When there are significantly more prospective real estate buyers than sellers or vice versa, things can get competitive in any market. This appears to be the situation in Ottawa's real estate market, where there was a 21 percent decrease in residential properties for sale in Feb. 2018 compared to Feb. 2017. This is resulting in more real estate bidding wars in the city than in years prior, leading to some properties selling significantly over asking price.
The availability of land and construction costs can be a challenge for developers in Ontario, especially in high-density cities. In Toronto, recent reporting suggests that condominium builders may have an advantage compared to other types of developers. According to real estate consulting group Altus Group Ltd, those building residential units have an advantage because of how much people will pay for space.
In Ottawa, discussions over the fate of LeBreton Flats have been a much-discussed news issue. The valuable real estate plot in the core of the Ontario city has long been considered as a potential home for a hockey arena. A former mayor of Ottawa has said that he believes the arena will be built, but that residents may remain skeptical until they actually see the project start and finish.
While most legal activities are allowed within private homes, some landlords take issue with certain activities within their buildings. The upcoming marijuana legalization has become a topic among Ontario owners of rental real estate. Some landlords would like the right to change tenants' leases to ban the drug from their properties as soon as it is legalized. However, marijuana users argue that this would infringe on their rights and limit their ability to find housing.
The Canadian real estate market often fluctuates, and the first part of 2018 is no exception. In January, Canadian home sales fell by 14.5 per cent compared to the month prior. The decrease in real estate transactions is led by a slow down of 26.6 percent in Toronto, Ontario according to the Canadian Real Estate Association (CREA).
Clear definitions of property types are important for any new development. For example, detached houses and commercial properties have different regulations by which they must abide. In Vaughan, Ontario, city regulators are making a change to which properties fall under condominium law. While the term "condominium" traditionally refers to a unit in shared building, the GTA is introducing the concept of a detached home condo in order to encourage real estate development.
The Internet has changed the way that many Canadians buy and sell real estate. But would an eBay style auction for homes ever be adopted by Ontario residents? One Vaughan real estate brokerage is hoping their online auction platform will increase transparency and fetch the highest price for properties.
The Ontario government is keeping a close eye on the new rent control measures after a new report showed a negative impact from recent changes. Ontario's housing minister has defended the measures, though he assures concerned parties that he is paying attention to the real estate market in light of new rules. According to the Federation of Rental-Housing Providers of Ontario, the expanded regulations may be connected to the 1,000 rental units being cancelled or converted into condos over the summer.
Foreign investment is often considered a major factor in high housing prices across Canada, especially in its major cities. Ontario recently began charging additional taxes for foreign real estate buyers. According to statistics from Toronto and the Golden Horseshoe, these steps may be working.
Neighbours in Ontario can live in peace and harmony for many years -- until one decides to cut down a tree that is shared by both. Real estate issues such as this can lead to costly litigation and, along with ending a friendship, may cost thousands of dollars in legal fees. One such dispute arose between neighbours over a maple tree and ended in a court battle in 2012.