The image captures Toronto’s downtown, midtown and uptown and is being used to highlight its “missing middle.”

Toronto takes the whole concept of the "missing middle" to the next level. pic.twitter.com/tu1yYEIw2m

— M. Nolan Gray (@mnolangray) September 16, 2024

A missing middle refers to a lack of medium-density housing in urban areas, which includes laneway homes, duplexes, triplexes, fourplexes, townhouses, and low-rise apartments.

The photograph has garnered significant attention online, with many commenting on how the city’s appearance is a reflection of its housing availability.

“You either live in a $1.5 million plus single family home, a shoebox in the sky, or rent something older in the middle (no middle options for ownership),” one X user commented.

“It looks pretty from this view but it’s terrible for the city,” another person wrote.

“It does create a cool effect when looking north from the CN Tower, like the city just keeps going on forever. But not ideal from a planning standpoint,’ someone else said.

Toronto is packed with high-rise condos which house nearly 47 per cent of the city’s population, according to its official data. But, many of the homes surrounding Toronto’s towering silhouette are not equipped to house more than one family. 

Here lies part of the problem.

Because of zoning by-law 569-2013, which largely prohibited the redevelopment of single-family homes into multiplex dwellings until last year, it has been and still is challenging to redevelop existing single-family homes into multiple units, T.J Cieciura, Town Planning Consultant and President of Design Plan Services, explained to Now Toronto.

However, in Feb. 2022, city council adopted an official plan and zoning amendments to allow garden suites on properties in most residential zones across Toronto, it told Now in an email statement on Thursday.

And, in May 2023, city council voted to allow multiplexes in all residential zones including those that were historically limited to only single-detached houses. 

“These permissions have been in effect since June 14, 2023, and duplexes, triplexes and fourplexes are allowed in all residential zones across Toronto,” the city said.

Most recently, in May 2024, the city endorsed further zoning amendments that would permit the development of townhouses and small-scale apartment buildings along major streets in all neighbourhoods throughout Toronto.

“These small-scale apartment buildings would be permitted up to six storeys in height and to contain up to 60 homes each,” the city said, though the amendment has been appealed to the Ontario Land Tribunal and is not yet in effect.

RED TAPE CONTINUES TO BE A HURDLE FOR DEVELOPMENT 

Despite the recent changes, red tape continues to hinder development as it requires a rigorous compliance process and often comes at a huge financial cost, Cieciura explained.

“Typically we find that even with more relaxed zoning standards to allow multiplexes, the financial cost of this scale of development tends to be a hindrance,” he continued. 

According to Cieciura, the three most common examples of medium-density development would be “a four-dwelling unit building within an existing neighbourhood that would fit in with the single-detached dwellings surrounding it, a lane-based house behind a main building on the lot,and a garden suite type dwelling which is essentially a small house in the rear yard behind a main house.” 

“The idea is to provide a variety of living choices within the vibrant neighbourhoods that make up the city,” he continued.  

But the struggle doesn’t stop at navigating the city’s zoning laws or the rising costs of development.

Planners regularly contend with push back from local residents, who often oppose construction in the interests of preserving the character of their neighbourhood, Cieciura explained.

“The main day to day issue many applicants and builders experience is the NIMBYism (Not In My Back Yard) that comes from existing residents not wanting to see change in their neighbourhood,” he said.

“I have been to hundreds of public meetings in a wide diversity of neighbourhoods across the

city and throughout Ontario, and there isn’t one neighbourhood that we work in that doesn’t have some residents who think their neighbourhood is unique in terms of character, and that any proposed development would be better suited somewhere else,” Cieciura continued.

He explained that this can create a tenuous political landscape at the municipal level as local leaders look to make decisions they know would benefit the city as a whole, while managing constituents who vocally and vehemently oppose them.

In addition, the approval process for development is far too long, Cieciura argues. Unless a development proposal complies with every single regulation, there will be a minimum four to six month delay simply to get additional approvals in advance of applying for building permits, he explained.

Nonetheless, many of Toronto’s zoning laws genuinely shield people and neighbourhoods from harmful development, Cieciura says.

“Some of the rationale is well grounded in protecting certain uses [and] users from other uses [and] users. Nobody wants a chemical producer or a metal stamping plant beside a children’s daycare,” Cieciura wrote. 

However, other laws are nonsensical, he said, and contribute to Toronto’s “partially” self-inflicted housing shortage.

For example, when the city has any number of 50-ft. wide residential lots, in close proximity to TTC transit lines and planners try to divide that lot into two 25-ft. wide lots, effectively doubling the housing on one lot, the zoning is a major hurdle, Cieciura explained.

“We find it very difficult to understand how someone can say that a single residential house on a 25’ wide lot is totally incompatible with a single residential house on a 50’ wide lot.”

COST OF DEVELOPMENT IS THE BIGGEST CHALLENGE

Zoning laws and nimbyism aside, the taxes and fees associated with development likely pose the largest hurdle to increasing housing supply, Cieciura says, “although it’s tough to quantify the effect compared to each other,” he argues.

Despite this, recent data outlining development charges over the past 14 years shows an almost 1,000-per cent increase in Toronto and a 274-per cent rise in the GTA, which Cieciura described as “astronomically high.”

He explained that these kinds of rate increases are a “direct dis-incentive to new construction and development of all housing types across the city,” and that they suppress the expansion of more and new housing.

“If the city and province want to get serious about housing supply, it is financial incentives that will swing the needle, otherwise, all the zoning and policy tweaks will just be nibbling at the edges of the problem,” he concluded.

Meanwhile the city says it will continue to action its multi-pronged housing plan that seeks to “increase permissions for housing and address exclusionary zoning.”

The post A viral photo of Toronto is sparking debate about the city’s ‘missing middle,’ expert says restrictive zoning laws play a role appeared first on NOW Toronto.

According to Wahi, out of the 272 neighbourhoods where at least five homes sold in August, 89 per cent were in underbidding territory, up from 82 per cent in July. This represents the highest share of neighbourhoods in underbidding since January, when 98 per cent of nieghbourhoods saw prices bid down. 

On Thursday, Wahi released its Aug. 2024 market pulse report which found that overall bidding in the region has settled down. The report found that on both a month-over-month and year-over-year basis, a greater share of homes were selling under asking. 

After each month, Wahi compares the differences between the median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions in a given month. 

For August, 272 neighbourhoods out of the GTA’s approximate 400 met this threshold. Wahi’s data is sourced from Information Technology Systems Ontario (ITSO) and the Toronto Regional Real Estate Board (TRREB).

In comparison, last August, 60 per cent of homes were selling for below asking while 37 per cent of sellers received more than they asked for, and four per cent sold their homes for the listed price 

“Declining interest rates had yet to spark more widespread bidding wars in the GTA last month as home sales continued to lag last year’s pace. In August, home sales across the region totalled 4,729, down about 11 per cent from the same month in 2023,” Wahi said in a press release. 

The report says that home buyers were fortunate last month, as they had the opportunity to negotiate. 

“Many homebuyers who decided to act this August before the fall market gets underway managed to obtain below list prices. This was especially true for condo buyers,” Wahi CEO Benjy Katchen said in a statement.

In fact, in August, 78 per cent of condo units sold below asking, up from 76 per cent during the previous month and 70 per cent last year, according to Wahi’s analysis.

UNDERBIDDING IN GTA NEIGHBOURHOODS 

When it comes to single-family houses, including detached, semi-detached, row homes, and townhouses, about 67 per cent of properties sold below asking. This is an increase of up to two percentage points month-over-month. 

Despite this, Wahi notes that the median price of $935,000 remains the same compared to a year ago.

According to Wahi, out of the 272 neighbourhoods where at least five homes sold in August, 89 per cent were in underbidding territory, up from 82 per cent in July, representing the highest share of neighbourhoods in underbidding since January, when 98 per cent of nieghbourhoods saw prices bid down. 

The number one overbidding neighbourhood in August was Eastlake, in Oakville. This area has become the most consistently underbid neighbourhood in the GTA for the 15th straight month. 

Hogg’s Hollow in North York snagged the second spot, while York Mills in North York was third. Catchet in Markham took the fourth spot, while Mississauga’s Port Credit was fifth.

On the other end, the top five overbidding neighbourhoods in the GTA were Rouge Woods in Richmond Hill, The Danforth in Old Toronto, Parkwoods in North York, Raymerville in Markham and Doncrest in Richmond Hill. 

For these findings, Wahi weighed the top overbidding and underbidding neighbourhoods and ranked them by the median overbid or underbid amount. 

The post 70% of homes in the GTA sold for below asking in August: report appeared first on NOW Toronto.

New analysis from digital real estate platform Wahi identified 10 communities in the Greater Toronto Area where the median rate for a unit was under $550,000 within the first half of this year. 

The majority of the lower-cost locations were primarily concentrated in Toronto and Durham regions, but neighbourhoods in York and Halton regions also made an appearance.

East York in Toronto topped the chart, with a median sale price of $485,000 for a condo, while typically being listed for $499,000. 

Durham Region was next up, with condos selling in Uxbridge for $500,000, followed by Oshawa with a median sale price of $504,900. Uxbridge had the least amount of overall sales throughout the list, with only five sales during the first six months of the year. In addition, Oshawa was one of two cities on the list where the median sale price was higher than the listing price of $499,900. 

Toronto’s York neigbourhood appeared next, with a median price of $515,000 for a condo. 

Heading north of Toronto, condos in the municipality of King in York Region were sold for a median price of $532,000, well under the average listed price of $547,000. 

Durham Region made a final comeback, where condos in Clarington were sold for $536,000, followed by Ajax with a median selling price of $537,900, a mere difference of $1,900 between the municipalities that are only about 35 minutes apart. Like Oshawa, Clarington’s median sale price was higher than its median listing price of $529,900. 

Meanwhile, Georgina in York had a median price of $542,450 for condos, much lower than the listed price of $554,900. 

Condos in Scarborough were sold the most overall, with 687 sales in the first half of the year, according to Wahi’s data, at a median price of  $545,000, while the listed price was at $548,800.  

The final spot went to Burlington, where condos were sold for a median price of $549,950. Despite having the most expensive condos on the list, the city took second place for total sales, where 224 condos were sold in the first half of the year.  

Through this analysis, Wahi says it has noticed a broader trend of underbidding that is continuing throughout the Greater Toronto Area. As of July, 82 per cent of the GTA’s neighbourhoods were selling under-asking, according to the platform. 

“Despite fewer condo sales this year, homebuyers have been able to purchase a higher number of more-affordably priced units this year than they did in 2023,” Wahi CEO Benjy Katchen says in the report.

The post Here’s where you can buy a condo in the GTA for under $550K: report appeared first on NOW Toronto.

A recent report by Point2Homes revealed the top ten renter hotspots in the province. The real estate listing site considered various factors for the list, including areas that offer affordability, walkability, and community involvement.

The report analyzes Ontario cities based on three separate categories (economy & housing, quality of life and community), and certain cities stood out compared to others for the ideal Ontario renter lifestyle.  

When it comes to lower rental rates in Ontario, Chatham-Kent takes the crown, with an average of $1,099 a month and about three and a half hours from Toronto. Welland follows closely behind at $1,164 and is a little over two hours from the city, and in third, Greater Sudbury at $1,251 and around five hours north. 

However, in the economy and housing category, average rent is not the only thing that matters. 

Housing costs, rental availability, and unemployment rate are very important metrics in the category, and Chatham-Kent, Cambridge, and Kitchener are the top cities in the province for that reason.

All of the cities mentioned are at least one hour away from Toronto, as choosing to live in suburban communities instead of major metropolitan areas has now become an “attractive option,” Vanessa Elliston, a representative of top broker Bethany King’s real estate team, described to Now Toronto.

“We are noticing that there is a rising desire for a quieter, less crowded environment with a higher quality of life. Additionally, the rise of remote work over the last four years has reduced the necessity of being close to downtown offices, making living outside the city more feasible and attractive,” Elliston explained.

Whitby and Oshawa claimed the top two Ontario spots in the quality of life category, followed by Kitchener. Factors that make or break these listings include safety, air quality, walkability, commute time and access to nature and green spaces within this city.

Elliston says Whitby has become a popular choice for renters nowadays, offering a relaxed, suburban atmosphere. Aside from a boosted quality of life, she says convenience and especially affordability are major factors in moving to the city east of Toronto, where rent on average is $1,397 a month. 

“Transportation is another strong point for Whitby. With the Whitby GO Station, residents enjoy convenient access to public transit, facilitating easy commutes to Toronto and other parts of the GTA. The town is also well-connected by major highways, making it extremely accessible for drivers,” Elliston said.

“For renters looking for a balanced lifestyle with the benefits of both suburban comfort and urban connectivity, Whitby is an ideal choice,” she added.  

However, when it comes to greenness, Caledon is at the top of the list, boasting a perfect score of 100 for the urban space’s proximity to nature. 

The final category in the report, community, considers factors like access to parks, museums, education, and entertainment options. These institutions promote a sense of connectedness, essential for sustaining a strong support system and empowering individuals, the report said. 

The top Ontario cities in this category are North Bay, Aurora, and Kingston. Overall, Niagara Falls stands out with the highest number of museums in the province, while Markham has the most restaurants. 

Elliston gave insight to the winner, North Bay (where rent averages $1,185 a month), saying the city allows residents to enjoy spacious and comfortable living arrangements without breaking the bank.  

“North Bay’s convenient location and well-connected transportation network make it fairly easy for its residents to travel within the region and beyond,” she said. 

“The city also offers highly ranked schools, healthcare facilities, and recreational opportunities. North Bay boasts beautiful lakes and parks, and provides ample opportunities for outdoor activities, making it an appealing choice for nature enthusiasts.”

For those considering moving out of the city core, Elliston says all the top cities mentioned are great options for affordable housing, spacious living, and a higher quality of life compared to Toronto. 

“These cities provide strong community amenities, excellent recreational  opportunities, and a peaceful environment while maintaining good connectivity  to urban centres,” she said. 

“For those seeking balance, affordability, and a welcoming community, these locations are compelling alternatives to living in Toronto. 

The post Here are the best Ontario cities to rent in for affordability and quality of life: report appeared first on NOW Toronto.

A screenshot of the Facebook listing details a room availability for a two-bedroom apartment located about five minutes away from Bramalea City Centre, a mall in Brampton. 

The ad is allegedly written by a man and directed only at women and displays three options for renting. The first option is a private room, rated at $500 a month. The second option is a shared room between two people, at $300 a month per person. 

The third option, however, is quite unusual. 

The ad is offering a “friends with benefits” option, a relationship that would involve the tenant engaging in intimate acts with the landlord as a payment method. 

Picking this option would mean the tenant would not have to pay rent, they would receive free food and the landlord would spend $200 per month on shopping expenses for the tenant. 

The landlord also assured that the relationship would remain private and confidential should a tenant pick the third option. 

There have been mixed reactions to the listing on social media, many describing the friends with benefits option as rent payment as “predatory,” while some believe it’s a great way to save money. 

“That is disgusting and illegal,” one user said on X. 

“Seems like a straight up honest offer with clear terms. Not much different than dating apps or whatever,” another user said. “Not my cup of tea, but nothing abusive or underhanded about it.”

Greater Toronto Area realtor Othneil Litchmore says he doesn’t believe the listing is real, calling it “clickbait” and a form of drawing attention to the ever-growing rental market in Brampton. He notes that while the language used in the listing seems accurate for a landlord, the content is “exaggerated.” 

Reviewing the listing, Litchmore said the first thing that stood out is the landlord seeking a girls-only rental, something he says is actually an illegal practice. 

“You can’t offer a woman-only rental,” he says. “That would be a discrimination based on gender according to the Ontario Human Rights Legislation.” 

Litchmore says overall, the ad seems to be fake and attempts to rile people up to talk about Brampton, a city that has recently made headlines for its influx of international students.

However, he says if the ad is true, options one and two for a room ranging between $300 to $500 are great deals in today’s market, and seem realistic for students in the city. 

Though a friends with benefits relationship in exchange for rent is bizarre, Litchmore says special arrangements aren’t uncommon for the students, such as “tiffin service,” a midday meal that some landlords may offer tenants as part of the agreement. It often occurs when landlords want to ensure their households remain vegetarian-only, he explained. 

“A lot of the landlords or homeowners in Brampton are trying to come up with different housing options and set-ups in order to accommodate this influx of international students,” he said. 

“And so you’re going to see these sorts of arrangements, like illegal basements being rented or rooms being shared. I think this is the nature of the situation currently.”

The post A Brampton rental listing is going viral for its ‘friends with benefits’ payment option. Toronto realtor explains why it’s illegal appeared first on NOW Toronto.

Residing in proximity to public transportation is a necessity for many homebuyers, as commuting to work by transit went up by 92.5 per cent since May 2021, a Statistics Canada 2023 study found. 

A recent analysis by real estate website Zoocasa proved just how desirable it is to live close to public transit by calculating the average 2024 prices for houses and condos sold within 800 meters (roughly a 10-minute walk) of a TTC station. 

The average price for a detached home in the city is $1,826,370, according to the latest Toronto Regional Real Estate Board (TRREB) report, but potential homebuyers looking to settle near a Midtown Toronto subway stop can expect to pay nearly double that, especially if it’s along Line 1.

Detached homes near St. George, Bloor-Yonge, Bay, Museum, Summerhill, St. Clair,  and Rosedale Stations average above $3 million, according to the report. However, York Mills Station takes the crown for having the highest home prices near a station, with the average price at a whopping $3,957,375.

The average condo prices for the aforementioned stations range between $693,382 (Bloor-Yonge) and $1,740,033 (Summerhill), representing the most expensive prices out of all condos near TTC stations. The average price of a Toronto condo apartment in May was $767,064, according to TRREB.  

“Properties near TTC stations represent strategic investment opportunities with significant potential for appreciation,” Carrie Lysenko, CEO of Zoocasa, said in the report. 

“While some stations offer homes at lower-than-average prices, the overall convenience of living near transit hubs often comes with a higher price tag. Homebuyers and investors should carefully weigh these benefits against the associated cost to make informed decisions.” 

The majority of homes located along Line 2 are more affordable, with many under $2 million, and only one station exceeding  $3 million (Bay Station). 

The most affordable house and condo prices can be found in the east of Toronto, where home prices near TTC subway stations are far below city averages. 

Warden Station has the most affordable average home price for a detached home at $1,050,631, followed by Victoria Park ($1,081,168) and Kennedy ($1,097,462) Stations. 

Condos near Kennedy Station cost the least citywide and sell for an average of $480,558, nearly $300,000 less than the May 2024 city average.

The post Living close to a TTC station in Midtown will cost you. Here’s the most expensive stations to buy a home near appeared first on NOW Toronto.

Real estate company Royal LePage conducted a survey identifying 15 of the most affordable cities based on one’s income needed for a monthly mortgage payment, the provincial median total household income date and city-level home price data for 2024.

“The mortgage calculation is based on a three-year fixed-term loan at 5.71 per cent, amortized over 25 years with a 20 per cent down payment,” the company said.

The survey used the Leger Opinion online panel to ask 900 Canadian residents over the age of 18 living in the country’s three largest urban centres: the greater regions of Toronto, Montreal and Vancouver. The survey was completed between May 13-16,t 2024. For comparative purposes, the survey has a margin of error of plus or minus three per cent, 19 times out of 20. 

Thunder Bay came out on top as the most affordable city in the country where 22.2 per cent of a household’s monthly income is required to service a mortgage payment. In second place was Saint John with 25.1 per cent and in third place was Red Deer with 25.7 per cent. 

“…Many aspiring homeowners in the country’s largest and priciest urban centres are seriously considering relocating to less expensive cities in order to get a foot on the property ladder,” Royal LePage Real Estate Services Ltd. COO Karen Yolevski said in a statement.

“Compared to existing homeowners who have already set down roots, we know that renters are more likely to move to be able to afford a home. This flexibility is supported by the post-pandemic permanence of remote work opportunities, which continues to allow workers in many sectors to seek out housing that is within their budget, without worrying about proximity to their office,” Yolevski added.

According to the survey, about 57 per cent of respondents overall said they would consider relocating to a more affordable city for a lower cost of living in order to buy a property. Meanwhile, 41 per cent say they would like to be closer to nature and in a less populated area. Furthermore, 40 per cent want a break from the hustle and bustle of city life and prefer a relaxed lifestyle. 

When broken down regionally, 54 per cent of respondents in the Greater Montreal Area would consider relocating to one of the most affordable cities, along with 51 per cent in the GTA and 45 per cent in Greater Vancouver.

The top choice for GTA respondents was Edmonton (19%), followed by Thunder Bay (15%) and St. John’s (14%). 

Among the 15 most affordable cities listed, two of which were in Alberta. In addition to Red Deer, Edmonton ranked fifth on the list with 28.9 per cent of a household’s monthly income required to service a mortgage payment. 

Royal LePage Noralta Real Estate Associate Broker Ed Lastiwka says in Edmonton, a budget of $500,000 can stretch further for a Canadian and get them a family-sized home with their desired amenities. 

“As Canadians continue to seek out an escape from congestion and seven-figure average home prices, Edmonton will be top of mind for many homebuyers willing to relocate. With approximately 100,000 people projected to move to the city within the next few years, home prices are expected to increase, yet remain relatively affordable,” Lastiwka said.

He adds that the majority of residents coming to Edmonton are from Ontario and British Columbia and that includes both young families and those looking for a lower cost of living during retirement. 

Yolevski and Lastiwka say interprovincial migration has been an ongoing trend since before the COVID-19 pandemic but when the pandemic occurred, the trend accelerated as many residents took advantage of the affordable housing options. 

The post Over 50% of GTA residents would move to cheaper Canadian cities if they found jobs: survey appeared first on NOW Toronto.

However, Wahi has a new and free house hunting app for couples that is here to help. With the Wahi app, couples can finally purchase a home with confidence and get closer to landing their perfect abode. With Wahi’s collaboration feature, couples can easily peruse through house listings together in an exciting, new way. 

Couples are able to keep track of each other’s listings and even receive recommendations as co-buyers. Wahi makes house hunting convenient and streamlines the communication process between partners to make finding a home a breeze. 

On the app, couples can schedule house tours together, keep a record of showings, chat with each other and their Realtor and lastly, receive alerts about properties each other likes or when a showing is booked. 

Wahi couldn’t have come at a better time as more Canadian couples are expected to jump into the housing market this summer. In fact, 77 per cent of Canadian homeowners purchased a home with a romantic partner, according to a Wahi survey.

READ MORE: 7 GTA cities rank in the top 10 for highest rents across Canada – even studio apartments aren’t getting off easy

As couples enter the housing market, they will face steep prices that are expected to continue rising. The national average home price is set to climb nearly five per cent to $710,468 by the end of 2024, according to the Canadian Real Estate Association (CREA). And here in Toronto, $985,000 is the median price for a home in the Greater Toronto Area (GTA) as of March, based on Wahi data. 

To help first-time buyers get into the market, the federal government recently announced 30-year amortization periods on insured mortgages, but despite this, Canadians continue to feel strapped for cash. Not to mention the property taxes and closing costs that buyers have to consider when purchasing property.

READ MORE: Canadians are skeptical 30-year mortgage amortization period will make it easier to buy a new home

That is why Wahi is making it easier for Toronto couples to catch a break and get some money back when buying a home with its Wahi MyBuy cash-back program.

The initiative provides customers with Realtors who offer top-notch virtual service, and they can get up to one per cent of the sale price back in cash after closing. 

Torontonians, specifically, should take advantage of this exciting offer. For example, if someone purchased a $1-million home, they would get  $10,000 cash back in their pockets. 

Canadian couples looking to buy a home can download the Wahi app here and learn more about Wahi’s MyBuy cashback program here.

The post Canadian couples can find their dream home using this new real estate app appeared first on NOW Toronto.

The agent, Ruthie Miller, was half joking.

Miller’s real estate career has run parallel to being a stand-up comedian. She found the run-down house as she was trying to look for a place to invest in herself.

Though she wasn’t the seller of the house, she thought posting the entertaining video on TikTok would attract more buyers to it.

The Yorkdale-Glen neighbourhood home is placed on a 25 x 130 ft. lot and the listing includes pictures of burnt down areas in the home. 

Miller posted the video a week ago, but now the price is currently over $1 million on Realtor.ca.  

“This house did have a fire and probably needs a lot of work. If you’re anything like me and you think to yourself, ‘Oh, I can fix him. All he needs is a little bit of TLC. He’s just had some bad relationships in the past,’ then you might be into this one,” Miller said in the video. 

Some viewers were confused and wondered if the video was a parody. 

“​​LOL genuinely can’t tell if this is a joke or not … a budget? Your gonna need another 200k to fix it it’s not even livable,” one person commented.

When asked if she thought her comedic approach to real estate could mislead people, Miller said, “I don’t know.” 

Miller told Now Toronto that she was joking about some parts, especially about the house being suitable for a first-time homebuyer because of the structural issues. 

Miller believes she’s bringing attention to real estate regardless of the method and people are going to look at the listing and request more information if they want to. 

“I’m a comedian also, so why not mesh the two? It’s a clever way of doing it,” Miller challenged. 

Miller believes Toronto’s real estate market always has room for humour. 

“I personally like it. I hope I’m not breaking any rules with my professionalism. I like blending comedy with real estate. It’s easy to make fun of realtors because they’re usually advertising multi-million dollar properties when most of the city can’t afford rent.”

The post Toronto real estate agent puts comical spin on promoting burnt-down house appeared first on NOW Toronto.

On Thursday, Deputy Prime Minister Chrystia Freeland announced that first-time homebuyers purchasing new homes can receive 30-year amortization periods on insured mortgages, starting on Aug. 1.

Amortization refers to the length of time it takes to pay off the entire mortgage loan, which is estimated based on the interest rate, according to the Financial Consumer Agency of Canada (FCAC). 

Currently, if a down payment is less than 20 per cent of the home price, the longest allowable amortization is 25 years. 

“By extending amortization, monthly mortgage payments will be more affordable for young Canadians who want that first home of their own,” Freeland said in a news release. 

The government said the change reflects the reality that the size of a down payment and the amount of time needed to save up for one are much larger than they used to be.

However, people pay more interest the longer it takes to pay off their mortgage, even if monthly payments decrease, FCAC notes.

Freeland also announced first-time homebuyers can withdraw almost double from their RRSPs starting Apr. 16. 

Some Canadians are skeptical if the changes will lead to long-term housing affordability. 

“My eldest son, an economist, tells me, “affordable” housing is not about making houses less expensive; it’s about making expensive homes more #affordable via financial shenanigans,” one person responded on X. 

“I guess this is not to be confused with a 30-year mortgage, sadly. Renewing every so often is where they can get you with high interest rates,” a Reddit user said.

“My first condo in 2007 had a 35 year mortgage. Those extra 10 years of interest basically doubled the amount of interest I was paying for the whole thing if I had not sold it. $465,000 condo and over $400,000 in interest (1.75% variable interest rate, more or less, the 4 years I owned it),” another person mentioned.

Others approve of the flexibility to pay less in the short term, given an unstable job market right now. 

“Did a 30 year myself (not a new build obviously). Yeah it’s not great, but the lower monthly payments allow me more wiggle room in case of layoffs. My company has already done 2….The thing is I pay off an extra 5k a year. I’m not intending to take the full 30. It’s more for the ability to not spend that extra money if things go south,” another user commented. 

And others hope the government extends the increased amortization period to more than newly built homes. 

“We just purchased our first home and new builds were totally out of our price range – the only houses we could even remotely afford (stretching our budget tight) were built in the 1980/90s. Seems odd that we couldn’t benefit from the same 30-year amortization,” one person commented on Reddit.

Freeland’s announcement on changes to the Home Buyers’ Plan is part of the government’s 2024 Budget, which will be tabled on Apr. 16.

The post Canadians are skeptical 30-year mortgage amortization period will make it easier to buy a new home appeared first on NOW Toronto.