Toronto condo buyers win top spot, Home of the Week and more top real estate stories – The Globe and Mail Achi-News

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Here are The Globe and Mail’s top housing and real estate stories this week and one home worth checking out.

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As transactions drop, Toronto condo buyers are finding their leverage

Compared to last year, condo transactions fell 15.5 percent last month in Toronto’s central 416 area code, while a large influx of small, one-bedroom units hit the market, writes Carolyn Ireland. Some experts say the increase in available Toronto condos – which increased 55.3 per cent last month compared to March 2023 – is likely due to landlords offloading units when mortgages come up for renewal at interest rates higher. Experts say the surge in supply could give new condo buyers some leverage over landlords in terms of prices, which are likely to fall as investors face additional taxes.

A new real estate platform offers an alternative to blind bidding

For years, real estate agents have felt “handcuffed” to the practice of blind bidding, simply because of its effectiveness in giving sellers the best possible price – at the expense of buyers, who may be bidding against them. themselves. But thanks to changes to Ontario real estate legislation, sellers can now choose whether to participate in blind bidding, or allow potential buyers to see and compete openly with other bids. But how to present that new information is up to interpretation, which has left a gap for possible new ways of doing business, writes Shane Dingman. It has led to at least one platform, FinalOffer.com, which allows sellers to notify potential bidders of offers they have received and even offer guidance on what prices they might accept above the initial list price .

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Rob Carrick: How to calculate capital gains on your cottage or investment property – and very likely save money on tax

Upcoming changes to the capital gains inclusion rate have angered not only wealthy Canadians, but also people with longtime cottages or second properties owned as an investment, according to personal finance columnist Rob Carrick. Fortunately, the improvements you make over the years to a cottage or investment property can save you on taxes when you sell. Any improvements, such as a new garage, renovation, or new addition to the property, are deducted from the capital gain and reduce the amount of tax owed. Tax experts recommend keeping a list of all capital improvements made, and make sure you save your receipts.

What happens to office furniture orphaned by hybrid work?

Canada’s national downtown office vacancy rate reached a record high of 19.4 per cent at the end of 2023, as more workplaces embrace hybrid work models. But as these offices are empty, some businesses have taken advantage of the spare office furniture to save costs and increase sustainability practices, according to Wallace Immen. Toronto-based design firm Syllable Inc. recently outfitted an office with office furniture it owned, which it says resulted in an estimated 50 percent reduction in embodied carbon emissions and nearly $1 million in savings compared to buying new furniture. In-demand – but hard-to-find – items include storage lockers and pods for private conversations in open-concept layouts.

Home of the week: Mississauga light-filled home with a Palm Springs feel

811 Indian Rd., Mississauga

Beginning in the late 1920s, modernist architects working in Palm Springs, California, created an iconic style of clean lines, glass walls and open spaces. The style is known for combining the connection between interior and exterior spaces, with outdoor spaces treated as extensions of the rooms inside. The previous owners of this three-bedroom Mississauga home wanted to bring some of that lifestyle up north, transforming it from a “backyard Muskoka” vibe to a sunny desert resort. The backyard pool has been completely redone, which is connected to the home by a cabana surrounded by walls of windows—bridging that indoor-outdoor divide effortlessly.

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