Real Estate Cheat Sheet: skyrocketing development fees and a new website for condo gossip

Real Estate Cheat Sheet: skyrocketing development fees and a new website for condo gossip

(Image: Mathew Ingram)
 

The top stories in Toronto real estate this week: what a hike in development fees would mean for buyers (hint: it’s not good), why Ontario’s cottage market is heating up, and where to find real talk on the city’s condo towers.

The city is considering nearly doubling condo developer fees
Surprise, surprise, developers oppose the bump, saying it could “put a bullet in the head” of Toronto’s condo market. If the proposal passes, thousands of people who bought pre-construction condos over the last two years could very well be on the hook for the extra fees (for instance, charges on new two-bedroom units would jump from $12,412 to $23,036). Toronto’s current development charges are by far the lowest in the GTA.

• This could be a big year for cottage sales
A new ReMax report says that Ontario’s cottage market—which has been fairly slack for the past five years—has been attracting both local and international buyers since the weather improved in May. A pick-up in the U.S. real estate market combined with a softer loony are making Canadian recreational properties look much more affordable than they have in recent years. Prices are already up in Innisfil, certain parts of Muskoka and Port Carling.

• A new Yelp-inspired site offers up condo scuttlebutt 
TheDirt.co, like RateYourCondo.ca, invites buyers, renters and real-estate watchers to comment on a building’s quality, management, maintenance fees, noise levels and resident demographics. The site only launched on Monday, so it’s still working towards building a critical mass of comments.

• Condo development fees could double next year [CBC]
• Upping fees to build could put ‘bullet in the head’ of Toronto’s condo market [National Post]
Toronto real estate: New condo buyers could face big bills at move-in time [Toronto Star]
• Toronto real estate: Cottage country sales rebound from wet spring [Toronto Star]
• Get the dirt on Toronto condos using new review site [Toronto Star]