Besides July, October for some reason always seems to be one of the longest months of the year. And it was a busy one for us. We're sure for many of you as well. So let's quickly re-cap October 2018.
We kept our tradition of Thanksgiving this year and pardoned a turkey by feasting on other meats instead. Our famous or infamous Muskoka room once again became the host for a few of our close friends to indulge in some delicious cuisines and drinks. Overall, it turned out to be a great evening.
Cannabis Is Now Legal in Canada
As of October 17, 2018, recreational use of Marijuana is now legal across Canada. In Ontario, you must be 19 and older to buy, use, possess and grow recreational cannabis. This is the same as the minimum age for the sale of tobacco and alcohol in Ontario. As a buyer, a condition on review by a home inspector and other contractors would be appropriate to ensure that the home has not sustained damage that would affect the decision to purchase. As a seller, it is strongly suggested to disclose any significant damage that the house may have sustained as a result of growing cannabis.
Although large-scale grow-ops will remain illegal and void most homeowner’s policies that are faced with related claims, there remains uncertainty with the home cultivation of cannabis. According to the Insurance Bureau of Canada, questions about home-grown marijuana will become routine when applying for or renewing policies.
Ontario Municipal Elections
Ontario held province-wide elections this October. Toronto council is now much smaller with 25 City Councillors and Mayor John Tory got re-elected. Mississauga and Oakville kept the status quo and also re-elected their mayors. As far as the housing policy is concerned, we're not anticipating any major changes as a result of this year's municipal elections.
October Market Update
Greater Toronto Area REALTORS® reported 7,492 sales through TREB's MLS® System in October 2018 – a 6% increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by 1% compared to September 2018
The average sale price for October 2018 was up 3.5% on a year-over-year basis to $807,340. After preliminary seasonal adjustment, the average selling price was up one per cent compared to September 2018. The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.6 per cent compared to October 2017. Price growth continued to be driven be the condominium apartment and higher density low-rise market segments.
Newsworthy Local Projects
The King Toronto condo development by Westbank is one of the most talked about projects this year and is set to be completed around 2023. It will cost an estimated $700 million to build. Located at King Street West and Portland Street. When units go on sale to the public this coming weekend, one-bedrooms will start at $660,000 and go as high as $1.3 million.
Mississauga’s M City will soon be home to the city’s tallest high-rise, and one of the tallest in the Greater Toronto Area. The 81-storey M3 will be the third addition to Rogers Real Estate Development Limited and Urban Capital’s M City development.
Newsworthy International Projects
In partnership with One Sothebys International Realty, we're proud to bring you Metropica in Sunrise, South Florida. Designed by YOO, Metropica is a 65 acre master planned development. Located within 10-15 minutes drive from Ft. Lauderdale International Airport, within walking distance to the Sawmill Mall, and 20-25 minutes from Miami's South Beach, Tower 1 (out of 8 in total) is currently under construction with scheduled delivery in Q1 2019. For those looking to invest in the US under the investment visa program, this is a fully approved EB-5 project.
November Calendar of Events