Canada's Foreign Buyers Ban Comes into Effect
Posted on Jan 04, 2023
Canada has closed its doors to foreign buyers.The Prohibition on the Purchase of Residential Property by Non-Canadians Act officially came into effect January 1, 2023 and is set to last two years.
The act aims to deter foreign investors and wealthy corporations from purchasing residential properties including detached, semi-detached, town and row ho...
New Program Offers Up to $30k to Homeowners Who Add Secondary Suites
Posted on Nov 28, 2022
Hamilton has introduced a new program to help increase the number of affordable housing units in the city. The program - called the Ontario Renovates Secondary Suite Forgivable Loan Program - is part of the Ontario Priorities Housing Initiative (OPHI) and in addition to increasing Hamilton’s stock of housing, it will allow homeowners who have a hou...
The Friday Five: Real Estate News Roundup
Posted on Oct 28, 2022
We've officially reached the end of October and it seems the real estate market is right on board with spooky season this year.This week, the Bank of Canada raised interest rates another 0.50%, to which we all said "boo". Oxford Economics shared its own scary stats, stating Canada is one of the most likely countries in the world to experience a hou...
Ontario Government Moves to Increase Housing, Override Municipal Zoning
Posted on Oct 26, 2022
Yesterday, the Ontario government announced nearly 50 reforms aimed to override municipal zoning laws and increase the number of housing units in the province.The proposed bill would allow up to 3 units to be constructed on one residential lot. For example, one lot could include a detached home with a basement apartment, plus a garden unit or a lan...
The Friday Five: Real Estate News Roundup
Posted on Oct 21, 2022
Royal LePage: Q3 Home Price Update and Market ForecastDespite the slowdown in market activity, Canadian home prices are still up more than 3% from 2021, and remain significantly higher than pre-pandemic levels.
Prices did however, decrease in the third quarter coming in 4.9% lower than Q2. This is a trend Royal LePage anticipates will continue, with...
Housing Affordability Has Buyers Turning to Condos, Rentals
Posted on Oct 19, 2022
Condominiums may have taken a backseat to detached homes as buyers took advantage of record low interest rates, but it seems the tables have turned.While the real estate market has faced a substantial slowdown over the past few months, the rise in interest rates has had a seemingly positive effect on the condo market as buyers have begun to seek ou...