused legislation also affects businesses and trusts, which would have faced a similar hike in their inclusion rates.

For now, experts recommend a cautious approach. Avoid making hasty financial decisions until more clarity emerges.

What Happens Next?

Here’s a timeline to keep in mind:

During this time, the CRA and the Finance Ministry will likely provide further updates. It’s crucial to keep an eye on credible sources and consult with your financial advisors.

Why These Changes Matter

The capital gains inclusion rate affects how much profit investors and homeowners keep when selling assets like stocks, rental properties, or business shares. A higher inclusion rate means paying more taxes on your profits. For example, under the proposed rate:

• If your annual capital gains total $300,000, the taxable amount increases from $150,000 to $200,000.

This significant difference underscores why it’s essential to stay informed about the status of recent capital gains changes.

How to Stay Prepared

Here are some practical steps to navigate the uncertainty:

1. Consult Professionals: Speak with tax advisors or accountants who can help you strategize for various scenarios.
2. Stay Informed: Follow updates from trusted organizations like TRREB and the CRA.
3. Plan Ahead: If you’re considering selling investments or properties, timing could be crucial.

Final Thoughts

The status of recent capital gains changes is a fluid situation that requires attention. While the pause in legislative activity offers a temporary break, the future remains uncertain. For real estate investors, corporate entities, and individual taxpayers, staying proactive and well-informed is key.

As we await Parliament’s return in March 2025, one thing is clear: the decisions made in the coming months will shape Canada’s financial and real estate landscape for years to come. Stay tuned to PreConCentral.com for the latest updates and insights on how these changes could impact you.

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In this article, we’ll break down the CMHC MLI Select Program, its benefits, and how it supports Canada’s housing goals.

What is the CMHC MLI Select Program?

The Canada Mortgage and Housing Corporation (CMHC) introduced the MLI Select Program to incentivize the development of multi-unit rental properties that align with its core objectives: affordability, sustainability, and inclusivity.

Through the program, CMHC offers favorable financing terms, such as extended amortization periods and higher loan-to-value ratios, making it easier for developers to fund projects that benefit communities and meet national housing priorities.

Key Benefits of the CMHC MLI Select Program

1. Enhanced Financing Options:
   • Borrowers can access longer amortization periods (up to 50 years).
   • Higher loan amounts are available, reducing upfront capital requirements.
2. Support for Affordability:
   Projects offering below-market rents or geared towards low-income households receive better terms and additional benefits.
3. Incentives for Sustainability:
   By including energy-efficient designs or upgrades, developers can reduce operational costs while earning rewards through the program.
4. Encouragement of Accessibility:
   Properties that incorporate accessible features for individuals with disabilities can gain a competitive edge in the application process.

How Does the CMHC MLI Select Program Work?

The program evaluates projects using a scoring system based on three key pillars:

1. Affordability:
   Developers receive points for offering units at rates below the market average or targeting underserved populations.
2. Accessibility:
   Projects with accessible features, such as elevators, widened doorways, or barrier-free designs, earn higher scores.
3. Energy Efficiency:
   Incorporating eco-friendly elements like LED lighting, high-efficiency HVAC systems, or achieving certifications (e.g., LEED or ENERGY STAR) boosts project scores.

Based on the score, developers can unlock enhanced benefits, such as lower interest rates or extended loan terms.

Who is Eligible for the CMHC MLI Select Program?

To qualify, projects must meet the following criteria:

• Be a multi-unit residential property with at least five units.
• Align with one or more program pillars: affordability, accessibility, and sustainability.
• Comply with CMHC’s standard mortgage insurance guidelines.

Developers must also present a comprehensive plan detailing how their project meets program requirements.

How to Apply for the CMHC MLI Select Program

1. Assess Your Project Goals:
   Determine how your development aligns with the program’s focus on affordability, accessibility, and sustainability.
2. Work with CMHC-Approved Lenders:
   Select a lender familiar with the program to streamline the application process.
3. Partner with Experts:
   Consult with real estate professionals and sustainability advisors to strengthen your proposal and maximize your project’s potential.

Why the CMHC MLI Select Program Matters

For developers and property investors, the MLI Select Program represents a unique opportunity to align business goals with social impact. By focusing on creating housing solutions that are affordable, inclusive, and environmentally conscious, you can contribute to a more sustainable future while benefiting from attractive financing options.

Conclusion

The CMHC MLI Select Program is a forward-thinking initiative that supports developers in addressing Canada’s housing challenges. Whether you’re a seasoned investor or new to multi-unit residential projects, this program offers the tools and incentives to succeed while making a positive community impact.

At PreConCentral.com, we connect you with the latest news, resources, and opportunities in Canada’s pre-construction market. Subscribe today to stay informed about game-changing programs like the MLI Select and take the next step in your real estate journey!

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The government of Canada has released the Federal Budget 2024, which has a focus on Fairness for Every Generation, as a budget that “takes bold action to help build more homes…and will grow the economy in a way that’s shared by all Canadians.”

Following a series of housing announcements in recent weeks, the Canada Housing Plan released in Q2 2024, alongside the Canadian Federal Budget 2024, which details an ambitious set of housing initiatives aimed at tackling the housing crisis through increasing housing supply, helping homebuyers and renters, and supporting innovative solutions for real estate builders and developers.

TRREB’s Position

With the Federal Budget’s release, the Toronto Real Estate Board (TREB) applauds the slate of new real estate initiatives focused on increasing the Canadian housing supply; however, we urge caution on the impact of new tax measures that could also affect housing supply and affordability.

Among the new and previously announced measures, the 2024 Canadian Federal Budget aims to:

Increase the capital gains tax inclusion rate

The government is increasing the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and trusts from one-half to two-thirds. Individuals will continue to pay tax on 50 per cent of any capital gains up to $250,000 per year. The new rules will apply to capital gains realized on or after June 25, 2024.

Selling your principal residence will continue to be exempt from capital gains taxation. TRREB will ensure we hold the government to this commitment.

Increase in Home Buyers’ Plan Limit:

The Home Buyers’ Plan (HBP) limit will increase from $35,000 to $60,000 for an individual or $120,000 for a couple, allowing first-time homebuyers to withdraw more from their Registered Retirement Savings Plans (RRSPs) for down payments, benefiting from the tax advantages of RRSP contributions.

Canadians withdrawing from their HBP between January 1, 2022, and December 31, 2025, will benefit from an extended repayment grace period, now up to five years, allowing them to better manage mortgage payments.

Extended Mortgage Amortization Periods:

The budget will introduce a provision for 30-year mortgage amortizations for first-time homebuyers purchasing newly built homes, starting August 1, 2024. This extension aims to make monthly mortgage payments more manageable.

Permanent Amortization Relief: 

Enhancements to the Canadian Mortgage Charter will include permanent amortization relief for existing homeowners meeting specific criteria, thus allowing them to reduce their monthly mortgage payments as needed.

Housing Accelerator Fund Enhancement:

An additional $400 million will be added to the Housing Accelerator Fund, raising its total to $4.4 billion, aiming to fast-track the construction of an additional 12,000 new homes over the next three years.

Canada Housing Infrastructure Fund:

A new $6 billion fund will support the construction and upgrading of essential housing infrastructure to facilitate more homebuilding activities. The government is looking to partner with provinces to deliver this funding, in addition to working directly with municipalities.

Support for Renters:

New measures for renters include launching a new $15 million Tenant Protection Fund, creating a new Canadian Renters’ Bill of Rights, and making sure renters get credit for on-time rent payments.

Making Your Home Cheaper to Heat and Easier on the Environment: 

To help Canadians lower monthly home heating costs, the government is reinvesting $903.5 million into a new Canada Greener Homes Affordability Program to support energy efficient retrofits for homeowners and renters with low- to median-incomes.

Combatting Mortgage Fraud: 

Government will be consulting with the mortgage industry on making a tool available through the Canada Revenue Agency to verify borrower income for mortgages. Income verification through the CRA is something TRREB has strongly advocated for in the past.

Investing in New Approaches to Homebuilding: 

Government is earmarking $50 million through Canada’s regional development agencies to support innovative housing projects, including those in modular housing, automation, and robotics.

Providing Low-Cost Loans to Prefabricated Housing Projects: 

Earmarking at least $500 million in low-cost financing is to be made available through the program for new apartments that use prefabricated or innovative homebuilding techniques.

Offering Low-Cost Financing for Homeowners to Add Additional Suites: 

Proposing a new Canada Secondary Suite Loan Program, delivered by the Canada Mortgage and Housing Corporation, will enable homeowners to access up to $40,000 in low-interest loans to add a secondary suite to their homes.

Accelerated Capital Cost Allowance Increase:

The federal government is increasing the post-tax Accelerated Capital Cost Allowance from 4% to 10% for purpose-built rentals. This will act as a major incentive for the construction of a new supply of purpose-build rentals.

In addition to these measures:

• The government intends to restrict the purchase and acquisition of existing single-family homes by large corporate investors. The government will consult in the coming months and provide further details in the 2024 Fall Economic Statement.
• The government is also considering introducing a new tax on residentially zoned vacant land and will launch consultations later this year.
• The government intends to establish a subsidiary of the Canada Mortgage and Housing Corporation (CMHC) to deliver flood reinsurance.

The 2024 Canadian Federal Budget places a strong focus on enabling more housing supply; however, the Toronto Regional Real Estate Board (TRREB) will continue to monitor the potential impact of new tax measures on housing supply and affordability.

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Capital gains tax is a crucial aspect of financial planning, particularly in the Canadian real estate sector. With the recent changes introduced in Canada’s 2024 federal budget, it’s more important than ever to understand how these updates could affect your investments. Whether you’re a seasoned investor or just getting started, this guide will help you navigate the new landscape.

Key Federal Budget Capital Gains Measures

Increase in Capital Gains Tax Inclusion Rate

Effective Date: June 25, 2024

Change: The capital gains inclusion rate will rise from 50% to 66.67% for trusts and corporations. For individuals, this rate applies only to annual capital gains exceeding $250,000. Gains below this threshold will continue to be taxed at the previous 50% rate.

Impact: This change means a larger portion of your capital gains will be subject to income tax, increasing the tax burden on real estate investments and property sales. Additionally, gains on Canadian residential properties held for less than one year may be deemed business income, making them fully taxable unless an exception is met.

Increase to Lifetime Capital Gains Exemption (LCGE) for Entrepreneurs

Change: The LCGE will increase to $1.25 million from the previous $1.016 million for eligible capital gains, effective June 25, 2024.

Impact: If you’re selling shares of a qualified small business corporation (QSBC) or qualified farm and fishing property (QFFP), you can now benefit from a higher exemption limit, which can significantly reduce your tax liability.

Alternative Minimum Tax (AMT) Adjustments

Change: Adjustments to the AMT rules will align with changes in regular income tax calculations. The AMT is a parallel tax calculation with fewer credits, deductions, and exemptions compared to regular tax rules.

Impact: These adjustments mean that AMT considerations will become more critical in planning for capital gains realization and charitable contributions. It’s essential to strategize accordingly to optimize tax outcomes.

Canadian Entrepreneurs’ Incentive

Introduction: Starting in 2025, a new initiative will reduce the capital gains tax rate to one-third on up to $2 million of qualifying shares over an individual’s lifetime. This incentive specifically halves the prevailing inclusion rate for these gains.

Impact: This initiative aims to promote entrepreneurship by lowering the tax burden on qualifying share sales, providing significant tax relief for entrepreneurs.

Strategic Planning Considerations

Immediate Action

Evaluate the Benefits: Consider realizing capital gains before June 25, 2024, to take advantage of the current lower inclusion rate. This can help you optimize your tax efficiency under the existing regulations.

Consultation

Engage with a Tax Advisor: Given the complexity of these changes, it’s crucial to work with a tax advisor. They can help you navigate the new rules and develop strategies tailored to your specific financial situation.

Long-term Planning

Assess Implications: These changes will impact retirement planning, estate management, and future investment decisions. It’s important to reassess your long-term financial plans in light of these regulatory adjustments.

Key Takeaways

The 2024 federal budget introduces significant changes to capital gains taxation that will affect many real estate professionals and investors. Here’s a quick summary of the key measures:

1. Capital Gains Inclusion Rate Increase: More of your capital gains will be taxed, especially for high earners and corporations.
2. LCGE Increase: Entrepreneurs can now benefit from a higher exemption limit on eligible capital gains.
3. AMT Adjustments: Strategic planning is crucial to navigate the adjusted AMT rules.
4. Entrepreneurs’ Incentive: A new tax incentive for qualifying share sales starting in 2025.

Final Thoughts

As the landscape of capital gains taxation evolves, staying informed and proactive is essential. The changes introduced in the 2024 federal budget underscore the importance of strategic financial planning. By understanding these updates and consulting with professionals, you can better navigate the complexities of capital gains tax and optimize your financial outcomes.

Additional Resources

For more detailed guidance, visit the Government of Canada’s official site.

Remember, this overview is for informational purposes only and should not be considered as tax or legal advice. Always consult with a qualified professional before making any financial decisions.

Kind Regards,

Sean Findlay, B.A., Realtor
Award-Winning Sales Representative
Office Phone: 905.450.8300 | Mobile Phone: 289.236.2462

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Source: Toronto Real Estate Board (TRREB): Condo Prices Remain Flat in Q1 2024
TORONTO, ONTARIO, April 30, 2024 – The Greater Toronto Area (GTA) condominium
apartment sales increased moderately in the first quarter of 2024 relative to the first three
months of 2023. However, over the same period the number of condo apartment listings
increased by a greater annual rate. With buyers benefitting from more choice, the average
condo selling price edged lower.

Total condominium apartment sales amounted to 4,747 in Q1 2024 – up by 5.3 per cent on a
year-over-year basis. New condo listings were up by more than 23 per cent over the same
period.

“TRREB’s consumer polling, conducted by Ipsos, suggests that many renter households will
have no more patience for rent increases before they consider purchasing their first home. Once
interest rates start trending lower, look for condo sales to pick up as more first-time buyers enter
the market,” said TRREB President Jennifer Pearce.

The average condominium apartment selling price in the GTA was $693,754 in Q1 2024 – down
by one per cent compared to $700,704 in Q1 2023. In the City of Toronto, which accounted for
almost two-thirds of total condo sales, the average selling price was $723,186 – down by 0.5
per cent compared to Q1 2023.

“As first-time buying activity increases with lower borrowing costs later this year and into 2025,
inventory will be absorbed and market conditions will tighten. Increased competition between
condo buyers will result in upward pressure on selling prices,” said TRREB Chief Market Analyst
Jason Mercer.

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Q1 Toronto Condo Rental Market Statistics 2024

The number of condominium apartment rental transactions reported through TRREB’s MLS^® System was up on a year-over-year basis by 19.7 percent in the first quarter of 2024 to 12,541. The number of rental listings was also up over the same period, but by a greater annual rate of 51 percent.

“As the population continues to grow in the Greater Toronto Area (GTA), it is no surprise that the demand for rental units is increasing. At the same time, people looking to rent a condo apartment over the past few quarters are benefitting from increased inventory, which has moderated rental price increases,” said TRREB President Jennifer Pearce.

The average rent in Toronto for a one-bedroom condominium apartment dipped by 1.2 percent to $2,441 in the first quarter of 2024. Over the same period, the average two-bedroom rent in Toronto remained unchanged at $3,139.

“While the inventory of available condo units in Toronto has increased over the past year, the majority of these units will be absorbed as the number of new GTA households continues to grow. Looking forward, the Toronto Real Estate Board (TRREB) expects to see an increasing number of renters making the move into homeownership over the next year, as borrowing costs start to trend lower, thereby narrowing the gap between rent and mortgage payments,” said TRREB Chief Market Analyst Jason Mercer.

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The condominium apartment market has become much more balanced over the past year. While Q3 2023 condo apartment sales were up year-over-year, growth in listings far outstripped growth in sales. The result was the average price edging lower providing some relief in the face of higher borrowing costs.

There were 4,415 condominium apartment sales reported through Toronto’s TRREB MLS^® System in Q3 2023 – up 6.2 percent when compared to the same quarter in 2022. Over the same period, new condo apartment listings were up by a much greater 28.8 percent.

“The condominium apartment market is an important entry point into homeownership for first-time buyers. A better-supplied market has led to more choices for these buyers, resulting in more negotiation power and lower selling prices on average. A pause in price growth has helped mitigate the impact of higher monthly mortgage payments,” said TRREB President Paul Baron.

In the third quarter of 2023, the average selling price for a condominium apartment GTA-wide was $716,145 – down slightly compared to $720,628 in Q3 2022. In the City of Toronto, which accounted for approximately two-thirds of condo apartment sales, the average selling price was $736,566 – down from $750,087 in Q3 2022.

“While condo market conditions have become more balanced over the past year-and a-half, we will likely start to see a tightening in the market in the second half of 2024. The GTA population is growing at a record pace and the consensus view is that we will start to see some relief in terms of borrowing costs beginning in 2024 and even more so in 2025,” said TRREB Chief Market Analyst Jason Mercer.

Click Here To View Full Toronto Condo Market Q3 2023 Report

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Location & Desirability: Boasting the most coveted waterfront address in Burlington, Nautique embodies the epitome of desirability. Its panoramic views of the lake and close proximity to the city’s pulse make it the most sought-after location for discerning homeowners.

Once-in-a-Lifetime Incentives: Prepare to be astounded by the exceptional offerings during this limited-time sale. Prospective homeowners can avail themselves of up to $100,000 off condo suites, unprecedented 3.5% mortgage interest rates, a year of complimentary maintenance, zero development fees, and a host of additional incentives.

Luxurious Living Experience: Nautique is more than a residence; it’s a lifestyle statement. Immerse yourself in lavish amenities, from state-of-the-art fitness centers to serene rooftop terraces, all crafted to elevate the resident experience. The exquisite finishes and breathtaking vistas redefine the meaning of luxury living.

Testimonials & Community Experience: Residents and visitors alike sing praises of Nautique’s unparalleled ambiance and community spirit. The warmth and camaraderie among neighbors foster an enviable sense of belonging, enriching the overall living experience.

How to Participate in the Sale: Securing your slice of Nautique’s luxury is simple. Contact our dedicated team to schedule a visit, explore available units, and seize the opportunity to be a part of this exclusive weekend sale. Act swiftly to ensure you don’t miss out on these extraordinary incentives.

In Conclusion, Don’t Miss Out: Nautique Lakefront Residences stands as a testament to unrivaled luxury in Burlington. With its upcoming exclusive weekend sale on December 9 & 10, 2024, don’t let this chance slip by. Embrace the epitome of opulent living and make Nautique your haven of sophistication and tranquility.

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Jaw-Dropping Incentives:

1. Cash Back Galore:
   • Get ready for a windfall! Enjoy cash backs ranging from $15,000 to $25,000.
2. Irresistible Square Foot Pricing:
   • The suites at The 9Hundred Condos are starting at an incredible $1039 per square foot. Unbeatable value, unbeatable location!
3. Parking Perk:
   • Save big with a generous $20,000 off on parking. Your car deserves a cozy spot too!
4. Free Assigning:
   • Flexibility at its finest! Experience the freedom of free assigning.
5. Lease with Ease:
   • Secure the right to lease during occupancy. Your convenience is our priority.
6. Extended Deposit Structure:
   • We understand your needs. Benefit from an extended deposit structure designed with you in mind.

How to Secure Your Spot:

RSVP now at Sales@PreConCentral.com to receive an exclusive invitation or call Realtor Sean Findlay at 905-450-8300. Don’t miss out on this one-of-a-kind opportunity to make The 9Hundred Condos your new home sweet home.

Real Estate, Real Savings – Act Fast!

Grab your seat at the Black Friday Sales event, where dreams of luxury living become a reality. Join us at The 9Hundred Condos and witness the magic unfold!

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The index, which monitors home prices across 11 CMAs based on observed or registered sales at least twice, experienced a 0.4% drop on a seasonally adjusted basis between September and October. Before seasonal adjustments, there was a 1% slip in September (following a 1.3% decrease the month before), signifying the second consecutive monthly decline.

Teranet and National Bank attribute these declines to a broader slowdown in the resale market. They point to rising interest rates, worsened affordability concerns, and a less vibrant job market as key factors contributing to this shift.

Market conditions have relaxed nationwide, resulting in an increase in the months of inventory to 4.1 in October. Although this level mirrors pre-pandemic figures, it remains lower than the historical norm, according to a press release accompanying October’s report.

While the composite index presents a weighted average of observed or registered home prices in various Canadian cities, specifically Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax, Teranet and National Bank track prices in a total of 31 Canadian cities. Of these, 58% experienced some degree of softening in home prices.

Toronto (-1.6%), Edmonton (-1.2%), Vancouver (-1.1%), Ottawa-Gatineau (-1.1%), Saint John (-5.3%), Trois-Rivières (-3.3%), and London (-2.5%) saw month-over-month declines in home prices, whereas Montreal (+3.7%), Halifax (+1.1%), Winnipeg (+1.0%), Moncton (+4.6%), Kingston (+3.8%), and Peterborough (+2.6%) recorded increases.

The press release anticipates further price declines in the upcoming months, citing persistently high interest rates and a less favorable economic context as challenges for the sector, despite the historical demographic growth.

On a year-over-year basis, the index showed a 2.8% increase last month. This rise was attributed to gains in Halifax (+12.5%), Victoria (+6.5%), Quebec City (+6.3%), Moncton (13%), and Sherbrooke (9.4%). Conversely, Edmonton (-3.6%), Ottawa-Gatineau (-0.5%), London (-2.1%), and Barrie (-0.9%) experienced declines in home prices compared to the previous year.

Written By: Realtor Sean Findlay

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When it comes to high-rise condo buildings popping up in Ontario, cities like Toronto, Mississauga, Hamilton, and Ottawa might come to mind as hotbeds of activity. Pickering, a city 40 km east of Toronto with a population of less than 100,000, typically doesn’t — but maybe it should.

The first phase of an extensive new master-planned community, dubbed Pickering City Centre, launched its sales on September 13, bringing 513 pre-construction condo units to the market. Within a week, 95% of them had sold.

Jacob Truglia, Partner and Vice President Business Lead for CentreCourt Developments, the developer behind the project, said signs of heightened interest for condos in the Pickering area started rolling in before the sales took off.

“We had a launch event last week and there were about 2,000 realtors in attendance, so we thought that was a great sign in terms of overall interest in the project,” Truglia told STOREYS. “But I will say, the outcome that we had here of being close to sold out in a week has surpassed our own expectations of this, so we’re very happy with how that came together.”

Planned for the 55-acre site of the Pickering Town Centre mall, the master-planned community, once complete, will have at least 10 high-rise towers reaching up to 55 storeys and housing more than 6,000 residential units, as well as retail, office, and commercial space. It will also feature parks, urban plazas, a new City Hall, and a direct connection to the Pickering GO station. As to be expected, it’s a multi-phase endeavour that will be rolled out over several years.

Although Pickering might not be the average person’s choice to make such a large development investment, Truglia says CentreCourt identified the city’s market as one that’s been “overlooked for years.” A combination of a growing population and a constrained supply has led to high demand. 

“There hasn’t been a lot of activity in that market save for a few developers,” Truglia said.

But of course, the scale and offerings of Pickering City Centre are unlike anything the city has ever seen, and that doesn’t hurt either.

“We have Pickering Town Center, which is a staple in the community, so that’s 700,000 sq. ft of retail at your doorstep, and there’s a 130,000-sq.-ft office building, a direct connection to the Pickering GO, and we’re directly beside Highway 401, so if you look at the Pickering landscape, this is the best location and it’s really rare to have an opportunity to be at centre ice at the scale of a 55-acre master plan where you can really redefine it as a new downtown,” Truglia said.

He also points to the competitive price point of the condos, which have sold at $1,050 per sq. ft, as another big draw for buyers. A similar-sized condo in the area, Truglia says, would cost about $100 more per sq. ft.

CentreCourt’s success comes at an interesting time when many developers in the Greater Toronto Area have chosen to postpone, cancel, or sell development projects as they struggle with lower buyer demand amid higher interest rates and overall affordability concerns.

“It’s definitely a more challenging market right now than it has been,” Truglia said. “But I think what this shows is when you have the right ingredients, a good story, a belief and a vision, and are able to offer it all at an attractive price point, there are still buyers out there — they’re just looking and being selective with the opportunities that they ultimately choose to purchase.”

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