newguy wrote:Definitely not fair.
What means this word "fair"? Please to be providing life examples.
AltaRed wrote:I agree the lower limit would be good in most places in Canada. Probably a vote 'loss' though of first time buyers in GTA and Metro Vancouver.
240 PARKVIEW AVE., TORONTO
ASKING PRICE $795,000
SELLING PRICE $833,000
PREVIOUS SELLING PRICE $232,500 (1992)
... two-bedroom and one-bathroom bungalow... 30-by-158-foot... close to reputable schools, Yonge Street subway, shops and arts centre[lot]
Taggart wrote:Wynn Quon who used to post here on FWF, has an excellent article in the June edition of Canadian MoneySaver with the title "Lessons From The Superbubbles: Hemingway's Rule." It was a real eye opener on the housing bubble in the major cities across Canada, and we're not just talking Vancouver and Toronto.
Shine wrote:The issue does irritate me because our society/economy is graduating so many younger post secondary individuals with a crippling student loan and little chance of purchasing a home and raising a family.
The industry will have 30 days to comment on the proposed regulations, which were first contemplated in the 2010 federal budget. The changes involve putting credit unions under the oversight of the Office of the Superintendent of Financial Institutions.
Urbanation, which tracks the Toronto market, reported today that the number of unsold new units hit a record at the end of the second quarter, at more than 18,100 units or about 20 per cent.
That's because investors are dropping out, said Derek Holt and Dov Zigler of Bank of Nova Scotia.
"The not-for-occupancy investor that has been driving 45 per cent to 60 per cent of Toronto condo sales in recent years disappeared as the monthly net cash flow to financing and paying condo fees and then renting it out remains negative while rental rates and prices flatten out," they said.
Toronto Life wrote:Balcony glass is not the only building component that’s failing in Toronto’s new condominium towers. As more and more people move into their brand-new units, they are discovering that their idealized urban homes are far from perfect, with flaws that run from the typical (unpainted lobbies and unfinished fitness rooms) to the severe (leaky window walls and cracking foundations). And as condo owners discover the problems, the paranoia sets in: fearful of losing their investment, and of defamation suits from developers, they don’t dare speak out.
Every condo building in Toronto has a secret. The only thing that separates crappy balconies from crappy soundproofing, plumbing, drainage, elevators, heating, air conditioning and mechanical equipment is that anybody can see the balconies falling apart. The rest is hidden from public view, as are the boardroom confrontations and the quietly launched civil lawsuits that follow, when condo owners with no other recourse take their developers to court. In March, a group of unit owners at the Festival and Murano towers filed class action lawsuits against their respective developers and architects, and the balcony installer at both locations, Toro Aluminum Railings. Even though the developers are replacing the glass at their own expense, the lawsuits claim that residents have been denied access to a significant portion of their living space for too long, through no fault of their own. They believe someone is negligent, and someone should pay. Each suit claims a total of $20 million in damages.
Such lawsuits are increasingly common, with damage claims for shoddy construction running from the tens of thousands to the tens of millions, naming developers, architects, concrete-waterproofing subcontractors and everyone in between. As the repair bills and legal fees mount, the courts try to figure out who will pay for the fixes. Meanwhile, with hundreds of cranes poking out of the city skyline and developers scrambling to build still more towers, we’re presented with the real possibility that many more of these condo boom buildings will bust.
dusty2 wrote:That's really dumb advice - borrow money at 4.5% and invest in something that's dropped by 9%.
offering buyers the opportunity to live in a “sculpture,”
CROCKD wrote:A condo by any other name.
Can the promise of lifestyle perks help developers sell Toronto's glut of condos?offering buyers the opportunity to live in a “sculpture,”
CROCKD wrote:Lenders opposed crackdown on home equity borrowing
Finance Minister Jim Flaherty took steps to rein in the growth of home equity lines of credit early last year, saying that the government would no longer guarantee mortgage insurance on them. Prior to that, such lines of credit and mortgage refinancings surged to $64-billion in 2010 from $8-billion in 2001.
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