Archive for February, 2017

Toronto Land Transfer Taxes Are Increasing. Ugh.

 

Toronto Land Transfer Tax Costs Are Going Up On March 1st Photo

If you haven’t already heard, the City of Toronto Council has approved changes to the Toronto Land Transfer Tax which will result in additional costs for some home buyers with a closing date on or after March 1, 2017 (which is when the tax will be harmonized with the provincial LTT).

Click here to see the detailed City of Toronto Notice on the “original” proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below).

Status

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017for real estate transactions closing on or after this date:

  • Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
  • Added an additional LTT of 0.5% of the value of a residential property above $2 million
  • Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property
  • Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725
  • Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada

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It Sold For HOW Much? WTF!

I’ve been a realtor for over 10 years now, and I can honestly say that I’ve never seen as many WTF sale prices as I saw last week.

It’s not unusual for a house to sell for stupid money in this city (it is Toronto after all), but last week was notable because it happened so many times!

All over the city, almost every day, houses and condos were selling for unprecedented figures.

“Unprecedented” is the key word here, but I’m not sure it really does justice to what we saw last week.

A few examples…

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January 2017 Market Stats: Infographic & Report

January 2017 Market Stats: Infographic & Report Photo

Following is TREB’s market report for January 2017:

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 5,188 residential transactions through TREB’s MLS® System in January 2017.

This result was up by 11.8 per cent compared to 4,640 sales reported in January 2016.

Annual rates of sales growth were higher for condominium apartments than for low-rise home types.

January 2017 picked up where 2016 left off: sales were up on a year-over-year basis while the number of new listings was down by double-digit annual rates for most major home types.

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