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The City of Toronto’s new vacancy tax is now in effect on Toronto properties. Subject to certain exemptions, the tax applies to units if they are vacant for more than six months during the preceding calendar year. Unless current exemptions are clarified, many unsuspecting property owners will be hit by the one percent annual tax. … Read more
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The Real McCoy won’t reopen in Brimorton Plaza, but a settlement has been reached between the burger joint and the developer tearing down the plaza for an apartment. The restaurant closed its doors for Christmas, ending a five-decade run at Brimorton Plaza, soon to be transformed into a 34-story tower. It was an emotional ending … Read more
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The Greater Toronto Area is expected to see the completion of a record number of new condo units by 2023, according to new research from Urbanation Inc. The real estate data analytics firm says it expects nearly 32,000 new condo units to be completed in the GTA this year — up from the previous high … Read more
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In the quest to build the tallest skyscraper in Canada, developer Pinnacle International appears to be taking a step forward, with a new proposal that sees the second tower at the bottom of Yonge Street reach more than 100 floors. Pinnacle filed an application with the city late last month to allow 12- and 10-story … Read more
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Pre-construction condo sales fell 79 percent year-on-year in the third quarter amid rising interest rates and construction costs that prompted developers in the Toronto area to join their customers on the sidelines of the market. Sixty-seven percent of developments, 189 projects with available units, did not sell apartments in the third quarter, market research firm … Read more
A ‘controversial’ move that allowed the construction of six-storey buildings along a previously protected stretch of Queensland’s coastline has been reversed, but changes to the skyline may be unavoidable. Most important points: The Bundaberg Regional Council narrowly voted against changes to those six-storey developments in Bargara. could have made possible Local residents worry about the … Read more
Exhaust pipes. chimneys. Farming cows. These are the things most Canadians associate with global warming. But buildings? Not so much – although the homes, offices and shopping centers where we spend so much time produce huge amounts of pollution from oil or natural gas burned to power boilers, boilers and furnaces. In fact, buildings are … Read more
Despite numerous complaints and a change in law to protect buyers nearly a year ago, Canberra investors are still getting cancellation notices on their off-the-plan property purchase contracts. Most important points: Elley Clayton bought an off-the-plan apartment from 3 Property Group, but was told last month she had filed for rescission, forcing her to take … Read more
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I moved to 40 Homewood Ave 20 years ago this month. That’s a little beer in the storied history of the building, aka York Condo Corporation 75, which is celebrating its 50th anniversary this year. In 1972, condominiums were a new and somewhat radical innovation in the Canadian housing market, an opportunity for tenants to … Read more
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Canadian icon and Hollywood superhero Simu Liu is working with two Toronto developers on a new mixed-use apartment project in downtown Toronto. Liu brings his star power to 8 Elm, a 69-storey tower by Capital Developments and Reserve Properties on Yonge and Dundas Streets that will integrate hospitality-inspired design, heritage components and modern architecture. Liu’s … Read more