We may now be three interest rate cuts in (with a fourth anticipated for next week), but rates have already left an indelible mark on the Greater Toronto and Hamilton Area’s new condominium market. In fact, over the past two years, 33 new condo projects that were actively selling have been converted...| Storeys
In light of Toronto and Vancouver's condominium conundrum, where prices for shoebox units remain high despite plummeting sales and rising inventory, Statistics Canada has released data demonstrating the role that investors may play in the issue.According to StatsCan, investors owned 65% of Toronto's...| Storeys
The Ontario courts have appointed a receiver over unsold units within a boutique condominium building in South Etobicoke. And the proceedings have a familiar name attached. According to court documents, the debtors are part of the once-illustrious Vandyk Group of Companies. Receivership proceedings ...| Storeys
The Vandyk name continues to crop up in Ontario court filings as receivers take next steps, ranging from wrapping up construction on projects that have been left in a lurch — like we saw with the Lakeview DXE Club project in Mississauga — to offloading them to the highest bidder, as was the case wit...| Storeys
Planned to include just under 750 units, The Buckingham by Vandyk Properties was set for 23 Buckingham Street in Etobicoke and was placed under receivership in January 2024.| Storeys
The gap between the growth in GTA housing stock and the region's population is the widest it has been in over 50 years, according to the Building Industry and Land Development Association's (BILD's) 2024 GTA Municipal Benchmarking Study.Back in 1972 — the year this data began being collected — the p...| Storeys
On Wednesday, the Ford Government voted down a bill that would have removed barriers for commercial-to-residential conversions in hopes of building more housing to assuage supply issues.The bill — Bill 102, The Commercial to Residential Conversion Act, 2024 — was tabled by Liberal MPP Karen McCrimmo...| Storeys
Multiple Mizrahi Developments Group projects have become embroiled in insolvency over the past couple of years, the most high-profile being the The One. Beyond that, the developer's projects in Yorkville and Vaughan have both been placed under receivership, and now, Mizrahi’s 12-storey, 93-unit ongo...| Storeys
“If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase.”| STOREYS
After dipping in December, Canadian home sales continued to underperform in January. Meanwhile, listings unexpectedly jumped 11% — the biggest monthly increase since the late 1980s, outside of the pandemic.According to the Canadian Real Estate Association's (CREA) January stats package, home sales w...| STOREYS
While Toronto and the wider Greater Toronto Area's (GTA) resale market began showing signs of life in October, data from the Building Industry and Land Development Association (BILD) shows new homes sales remained "notably low."In total, there were 765 new home sales recorded in Toronto and the GTA,...| STOREYS
"Normally, I'm planning vacations around now," Toronto realtor Susan Gucci told STOREYS in late-November. Instead, during a season where the housing market typically takes a back seat to holiday planning and frigid weather, Gucci is servicing clients who have been eagerly waiting to take advantage o...| STOREYS
In its 2024 Top-Tier End-of-Year Real Estate Report, Sotheby's International Realty Canada describes this past year as having been a "tumultuous landscape" for luxury real estate. In closing out the quarter-century, Sotheby's highlights political and economic uncertainty, housing taxes, sweeping reg...| STOREYS
If 2025 is beginning to feel like a large and daunting question mark, you're not alone. From geopolitical conflict to economic uncertainty, there's plenty to keep a fretful eye on, especially as it relates to Canada's housing markets and real estate industry.In hopes of quelling (at least some of) t...| STOREYS
Since June, Canadians have witnessed three consecutive rate cuts, bringing the interest rate from 5% to 4.25%. And with more decreases expected for October and December, 2024 is set to be the 'year of rate cuts.'Even so, the policy interest rate remains higher than ideal, home prices also remain hig...| STOREYS
At a press conference on July 22, Ontario Premier Doug Ford stood before a room full of reporters and told them, to scattered applause, that new homes would “pop up like mushrooms everywhere” if the Bank of Canada lowered interest rates. And he was fairly specific about it, saying that this supposed...| Storeys
Despite the fact that we’ve seen things perk up in the housing market, generally speaking, the Greater Toronto and Hamilton Area’s new condominium segment remains remarkably sluggish — in large part, because developers have “dramatically pulled back” as they see that buyers aren’t willing (or aren’t...| Storeys
Data from Urbanation and CIBC highlights the fact that the GTA is “facing the most significant test since the 1991 recession,” and condo investors are feeling it hard.| Storeys
Toronto condo investors were losing an average of $223 per month in 2022, compared with earnings of $63 per month in 2020.| Storeys
A group of developers, led by Wesgroup, recently launched a campaign against the upcoming increases to Metro Vancouver's DCCs.| Storeys
In June, Toronto Regional Real Estate Board (TRREB) reported more than an 80% year-over-year increase in active condo listings. This month, the market continued in its lopsided fashion with July seeing a nearly 64% increase in active condo listings compared to the same month last year.Active condo l...| Storeys
Real estate developer Vandyk Properties is staring down the barrel of a receivership as lenders seek to recover more than $203M owed in relation to a number of development projects.KingSett Mortgage Corporation and Dorr Capital Corporation filed an application on Monday requesting that a receivershi...| Storeys
This week brought the final nail in the coffin for a company owned by John Vandyk: Founder, President, and CEO of Vandyk Properties. Home Trust Company is alleging that Vandyk-Backyard Humberside Limited is in default of a $10M loan, and requested the company be placed under receivership earlier thi...| Storeys
As the Vandyk Group of Companies continues to come apart at the seams, real estate investors will soon have their pick of the development group's portfolio.Earlier this month, the Ontario courts granted formal approvals for the sales of Vandyk-affiliated sites across the Greater Toronto Area, includ...| Storeys
The Elevate project at 1333 Weber Street E in Kitchener was being developed by Pamata Hospitality Inc. before it was placed under receivership in October 2023.| Storeys
The Lakeview DXE Club project at 1345 Lakeshore Road East in Mississauga was placed under receivership in November, along with several other Vandyk projects.| Storeys
After a supply surge allowed for relatively high sales activity in October and November, Canadian home sales "dipped" in December, according to the Canadian Real Estate Association's (CREA) final statistics package of 2024. Still, we're doing better than we once were.Month over month, overall nation...| STOREYS
In a report released Thursday, Royal LePage lays out its home price forecast for the coming year, backdropped by declining interest rates and new lending rules that make homeownership easier and more attainable for a growing number of Canadians.Their projection? Prices are on the rise, but not in th...| STOREYS
The fall saw activity slowly pick up again following a sleepy summer, but GTA home sales have cooled again in the early months of 2025, according the Toronto Regional Real Estate Board's (TRREB) latest data. In February, GTA-ers completed 4,037 transactions, down from the October peak of 6,658 home ...| STOREYS
Condo listings in the Greater Toronto Area (GTA) are up substantially from 2023 and sales are down, according to the Toronto Real Estate Board’s (TRREB) Q2 findings. Meanwhile, the region's condo rental segment is seeing plenty of demand. TRREB President Jennifer Pearce explained in a release that w...| STOREYS
Thind Properties, already facing three other receiverships initiated by KingSett Capital, was constructing the 34-storey Eclipse Brentwood tower at 2381 Beta Avenue in Burnaby.| STOREYS
Projects by Quarry Rock Developments that are currently under receivership or foreclosure include The Willoughby, The Met, The Gordon, and The Graham.| STOREYS
The Highline Metrotown tower at 6511 Sussex Avenue in Burnaby was completed by Thind Properties in late-2023 before the leftover units were placed under receivership in December 2024.| STOREYS
Hart Buck and Jennifer Darling of Colliers have handled numerous court-ordered sales in Metro Vancouver, especially in the past year.| STOREYS
Are the recent rate cuts enough to breathe new life into the GTA market?| STOREYS