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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

24 April 2018

Will Toronto follow Vancouver in making money from vacant properties?

The recent tax for vacant properties implemented in Vancouver may provide $30 million in revenue just during the first year of operating.

According to Vancouver Mayor Gregor Robertson, $17 million has already been received from owners of about 8,500 properties, which were empty or underutilized during at least 6 months in a year.

“I would like to thank those who didn't rent their vacant homes and paid the tax for contributing to housing affordability improvement in Vancouver, as now we can invest more to solve this issue,” -  Robertson said on Monday. “I’m also very grateful to those who did rent their properties for increasing the market supply, as it’s extremely important”.

It’s the first tax of this kind in the country. Now homeowners in Vancouver who don’t live in their properties and still don’t rent them out, need to pay 1% from the assessed value of the home.

20 April 2018

Canada’s inflation reaches 2.3% in March, pushed by higher gasoline prices

Last month, Canada's inflation went up 2.3% marking the largest number since October 2014. The main driver for such an increase was gasoline sector.

In fact, according to Statistics Canada, seven out of the eight components rose last month. The only exception was the segment of clothing and footwear, which showed a 0.1% decline during the previous 12 months.

19 April 2018

Real estate market is affecting Canadian economic growth

Capital Economics says a current home sales decline in Canada will also have a significant impact on the national economic growth this year.

“Even a soft end of the decade-long housing boom without prices decrease could affect the economic growth,” – says Chief North American Economist Paul Ashworth.

In case home sales keep falling in 2018, the value of housing commissions will go down, and it will lead to weaker construction activity and spending on home renovations, Ashworth noted.

With such conditions, in his opinion, the economy will not grow by more than 1.5% this year, following a record high level of 2017.

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