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