Eden Mesganaw's blog

Credits to Becky Robertson
Posted September 5, 2024

For the first time in as long as monthly data has been available, the Toronto Regional Real Estate Board (TRREB) — the largest group of its kind in Canada — has seen a drop in membership numbers, serving as just another indication of the trouble the market is in.

Selling homes has typically been an extremely lucrative profession in the city, with its insatiable demand, ever-higher prices and high commission cheques.

But, sales have dwindled to rock-bottom levels in recent months, especially for condos, which were once an easy sell to...

Credits to Judy Lamelza

By Special to Ontario Construction News -August 27, 2024

Toronto’s once-booming condo market is currently facing significant challenges, with a steep decline in sales and a surplus of unsold units. This downturn has raised concerns among developers, workers in the construction industry, and potential homeowners alike. The following blog outlines the key issues facing the market, based on recent reports and expert opinions.

The Greater Toronto Hamilton Area (GTHA) has experienced a dramatic drop in condo sales, reaching a 27-year low in the first half of 2024.

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What does NOSi mean?

A Notice of Security Interest (NOSI) is a notice that may be registered on the Land Registry by a business when it rents, finances or leases certain goods or equipment installed on a property – such as a water heater, furnace or HVAC unit.

What is a NOSI’s purpose? Originally, it was meant to protect providers of in-home appliances, such as heaters and air conditioning units, from customers who fell behind on payments.

These units, which become a part of the home, can be registered on the title of the property if they are not purchased outright (for example, in...

Detached Homes - April 2024

What to know about changes to capital gains taxes in Budget 2024

A new proposal would increase the inclusion rate for capital gains above $250,000 from 50% to two-thirds. If adopted it would be in effect as of June 25 of 2024.

(As of April 30th, the Capital Gains Tax will not be included in the 2024 Budget but teh Government still is commited to presenting it by June 24th with its own legislation)

Selling of primary residence will remain excluded from the capital gains taxes in the proposal.

This would affect the wealthiest as with the current rate they have an advantage over the...

In a recent study conducted across the United States, interesting statistics emerged regarding the performance of real estate agents in teh previous calendar year. The findings show that a big portion of agents sold only 1 or no homes. As well as detailing that an average of 70-75% of agents sold five or less homes. This highlights the challenge faced by real estate agents in a highly coompetitive market.

Every year an estimated 5-6 million transactions take place., the market is spread thin due to how many agents there are. For many individuals, the real estate industry is a part time...

1) Q: What is the Vacant Home Tax?

A: The Vacant Home Tax is 1% of the Current Value Assessment (CVA) for the 2023 year and applies to Toronto homes declared, deemed, or found vacant for over 6 months in the previous year. The tax is based on the property’s occupancy status in the previous year.

2) Q: When was the Deadline?

A: The original deadline was February 29th but was extended to March 15th.

3) Q. What happens if you did not register by those dates?

A: There will be a late fee of $21.24 as well as a Notice of Assessment by the City. Meaning you will be notified about your non...