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cosmostein





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PostPosted: Thu Apr 13, 2017 2:04 pm    Post subject: Reply with quote

Toronto Centre wrote:
Quote:
Cosmostein - Are there many apartment buildings (For Rent, Non-Condo) units being built in the GTA?

Actually more now than in the past 25 years.


That is really interesting
I couldn't find any data online which I thought was odd.

Any idea where the majority of builds are happening?
Bugs





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PostPosted: Thu Apr 13, 2017 4:21 pm    Post subject: Reply with quote

TC is not a reliable source.

It seems to be the consensus that very few rental purpose units are being constructed at the moment. The vacancy rate for these rental apartments in Toronto was about 1.7% most recently. But in condos, as they come on stream? Who knows. Everywhere you look, there are condos going up, as are rents.

There don't seem to be many apartment buildings.

My daughter lives near Ryerson, and I notice that the corner of Dundas and Jarvis has three 44 story condos going up. The first three floors are commercial space, but probably around 1200 condo units being built at just that corner. (With no parking.) A hundred feet down Jarvis, Ryerson is building another 40 story building dedicated to rentals, but it is student housing. It won't be on the market.

Of course, a lot of the condos -- perhaps half of them -- are rented out privately, and the agents who sell condos want people to believe that the 1.7% vacancy rate applies to condos, but it doesn't. It probably is much higher than the officlal vacancy rate.
Toronto Centre





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PostPosted: Thu Apr 13, 2017 4:55 pm    Post subject: Reply with quote

cosmostein wrote:


That is really interesting
I couldn't find any data online which I thought was odd.

Any idea where the majority of builds are happening?

Sorry for missing the link in my post.

Quote:
Some 6,523 purpose-built rental apartments — numbers not seen since the virtual collapse of rental construction in the 1990s — were under construction as of the third quarter of 2015, according to condo and rental market research firm Urbanation.

Most, if not all per se, are in the downtown core.
Quote:
Some 70 per cent of those apartments are located in the old City of Toronto and three-quarters of those units are within a 15-minute walk of a subway station,

Quote:

An additional 3,820 new apartments units were proposed by developers during that same quarter

https://www.thestar.com/business/2015/10/15/gta-apartment-construction-hits-25-year-high.html
Toronto Centre





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PostPosted: Thu Apr 13, 2017 5:07 pm    Post subject: Reply with quote

Bugs wrote:
TC is not a reliable source.

Holy moly you are one thin skinned poster arent you?

Are you mad that one could easily show you that your 'consensus'....which I am guessing means you talked amongst yourself for a few minutes and then decided that ...."
It seems to be the consensus that very few rental purpose units are being constructed at the moment. "
6500 being built, 3800 coming on stream/starting soon.

Hows that consensus thing working out for you? Maybe you should tell the other guys in your head to shut up and do some research?

Naw.....better to get embarassed....again.
Quote:

There don't seem to be many apartment buildings.

Open your eyes, come to Toronto or just ask your daughter?
Bugs





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PostPosted: Sun Apr 16, 2017 11:19 am    Post subject: Reply with quote

Thin skinned? I don't know what leads you to that conclusion. But I just don't believe the claims. Sorry. It isn't what I am seeing.

True, in my last visit I didn't go to the outskirts, but I tramped around the old City of Toronto a lot, and I can't think of a single large, 40+ story apartment building being built. Student housing, yeah, but not rental units for local people. Yet the claim is that that's where 70% of the new rental units are being built.

Maybe they are at the planning stage, ready to break ground, but I saw no sign of that.

How many condo units are being built right now? Urbanization sez that condo sales are running at about 16,000 a quarter. That would be about 64.000 unit of sold new condos. The number built could be larger. That would mean there are about 10 new condo units for every new rental unit.

https://www.urbanation.ca/news/52-big-numbers-today-and-tomorrow-toronto-condo-market


Last edited by Bugs on Mon Apr 17, 2017 9:18 am; edited 1 time in total
RCO





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PostPosted: Mon Apr 17, 2017 7:37 am    Post subject: Reply with quote

Sousa hints upcoming housing measures will target 'property scalpers'

Ontario expected to tackle real estate speculation


Canadian Press

Sunday, April 16th, 2017



Ontario Finance Minister Charles Sousa. THE CANADIAN PRESS/Darren Calabrese.



TORONTO – Ontario Finance Minister Charles Sousa is giving strong hints that the government’s much-anticipated house affordability package will include measures targeting real estate speculators, or as he calls them “property scalpers.”

In public comments last week, Sousa said speculators are reselling contracts for pre-construction homes multiple times before closing, using assignment clauses.

“There are those who go into new developments, buy up a slew of properties, and then flip them, while avoiding paying their fair share of taxes,” he said. “I call them property scalpers.”

However, the finance minister admitted there’s no data to show how widespread “property scalping” is...

http://ipolitics.ca/2017/04/16.....-scalpers/
RCO





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PostPosted: Thu Apr 20, 2017 9:16 am    Post subject: Reply with quote

( the main measures being introduced seem to focus on foreign buyers and rent control , little mention of the green belt or need for new suburbs )


Ontario to tax foreign buyers, expand rent control


The Canadian Press

Thursday, April 20th, 2017



TORONTO – Ontario plans to help cool a hot housing market by bringing in a 15-per-cent foreign buyer tax, expanding rent control, allowing Toronto to impose a tax on vacant homes and using surplus lands for affordable housing.

Premier Kathleen Wynne announced Thursday that a non-resident speculation tax will be imposed on buyers in the Greater Golden Horseshoe area – from the Niagara region to Peterborough – who are not citizens, permanent residents or Canadian corporations. Once legislation passes, the tax would be effective retroactively to April 21.

The tax is not about targeting immigrants, Wynne said, and a rebate would be available to people who subsequently get citizenship or permanent resident status, as well as foreign nationals working in Ontario and international students.

“The non-resident speculation tax has nothing to do with new Canadians and people who want to make Ontario their home,” she said. “With this tax, we are targeting people who aren’t looking for a place to raise a family – they’re looking only for a quick profit or a safe place to park their money.”

The average price of detached houses in the Greater Toronto Area rose to $1.21 million last month, up 33.4 per cent from a year ago.

Skyrocketing demand and rising cost of housing is the “unwanted consequence” of a growing economy, but the province’s new measures will make the process of finding a place to live a little easier, a little less frantic and a lot fairer, Wynne said.

“When young people can’t afford their own apartment or can’t imagine ever owning their own home, we know we have a problem,” she said. “And when the rising cost of housing is making more and more people insecure about their future, and about their quality of life in Ontario, we know we have to act.”

The province will also expand rent control, which currently only applies to units built before November 1991, after tenants in newer units complained of dramatic spikes in rent. New rules would see all private rental units fall under annual rent increase guidelines. Those have averaged two per cent in the last 10 years and this year it is 1.5 per cent.

Toronto Mayor John Tory has been calling for a tax on vacant homes, and Wynne says Ontario will give Toronto and other interested municipalities the power to impose such a tax to encourage owners to sell or rent such spaces.

The provincial Liberal government’s housing plan contains 16 measures in total. It also includes rebating a portion of development charges to encourage rental construction under a five-year, $125-million program.

Rules for real estate agents will also be reviewed, in particular practices such as double ending, where the agent represents both the buyer and the seller.

Ontario will also establish a program to identify provincially owned surplus lands for affordable and rental housing, with an eye to using a few specific sites such as the West Don Lands in Toronto for pilot projects.

http://ipolitics.ca/2017/04/20.....ng-market/
RCO





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PostPosted: Thu Apr 20, 2017 9:18 am    Post subject: Reply with quote

A full list of housing measures announced by the Ontario Government


The Canadian Press
Published Thursday, April 20, 2017 10:09AM EDT



TORONTO -- The Ontario government has announced what it calls a comprehensive housing package aimed at cooling a red-hot real estate market. Here are the 16 proposed measures:

-- A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations.

-- Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.

-- Updates to the Residential Tenancies Act to include a standard lease agreement, tighter provisions for "landlord's own use" evictions, and technical changes to the Landlord-Tenant Board meant to make the process fairer, as well as other changes.

-- A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.


-- Legislation that would allow Toronto and possibly other municipalities to introduce a vacant homes property tax in an effort to encourage property owners to sell unoccupied units or rent them out.

-- A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties.

-- A five-year, $125-million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges.

-- More flexibility for municipalities when it comes to using property tax tools to encourage development.

-- The creation of a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.

-- An effort to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market.

-- A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions.

-- The launch of a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market and discuss the impact of the measures and any additional steps that are needed.

-- Education for consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.

-- A partnership with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.

-- Set timelines for elevator repairs to be established in consultation with the sector and the Technical Standards & Safety Authority.

-- Provisions that would require municipalities to consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes, among other things.

http://www.cp24.com/news/a-ful.....-1.3376896
cosmostein





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PostPosted: Thu Apr 20, 2017 9:49 am    Post subject: Reply with quote

The best solution to societies problems usually involves some level of government generating tax revenue for itself. :roll:

These folks certainly don't miss any opportunity to fill the coffers.


Last edited by cosmostein on Thu Apr 20, 2017 11:58 am; edited 1 time in total
Bugs





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PostPosted: Thu Apr 20, 2017 11:11 am    Post subject: Reply with quote

So do the worst ...
RCO





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PostPosted: Fri Apr 21, 2017 8:28 am    Post subject: Reply with quote

April 20, 2017 2:40 pm Updated: April 20, 2017 5:15 pm

Commentary: Why Wynne’s no-win plan won’t fix Toronto’s real estate bubble

AM640
By Matt Gurney
Radio Host AM640/Global News


Ontario Premier Kathleen Wynne speaks about Ontario's Fair Housing Plan during a press conference in Toronto on Thursday, April 20.



Stay calm, folks. Canada’s least competent government just announced its plan to tackle the country’s most complicated problem. What can go wrong?



The government is Kathleen Wynne’s Ontario Liberals, and the problem is the soaring cost of housing and rentals in the Greater Toronto Area (and, increasingly, areas beyond even the furthest reaches of that already vast, populous tract).

The Ontario Fair Housing Plan, released Thursday, includes a 15 per cent “non-resident speculation tax,” limiting rent increases to inflation plus 1.5 per cent, and trying to spur construction of affordable housing by opening up provincially-owned land for development and rebating some of the development fees for a five-year period.


None of the ideas are particularly outrageous, taken in isolation, even though I can’t claim to be wild about some of them. But, again in isolation, none are likely to accomplish very much, either. The Liberals are clearly hoping against hope that a series of small moves packaged together may be helpful without accidentally blowing up the whole economy.

That’s only a very slight dramatic exaggeration. Real estate underpins a frightening amount of Ontario (and Toronto’s) economic activity. It’s the bedrock of our financial system, the core of many pensions, the best shot at a decent retirement for millions of residents, and, via land transfer taxes, a massive source of income for the provincial and Toronto governments. If real estate goes down and stays down for long, we’re all in serious trouble — and not just in Ontario. This would be national.

READ MORE: Why people across Canada should care about Toronto’s housing market

Now, in fairness to the Liberals, it is exactly the scale of the problem that has compelled them to act. It’s a classic “damned if you do, damned if you don’t.” If the Liberals sit back and do nothing, and the market eventually (inevitably) sharply corrects, they’ll get blamed for the pain of that. “Why didn’t you stop this from happening?” Ontarians will demand. So they’re acting, thus risking being the cause of — a sharp correction. “How could you do this?” the very same voters will ask then.


Fair enough. Over the last year or so, the Toronto market genuinely has begun to show starkly clear signs of a bubble, and rampant market speculation. It’s difficult for elected officials to do nothing, even when nothing is arguably the right call. Voters don’t reward forward-thinking inaction while going through short-term pain.

There’s actually an argument to be made that things should just play out naturally, and one could point out that many decent, hard-working Ontarians have done extremely well in the current housing market. They aren’t bad guys to be vilified; who can begrudge someone who worked hard and played by the rules, lucking into a comfortable retirement earlier than planned by virtue of owning a house.

It’s luck, I know, but since when is luck not a part of a free market? Since when is it, despite the very name of the plan, fair?

READ MORE: Why people across Canada should care about Toronto’s housing market

But that’s an unpopular argument, and despite my usual strong free-market preferences, even I’ve been rattled by the signs of a runaway bubble forming all around me. I get the argument for intervening, even if I’m not entirely sold on it. So to that extent, with the Liberals having chosen to proceed, I wish them well. Sincerely.

I do own a detached house in Toronto. The surge in property value has been good for my theoretical bottom line. But I’m well aware of the dangers of a bubble to society at large, and I genuinely feel for those who haven’t been able to find housing within their budget. So good luck, Premier Wynne. Truly.

But how can anyone familiar with this government’s record have any faith in this plan?


I could fill a dozen columns reiterating the many failures of the Ontario Liberals over the last 14 years. (I’ve written dozens of columns doing exactly that!) The central point, though, is that this is a government that has had all sorts of whiz-bang plans, and in every case, felt they’d avoided disastrous unintended consequences.

They were going to revolutionize our health care with electronic records, clean up the environment (and create new jobs) by revamping the energy sector, save lives by operating a superb air ambulance service, and bring cleaner, more transparent government to Queen’s Park (along with a hundred other things).



They’ve basically failed in all of them, often in such catastrophic forms that they’ve had no choice but to utterly abandon their efforts, turn tail and apologize. Kathleen Wynne, recall, began her time in office by publicly and repeatedly apologizing for the utter debacle the government made of the attempt to build new gas-fired power plants in Toronto’s suburbs. She’s been apologizing and backtracking ever since, including, just in recent months, for the gigantic mess her party has made of the province’s energy sector.

I genuinely believe they mean well. But good intentions only buy so much of my esteem. This is a government that never, ever, seems to learn from its mistakes — the main mistake being believing that they’re smart enough, their government nimble enough, to make the economy do what they want it to do, produce the desired outcomes, without creating as big a mess as they set out to fix in the first place, despite all the times they’ve already done exactly that. They just can’t learn.

So here we go again.

“What we’re aiming to do is to bring in some initiatives… without having unintended consequences,” the premier said on Wednesday. Her finance minister, Charles Sousa, struck a similar note that day, saying, “We’ll be coming out with a suite of options… intended to stabilize market activity without unintended consequences.”

READ MORE: Price of Toronto-area homes jump 33.2% in March compared to last year

It’s good, I suppose, that the premier and Mr. Sousa at least recognize the risk of unintended consequence. What’s less encouraging is that they seem utterly oblivious to the fact that their record in office has basically been one gigantic, slow-moving unintended consequence. They’ve only survived through the incompetence of their rivals, and a generous application of public money for nakedly partisan ends (which they eventually had to apologize for, as well, of course, while also revamping the entire political fundraising system and triggering several police investigations — no doubt consequences they did not intend or foresee).

And yet now, after all this, they expect Ontarians to believe that this time — for the first time — they’ve figured out a plan that’ll be all good, no bad, and won’t have any unintended, unforeseen consequences, even though the problem with unforeseen and unintended consequences is that you don’t plan on them or see them coming. Despite their record, we’re supposed to have faith that they’ll pull it off.

I hope they do. But consider the record of this government. Consider the complexity of the issue. Consider what’s at stake. And tell me, honestly, how good do you feel about any of this?

http://globalnews.ca/news/3392.....te-bubble/
Bugs





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PostPosted: Fri Apr 21, 2017 9:34 am    Post subject: Reply with quote

This is a problem that probably goes back to 3% mortgage rates. It has created a bubble that has gone on for a decade or longer. Don't misunderstand me -- there is growth in big city real estate, and prices would have gone up anyway, but they have tripled over the last 15 years. A big part of that is cheap money.

Right now, it looks as if the market is in the final stages before a collapse. All that Wynne's policies will do is dampen down the frothiest part of the market, and possibly delay the inevitable. The big losers -- the struggling young families who are looking for a starter home.

It's still probably smart politics. All she has to do is to get to June of next year, and it's somebody else's problem. Isn't that how politicians think?
RCO





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PostPosted: Wed May 03, 2017 2:07 pm    Post subject: Reply with quote

New Toronto real estate data raises questions about tax on foreign buyers


Canadian Press

Wednesday, May 3rd, 2017



TORONTO – The Toronto Real Estate Board says there is fresh evidence indicating that speculation and foreign ownership make up a small component of the city’s housing market, raising questions about the need for Ontario’s plan to tax foreign speculators.

The board released new data on foreign buyers at the same time as it reported that prices continued to soar last month, though there were signs the market may be cooling as the number of transactions slipped.

TREB says that between 2008 and April 2017, the average share of foreign buyers of properties in the Greater Golden Horseshoe region, which stretches from the Niagara Region to Peterborough, Ont., was 2.3 per cent.

It says during the same time period, the share of homes that were bought and sold within one year of the original transaction – an indication of speculative activity – was also low.

In 2016, less than five per cent of transactions fit that definition, while in the first four months of this year, it went up to seven per cent.

TREB says its analysis was based on property assessments and land registry data in the province.

The new data came as the average price for all properties in the Greater Toronto Area last month rose to $920,791, an increase of 24.5 per cent compared to a year ago. That was slightly below the 33.2 per cent year-over-year increase in prices in March.

TREB says there was a dramatic increase in the number of new listings, which rose by 33.6 per cent since April 2016. But it also found the total number of sales in the Greater Toronto Area in April was down by 3.2 per cent from a year ago.

http://ipolitics.ca/2017/05/03.....gn-buyers/
Toronto Centre





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PostPosted: Wed May 03, 2017 2:40 pm    Post subject: Reply with quote

I was always skeptical of this tax on foreign owners.

I never understood the problem with anyone owning a home and not using it per se.

We know that the owner has to have/pay for the following

1) Property taxes (and if in TO then thats cheap!)
2) Insurance- some (rare) could forgo it since no mortgage but those that do have serious UW rules to abide by
3) None of these are tenement housing ergo upkeep is done to make the neighbourhood grade.

So, I dont know why the hoopla ? Its always someone getting out of a house w profit and the purhase generates a ton of cash for others.

Am I missing something?
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Scarcity of new homes in GTA hits Crisis Levels

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