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With his rental earnings and increased salary, Vij was able to buy more rental properties in southern Ontario. Investing in rental propertiesVij's first rental property was a two-story detached home with seven rentable rooms, two miles away from McMaster's main campus. Otherwise, whatever money Vij made from his job and rental property went straight into savings for more rental properties. "I want to own as many assets as possible that generate cash flow and use any extra cash to buy more assets." In 2023, Vij broke even on his rental properties.

Persons: Karun Vij, Vij, —, I'd, Karun, Jeremy Applebaum, I'm, Seema, Vij Vij, He's Organizations: CNBC, aha, McMaster University, McMaster, Fortune, Fiverr Savings, Spotify, Amazon Prime, Google, Walt Disney Locations: Hamilton , Ontario, Canada, McMaster's, Cambridge, Ontario, Chicago, Brampton , Ontario, Toronto, Mississauga, Hamilton, Milton , Ontario, Windsor , Ontario

☆ Toronto home prices rebound in September, sales hit 8-month low
▼ + stars: | 2023-10-04 | by ( Fergal Smith | ) www.reuters.com time to read: +1 min

REUTERS/Chris Helgren/File photo Acquire Licensing RightsTORONTO, Oct 4 (Reuters) - Greater Toronto Area (GTA) home prices rose in September for the first time in four months, as the Bank of Canada paused its interest rate hiking campaign, but the level of sales fell to the lowest since January. On a year-over-year basis, home prices were up 3%. "GTA home selling prices remain above the trough experienced early in the first quarter of 2023," Jason Mercer, TRREB chief market analyst, said in a statement. "However, we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. New listings jumped 44.1% year-over-year, while home sales were down 7.1%.

Persons: Chris Helgren, Jason Mercer, Fergal Smith, Deepa Babington Organizations: REUTERS, Rights, Toronto Area, Bank of Canada, Toronto Regional Real Estate Board, Thomson Locations: Toronto , Ontario, Canada, Canadian

As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

While a federal election is not due until 2025, housing affordability is among the top concerns for Canadians who have grappled with supply shortages. The Liberal Party government's ambitious plan to welcome 500,000 immigrants per year by 2025, or about 1.25% of its population, is expected to fuel robust demand for housing. In April 2022, the Liberal government announced plans to double housing construction over the next decade. It's been 8 years (since he took power), and now, housing costs have doubled," Poilievre said on Twitter earlier this month. Speaking with the heads of Canada's municipalities last week, Trudeau said the government's next "long term infrastructure" plan will be revealed this autumn.

Persons: Justin Trudeau, Randall Bartlett, Bartlett, Pierre Poilievre, Trudeau, Poilievre, Darrell Bricker, they're, Bricker, James Laird, Laird, Fergal Smith, Steve Scherer, Marguerita Choy Organizations: TORONTO, Bank of Canada, Liberal Party, Desjardins, Liberal, Housing, Canada Mortgage, Housing Corporation, Canadian Home Builders ' Association, Reuters, Conservative Party, Twitter, Toronto Area, Public Affairs, Thomson Locations: Toronto, Ottawa

☆ Canada housing market upturn could delay shift to BoC rate cuts
▼ + stars: | 2023-05-14 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

The housing market's upturn comes after the Bank of Canada paused its interest rate hiking campaign last month, leaving the benchmark rate at a 15-year high of 4.50% since January. A rebound in the housing market could boost activity and contribute directly to price pressures. "The Bank of Canada at the end of the day is probably not going to be too thrilled if the housing market really starts to ramp up," said Robert Kavcic, a senior economist at BMO Capital Markets. In addition, variable-rate borrowers have been sheltered from higher interest rates after lenders temporarily extended the period over which their debt is amortized, keeping their payments the same. But there are also tailwinds to support a recovery, including supply shortfalls, record immigration and labor market strength, analysts said.

☆ Toronto home prices rise for third month in April
▼ + stars: | 2023-05-03 | by ( Fergal Smith | ) www.reuters.com time to read: +1 min

[1/2] A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. The average price of a GTA home rose to C$1.153 million ($846,425) in April, up 4% from March, Toronto Regional Real Estate Board (TRREB) data showed on Wednesday. On a year-over-year basis, the average price remained lower, but the pace of decline slowed to 7.8% from 14.6% in March. The average price was 13.6% below the February 2022 peak. "Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year," TRREB President Paul Baron said in a statement.

☆ Toronto home prices rise in March as new listings tumble
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

TORONTO, April 5 (Reuters) - Greater Toronto Area (GTA) home prices increased in March from February, with listings falling at a faster rate than did sales in comparison to a year ago, in the first look at the market since the Bank of Canada paused its interest rate hikes. The BoC raised interest rates eight consecutive times before moving to the sidelines last month. Sales tumbled 36.5% from a year ago, while new listings fell at a steeper rate, down 44.3%, indicating a tightening of market conditions. "As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. ($1 = 1.3443 Canadian dollars)Reporting by Fergal Smith; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Should you warm your car up in the winter before driving? I spoke with more than 30 mechanics and couldn't get a straight answer.
▼ + stars: | 2023-01-29 | by ( Jessica Orwig | ) www.businessinsider.com time to read: +7 min

Car manufacturers don't have consistent advice on how long you should idle your car in the cold. Generally speaking, idling your car for about 30 seconds when it's cold can help it run smoothly. Others like Ford and Chevrolet recommended idling for no more than 30 seconds after starting. How much time is where mechanics diverge on the subject, but around 30 seconds is the general consensus for modern engines. What I can say is if you idle much longer than 30-60 seconds, you're just wasting gas and money.

☆ Toronto home prices fall 1% in November; down roughly 19% from peak
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

TORONTO, Dec 6 (Reuters) - Home prices in the Greater Toronto Area (GTA) fell in November as rapidly rising interest rates weighed on the city's once-red-hot housing market, data from the Toronto Regional Real Estate Board (TRREB) showed on Tuesday. The average price of a GTA home fell to C$1.08 million ($794,527) in November, down 1% from October and down 7.2% from a year ago. Prices were about 19% below February's peak. "Increased borrowing costs represent a short-term shock to the housing market," TRREB President Kevin Crigger said in a statement. ($1 = 1.3593 Canadian dollars)Reporting by Fergal Smith in Toronto Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Canada probes reports of Chinese 'police service stations' in Toronto
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, Nov 22 (Reuters) - Canadian police said on Tuesday they were investigating reports of Chinese "police service stations" operating in the Greater Toronto Area for possible interference in Canadian interests and threats to national security. Canada joins countries including the United States and the Netherlands to launch such investigations after Safeguard Defenders, a Europe-based human rights organization, published a report in September revealing the presence of dozens of Chinese police "service stations" in major cities around the world. The stations are an extension of Beijing's efforts to pressure some Chinese nationals or their relatives abroad to return to China to face criminal charges, the report by Safeguard Defenders said. Greater Toronto Area is home to Toronto, Canada's financial capital and the most populous city. The Chinese embassy in Ottawa did not immediately respond to a request for comment on Tuesday.

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