CentreCourt sold out 8 Wellesley, a 55-storey, 599-unit tower slated for occupancy in 2025; a record for the GTA. This is a sign that Torontonians and investors alike believe we'll get past COVID.
Neil Sharma [email protected]
Chris Davis [email protected]
Sandev Varaich [email protected] 905 226 2739 (CREW)
A decrease in vehicle ownership and increases in driving alternatives like ride-sharing and public transit has resulted in reduced need for parking spaces by residents who buy units in new developments.
Parental assistance with living-inheritances is the No. 1 factor pushing up the prices in Canada’s largest urban markets. The gift of a down payment from boomer parents enables them to enter markets.
If the bank regulator has its way, this rate will increase to 5.25%, which will, on average, reduce the maximum qualifying amount for a mortgage by approximately 5%.
Listings declined by 12% from Q4-2020 and brought the ratio of quarterly condo leases-to-listings to 61%—the highest since the COVID-19 pandemic struck in March of last year.
The government is introducing a 1% tax on non-residents that’s believed will generate $700 million in revenue through four years beginning in 2022-23, but will it really make a difference?
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