1 Toronto's Condo Market Will Plummet
After a few years of stagnant pricing, the Toronto condo market is poised for a plunge.In the first half of 2024, sales of newly built condos fell by 57 per cent year over yearthe biggest slowdown since 1997-largely due to high interest rates. The number of condo listings is now much higher than recent averages, and sales remain low. TD says prices will keep declining, then recover modestly by year's end. Then we may face the opposite problem: since the downward trend has spooked condo investors, who account for 70 per cent of pre-construction sales, condo starts have also dropped dramatically.In the long run, that could mean a condo shortage, driving prices up again.
2 B.C. Will Tax House Flippers
Bad news for West Coast real estate investors: on January 1, British Columbia will implement a flipping tax aimed at curbing short-term investments and boosting the province's minuscule vacancy rates. The first of its kind in Canada, the tax will apply to those selling property they've owned for less than 730 days, with some exceptions for circumstances like job relocations, deaths and divorces. Sellers who've owned their homes for 365 days or less will be taxed at 20 per cent of income on the sale, with the rate gradually decreasing to zero by the two-year mark. The rule is in addition to the federal flipping tax, introduced in 2022, which makes the capital gains from the sale of a home taxable as business income.
3 Interest Rates Will Keep Dropping
Denne historien er fra January/February 2025-utgaven av Maclean's.
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Denne historien er fra January/February 2025-utgaven av Maclean's.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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A Teacher's Tale
My career in Quebec ended because I chose to keep my hijab
Top Marks
InSaguenay, Quebec, Ecole de l'Etincelle embodies the school of the future
Modernize Parental Leave
Canada's birth rate is dropping, and the cost of living is partly to blame. A more supportive leave plan would make parenthood more affordable
"I spent years trying to learn English.Now I use ChatGPT."
AI isn't perfect, but it helps me write complex emails and understand Canadian culture
MY PREDICTION - The National School Food Program Will Transform Kids' Health
When students have access to nutritious food, they do better in school and life
FOOD
The exorbitant cost of food will have ripple effects on the restaurant industry and grocery stores. The good news? There's a plan to save the country's salmon supply.
MY PREDICTION - New Mortgage Rules Will Drive Up Housing Prices
Looser lending policies will encourage more people to buy homes they can't afford in the first place
HOUSING
Politicians will spar over how to tackle the housing crisis. Falling interest rates will draw young people into the real estate market. And a rude awakening is coming for homeowners renewing mortgages.
MY PREDICTION - Stuctured Literacy Will Help Level the Educational Playing Field
Canadian students have struggled to read and write. That stops this year.
EDUCATION
Quebec's classrooms will take centre stage in the secularism debate. Chatbots will help students create A-plus work, while others will grade themselves. And thousands of international students will be sent home.
