“The average cost of a one-bedroom unit in Toronto was $1,866 a month last November,” said a report from LowestRates.ca. "“This represents a 19% year-over-year decrease."
One landlord and investor tells CREW about the renovations underway at his property in Parkdale Village, Toronto.
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Diana Hoang, an industrial specialist, recommends that landlords seek out vacant warehouse distribution buildings that they could fill with tenants during the rezoning process for conversion.
OSFI considers setting a minimum qualifying rate of 5.25% for uninsured mortgages
Demolitions are expensive, but it’s entirely possible to salvage a building’s structure and gut the interior. Plus, converting hotels into condos isn't entirely difficult and it's been done many times before.
“You order material and suppliers will say two weeks, but then six, eight, 10 or 12 weeks go by, and this is what we’re seeing in most of our projects,” said Patrice Groleau, owner of McGill Real Estate.
"“I have noticed more supply coming out on the market in the last week and a half or two weeks, so spring supply is here," said Toronto-based Alex Balikoti, SVP of sales with Balikoti Real Estate Group.
Statistics Canada released the March 2021 Labour Force Survey showing much stronger-than-expected job growth for the second month in a row, pointing towards a Q1 growth rate of more than 5.5%.
See how Vancouver, Edmonton, Winnipeg and Calgary's real estate market faired last quarter. Royal LePage's report also details house price increase expectancies for Q4-2021.
According to Royal LePage, Toronto and Montreal saw double-digit growth last quarter. They expect the condo market to follow suit come the fall once immigration and schools open up again.
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