In The News
November 18-22, 2019
Toronto & GTA
The Local Planning and Appeal Tribunal (LPAT) has sided with the hotel lobby and tenants in the matter of short-term rentals in the city of Toronto. They forecast this could bring forth five thousand units back to the market. The effective date of enforcement of the regulations remains unknown along with exactly what the rules will stipulate; however, the city of Toronto originally proposed a four per cent tax on homeowners that seek to rent out their primary residence for no more than 180 days per calendar year.
New rules have been introduced at the provincial level to revitalize enforcement tools, rules on business structures, and disclosures for competing bids on properties. The bill also gives licensed brokers and salespersons to incorporate.
New Brunswick is catching up to other provinces in Canada by introducing a bill that precludes real estate sales on Sundays in order to “energize the private sector.”
Akin to the residential rent stabilization bill, a new proposal prescribes a nine-member rent guideline board that sets rent increases for retail and office tenants under 10,000 square feet and for manufacturing tenants under 25,000 square feet.
Compared to the same time period last year, median home prices increased 5.4 per cent to $313,200 in October. This marks the largest increase in since July 2018. On the one hand, it is a buyer’s market for expensive homes and, on the other hand, it is a seller’s market for the lower end.
Indians are looking abroad to purchase real estate. A decrease in property values and a devaluation of the UK currency has attracted investor from India. The effective discount of approximately twenty per cent in concert with transparent real estate regulations in contrast with India has drawn an interest from foreign buyers in global cities like London.
Prague’s diminishing supply of properties available for sale is forcing prices upward. Moreover, a favourable tourism industry, rapidly growing population, and bureaucratic red tape have limited the real estate industry’s capacity to keep pace with new construction. Prices of new apartments increased 16.8 per cent over the previous year to CAD$3,704 per square foot in cities like Warsaw and Budapest. Would-be homeowners now require eleven times their gross annual salaries.
A glut of inventory continues to plague Dubai’s real estate market and the outlook for 2021 does not look any better. The median view of economists and property analysts show a decrease of 2.5 per cent in 2021.