Real Estate

Allied REIT buys out Westbank on two condo projects: Canadian real estate news for March 16

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Home of the Week, 80 John St., Upper Penthouse 1, TorontoJohn Lee/John Lee/Soare Productions

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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Canadians’ wealth is bolstered by stock rally amid housing slump, Statscan says

In the fourth quarter, households saw their net worth rise by $290-billion, or 1.8 per cent, to roughly $16.4-trillion, Statistics Canada said in a report Wednesday. But many homeowners have yet to face the full brunt of higher interest rates until they renew their mortgages, writes Matt Lundy. Others have variable-rate mortgages with fixed payments, which means that as rates have increased, more of their bill is going toward the interest portion rather than paying down the principal. The looming renewals, among other factors, led Canadians to stay cautious about

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Real Estate

CONDO REPORT: Interest rates created challenge for sellers

Demand still relatively low and inventory high heading into new year, creating some good opportunities for buyers, says columnist

The 2023 condominium market was challenging for sellers in Barrie.

The market slowed down quite a bit after interest rates increased by two per cent over the last half of 2022 and into January 2023.

With such a large increase in the cost of borrowing, many buyers could no longer afford to purchase real estate and chose to put their property search on hold until the market reacted and prices came down.

The first half of 2023 was more active than the second half, where the Barrie condo market experienced waves of interest from buyers. Some weeks were extremely slow with very little action on listings while other weeks had an increase in appointments and offers on properties.

Most of the active buyers were those who were already locked into an

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Real Estate

Luxury Toronto condo The One put into receivership and more Canadian real estate news for October 21

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Home of the Week, 659 Avondale Rd., Newport, N.S.Sherman Hines/Sherman Hines

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Take The Globe’s business and investing news quiz

Canada’s bank regulator says it won’t relax stress test on mortgage renewals

The Office of the Superintendent of Financial Institutions (OSFI) says it will not exempt uninsured borrowers from the mortgage stress test if they switch to a different lender at renewal time, writes Rachelle Younglai. Calls from the real estate industry to relax the stress test have been growing, as the spike in mortgage rates has made it harder for borrowers to qualify for a mortgage.

The regulator said exempting all renewals from the stress test “could cause lenders to

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Forec

Madison Proposes 34-Storey Condo at Duplex and Eglinton

A proposal has been submitted to the City of Toronto for a high-rise residential development at 21-35 Henning Avenue in Midtown, outlining plans for a 34-storey condominium building on the east side of Henning Avenue, north of Eglinton Avenue West. Madison Group has submitted Official Plan Amendment, Zoning By-law Amendment, and Site Plan Approval applications for the development, located approximately 235m walking distance from the Eglinton station on Yonge Line 1 (and the soon-to-open Eglinton Line 5). It joins numerous other proposals on surrounding blocks.

Looking southeast to 21-35 Henning Avenue, designed by Turner Fleischer Architects for Madison Group

The site is an assembly of eight properties, currently occupied by a series of semi-detached residential buildings with an approximate total area of 1684m², situated on the east side of Henning Avenue and about 50m north of Eglinton. The developer seeks to transform this site by introducing a high-rise condominium in

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Forec

Condo near Cobourg Beach sells after price drop

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Coldwell Banker R.M.R. Real Estate

125 Third St., No. 409, Cobourg, Ont.

Asking price: $689,800 (March, 2023)

Previous asking price: $698,000 (February, 2023)

Selling price: $670,000 (April, 2023)

Previous selling prices: $349,000 (June, 2016); $320,000 (August, 2009); $215,352 (December, 2005)

Taxes: $3,830 (2023)

Property days on market: 47

Listing agent: Sharyn Hessin, Coldwell Banker R.M.R. Real Estate

The action

Agent Sharyn Hessin has sold units of varying sizes and prices in this boutique building one block away from the beach in Cobourg, 120 kilometres east of Toronto. But it’s always a challenge, she says, to find the right buyer for a particular unit because each unit has its own peculiarities. This two-bedroom unit had 14 visitors over several weeks, but no offers, so the asking price was reduced by $8,200.

“These condos are very attractive and sought-after because of their location right at the marina

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