Understanding the difference between a condominium vs apartment is important for buyers and renters. Type “condo meaning in Canada” into your favourite search engine, and you’ll find that the main difference between the two is that you can buy a condo, whereas an apartment is strictly available for rent. However, there is more to it than that. If you are asking yourself, “What’s the difference between an apartment and a condo?” RE/MAX has the answers. What... [read more]

Understanding Toronto's Proposed Property Tax Increase: What It Means for You The City of Toronto is looking at a 6.9% property tax increase this year to support its $18.8-billion budget for 2025. This hike includes a 5.4% rise in residential property taxes and an additional 1.5% increase in building levy fees. For the average homeowner, this means an extra $210 on your annual bill, plus another $58 to fund improvements in transit and housing. Here’s what’s going on and... [read more]

Condo Buyers Should Always Review Status Certificates Today's Globe and Mail features a $75,000 court judgment against a Toronto condo corporation in the case of Gonzales v. York Condominium Corporation No. 242. The case highlights a serious issue: the importance of reviewing condo status certificates carefully before making a purchase. Justice Robert Centa called the condo corporation's actions a “shocking abuse of trust and power,” pointing out the risks... [read more]

While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates. “High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to... [read more]

Watch Jason Mercer talk about the Toronto Real Estate Boards activity for the month of August 2023. Jason's role at the Toronto Regional Real Estate Board is Chief Market Analyst & Director. [read more]