Premier Ford Needs To Step Up & REVERSE Insane Increases In New Home Construction Development Costs In Ontario
Since 2010 The City of Toronto has increased their charges to Developers to build New Homes by 1000% (no that's not a typo)
Other Cities & Municipalities similar
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Municipal Governments in Canada fall under Provincial control & although Premier Ford likes to be a people pleaser & avoid fights we have fallen into an unmanageable problem
That Cities & Towns add $150K to $350K to the price of every new home in the Province is unacceptable
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It's the nail in the coffin for young people hopes to buy a home & it pushes Rents up to the sickening heights we see today
The Cities & Municipalities have proven they are hopelessly addicted to these massive Development Costs because they can't control their spending
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Bank of Canada Lowers Rate: And Will Cut In October And Again In December
It will become barely a news item soon
Let's face it: once everyone knows what's coming, there's no more tension & less attention
But how fast do ordinary people absorb this trend?
It takes time
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If you're seeing this post, either you follow me or have an interest in Financial / Housing / Mortgage matters
But many people don't take much interest, even homeowners with mortgages
They mainly do research on mortgages when renewal time comes or HELOC rates change
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By the 4th rate cut in October public opinion will hit a realization interest rates are definitely coming down, some people who paused their interest in buying a first home when rates went wild will start to reconsider
Some people who want a bigger house may start looking
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Tomorrow The Bank Of Canada Will Lower Rates 25 BPS: NOT A Prediction Just A Statement Of Fact
Like Gravity or the Sun coming up
Bank Governor Tiff Macklem actually had a damn boring job at some points in the rate cycle
His only job now is deciding when to stop cutting
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The Canadian Economy is well & truly humped, Ontario is circling the drain, BC is getting nervous, Alberta is experiencing a slow down in house sales & I am surprised at that, but Alberta is still fine so far
In the other big Province Quebec, not as exposed to Real Estate
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There will be another rate cut on Oct 23rd & Dec 11th
How can I be so sure?
Easy, Jerome Powell at.the US Fed announced the US cutting cycle will begin this month
With the currency concern off the table Governor Macklem & Just proceed as planned & cut away steadily
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