Troubling headwinds continue to persist in the preconstruction real estate industry as homebuyers are unable to close their transactions and are walking away from sizable deposits, some worth as much as $300,000. It’s a new phenomenon, industry experts say,...

The Bank of Canada says higher interest rates have not dragged down home prices as much as expected, because a shortage of homes in the country is keeping values elevated. The central bank kept its benchmark interest rate unchanged Wednesday at 5 per cent – up from...

Owners of housing units that are sitting empty will soon have to pay more, with Toronto city council voting Wednesday to hike the vacant home tax from one to three per cent of a property’s assessed value. The measure, which takes aim at speculators sitting on homes...

Soaring interest rates are inducing anxiety in nearly half of Canadian homeowners for whom mortgage renewal looms. Interest rates have risen from 0.25% to 5% in 18 months. Twenty percent of homeowners “worry all the time” about their ability to afford their mortgage...

On a monthly basis, average home prices fell in six Canadian cities and increased in four urban markets in August, according to a new market survey by Ratehub.ca. “Mortgage rates continued to increase slightly from July to August 2023 with the stress test remaining...

The City of Toronto will implement new Municipal Land Transfer Tax rates of up to 7.5% on high-value homes as it looks to potentially increase the Vacant Home Tax to 3%. On Wednesday, the City of Toronto approved an updated long-term financial plan, laying out a...

At just the moment when more housing is desperately needed, three dozen condo buildings, adding up to more than 8,000 units, have been delayed in the GTHA (Greater Toronto and Hamilton Area) — many in more affordable communities — due to higher interest rates and a...

The Ontario government is postponing a provincewide property tax reassessment while it conducts a new review of the accuracy and fairness of the system. The deferral will give the government time to build a “more accurate and equitable property tax and assessment...

Real estate investors are exiting the market as new listings in Toronto trend up, and interest rates remain high, experts say. In July, new listings increased by 11.5 percent annually, and condominiums had the highest percentage rise in sales volume compared to...

The Greater Toronto Area's real estate market appears to be balancing out, with sales trending lower as new listings gained steam in July. The number of home sales that took place in July did still show growth compared to the same time last year, but at a slower rate...