tag:blogger.com,1999:blog-20778502316294109682024-03-05T02:42:31.330-08:00Toronto Real Estate BlogToronto Real Estate News......Toronto Real Estate Statistics........Toronto Neighborhoods iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.comBlogger88125tag:blogger.com,1999:blog-2077850231629410968.post-79383903979158163362020-10-23T05:26:00.001-07:002020-10-23T05:26:30.381-07:00ilisttorontohomes.com/small-business-relief-fund-announced-by-federal-government<a href="http://ilisttorontohomes.com/small-business-relief-fund-announced-by-federal-government#.X5LL69XsLlg.blogger">ilisttorontohomes.com/small-business-relief-fund-announced-by-federal-government</a>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-34428153300192501022020-09-15T07:28:00.001-07:002020-09-15T07:28:11.288-07:0085 Sweeney Dr Toronto For Sale by Toronto Broker Alex Prasoulis<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/MaeVlkEGqJI" width="480"></iframe>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-33992349440236662762019-09-06T05:48:00.001-07:002019-09-06T05:48:22.150-07:00ilisttorontohomes.com/august-2019-toronto-real-estate-numbers-are-in-with-a-134-increase-in-sales-in-august-<a href="http://ilisttorontohomes.com/august-2019-toronto-real-estate-numbers-are-in-with-a-134-increase-in-sales-in-august-#.XXJVj3eFkyo.blogger">ilisttorontohomes.com/august-2019-toronto-real-estate-numbers-are-in-with-a-134-increase-in-sales-in-august-</a>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-20510731525117185052019-01-10T05:21:00.001-08:002019-01-10T05:21:55.186-08:00Our phones are ruining relationships<iframe allowfullscreen="" frameborder="0" height="344" src="https://www.youtube.com/embed/6s4C8lEnnLw" width="459"></iframe>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-41207524398805712622018-02-13T05:07:00.001-08:002018-02-13T05:07:13.920-08:00ilisttorontohomes.com/january-2018-toronto-real-estate-housing-market-charts<a href="http://ilisttorontohomes.com/january-2018-toronto-real-estate-housing-market-charts#.WoLi-YaQ_8k.blogger">ilisttorontohomes.com/january-2018-toronto-real-estate-housing-market-charts</a>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-82214155798444258852017-12-15T08:54:00.004-08:002017-12-15T08:54:59.091-08:00<div id="tgt1-Col1-0-HeadComponentTitle-Proxy" style="background-color: white; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px;">
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House Hunters: Learn from My Rookie Mistakes</h1>
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<article data-type="story" data-uuid="8b26481b-ed9f-3ae7-9426-7455fb35b29d" itemprop="articleBody"><figure class="canvas-image Mx(a) canvas-atom Mt(0) Mt(20px)--sm Mb(24px) Mb(22px)--sm" data-type="image" itemprop="associatedMedia image" itemscope="" itemtype="http://schema.org/ImageObject" style="margin: 0px auto 24px; max-width: 100%;"><div class="Ov(h) Pos(r) Ff(ss) Mah(80px)" itemprop="caption description" style="font-family: Helvetica, Arial, sans-serif; max-height: 80px; overflow: hidden; position: relative; zoom: 1;">
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When I bought my first home in my 20s, I had worked hard and saved for a down payment. But I didn't do all the homework a buyer should do. Looking back years later, here are seven financial tips for house hunters today.</div>
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<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="Is it possible for you to delve into home ownership without all the facts? YES." style="margin-bottom: 1em;" type="text">
Is it possible for you to delve into home ownership without all the facts? YES.</div>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="One of my <a href="https://www.worthynest.com/blog/2017/10/9/my-three-biggest-financial-mistakes" target="_blank" rel="nofollow noopener">three biggest financial mistakes</a> was buying a home just one year out of college without truly considering all financial implications. Read this article if you're looking to purchase a home and don't want to make similar missteps." style="margin-bottom: 1em;" type="text">
One of my <a href="https://www.worthynest.com/blog/2017/10/9/my-three-biggest-financial-mistakes" rel="nofollow noopener" style="background-color: transparent; color: #0081f2; text-decoration-line: none;" target="_blank">three biggest financial mistakes</a> was buying a home just one year out of college without truly considering all financial implications. Read this article if you're looking to purchase a home and don't want to make similar missteps.</div>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="Here are several places where I went wrong when I bought my first home, years ago. I didn't do my homework. I failed to investigate historical housing prices to judge whether the asking price was greater than the true value. I saved aggressively as a young adult and managed to scrimp together 10% for a down-payment on a $150,000 starter home in Saint Louis at age 23. Ideally, you should save at least 20% for a down-payment. Otherwise, you must take out an extra loan or pay private mortgage insurance (PMI). I choose PMI and regret it." style="margin-bottom: 1em;" type="text">
Here are several places where I went wrong when I bought my first home, years ago. I didn't do my homework. I failed to investigate historical housing prices to judge whether the asking price was greater than the true value. I saved aggressively as a young adult and managed to scrimp together 10% for a down-payment on a $150,000 starter home in Saint Louis at age 23. Ideally, you should save at least 20% for a down-payment. Otherwise, you must take out an extra loan or pay private mortgage insurance (PMI). I choose PMI and regret it.</div>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="The home was old and charming -- built in the 1920s -- and lacked energy-efficient upgrades. Heating bills easily ran $300 monthly in the winter, and the tiny window air conditioning unit on the second floor did not suffice during hot summers. I poured over $20,000 in renovations to improve my first house and sold it four years later for the same $150,000 purchase price. Ouch!" style="margin-bottom: 1em;" type="text">
The home was old and charming -- built in the 1920s -- and lacked energy-efficient upgrades. Heating bills easily ran $300 monthly in the winter, and the tiny window air conditioning unit on the second floor did not suffice during hot summers. I poured over $20,000 in renovations to improve my first house and sold it four years later for the same $150,000 purchase price. Ouch!</div>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="When you purchase a home, steer clear of traps and focus on these recommendations instead:" style="margin-bottom: 1em;" type="text">
When you purchase a home, steer clear of traps and focus on these recommendations instead:</div>
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="1. Improve your credit score prior to the purchase." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
1. Improve your credit score prior to the purchase.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="<a href="https://www.annualcreditreport.com/index.action" target="_blank" rel="nofollow noopener">Annualcreditreport.com</a> allows you to access your credit report for free every 12 months from each of the three major credit bureaus -- Equifax, Experian and TransUnion. Review the report in detail for errors or issues. <a href="https://www.myfico.com/credit-education/improve-your-credit-score/" target="_blank" rel="nofollow noopener">Here's a full list of tips</a> to repair and increase your credit score." style="margin-bottom: 1em;" type="text">
<a href="https://www.annualcreditreport.com/index.action" rel="nofollow noopener" style="background-color: transparent; color: #0081f2; text-decoration-line: none;" target="_blank">Annualcreditreport.com</a> allows you to access your credit report for free every 12 months from each of the three major credit bureaus -- Equifax, Experian and TransUnion. Review the report in detail for errors or issues. <a href="https://www.myfico.com/credit-education/improve-your-credit-score/" rel="nofollow noopener" style="background-color: transparent; color: #0081f2; text-decoration-line: none;" target="_blank">Here's a full list of tips</a> to repair and increase your credit score.</div>
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="2. Plan to stay in your home at least five years." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
2. Plan to stay in your home at least five years.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="The <a href="https://www.washingtonpost.com/realestate/portions-of-senate-tax-bill-are-harsher-on-homeowners-than-the-house-proposal/2017/11/14/9bb04aec-c8b6-11e7-8321-481fd63f174d_story.html?utm_term=.bedbdab10389" target="_blank" rel="nofollow noopener">newly proposed House and Senate tax overhaul bills</a> stipulate that you will need to live in your primary residence at least five of the prior eight years to exclude the gain on the subsequent sale of your home. Right now, the law uses two of the prior five years for the gain-exclusion calculation, but legislators are hoping to expand the look-back period to five years. This should curtail flippers, who move from house to house every two years without paying income tax when they sell. Regardless of whether this bill passes, real estate commissions and other closing costs make it very difficult to turn a profit (outside of rehabbed houses) if you spend less than five years in the property." style="margin-bottom: 1em;" type="text">
The <a href="https://www.washingtonpost.com/realestate/portions-of-senate-tax-bill-are-harsher-on-homeowners-than-the-house-proposal/2017/11/14/9bb04aec-c8b6-11e7-8321-481fd63f174d_story.html?utm_term=.bedbdab10389" rel="nofollow noopener" style="background-color: transparent; color: #0081f2; text-decoration-line: none;" target="_blank">newly proposed House and Senate tax overhaul bills</a> stipulate that you will need to live in your primary residence at least five of the prior eight years to exclude the gain on the subsequent sale of your home. Right now, the law uses two of the prior five years for the gain-exclusion calculation, but legislators are hoping to expand the look-back period to five years. This should curtail flippers, who move from house to house every two years without paying income tax when they sell. Regardless of whether this bill passes, real estate commissions and other closing costs make it very difficult to turn a profit (outside of rehabbed houses) if you spend less than five years in the property.</div>
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="3. Hire a buyer's agent who is looking after your best interest." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
3. Hire a buyer's agent who is looking after your best interest.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="As a buyer, you don't pay a commission to your real estate agent; that cost is borne by the seller. However, not all real estate agents are created equal. Some are focused exclusively on acting as a seller's agent or buyer's agent. Others run both sides of the table. Exercise caution if your agent is also the listing agent for the home you are most interested in purchasing -- there's an inherent conflict of interest." style="margin-bottom: 1em;" type="text">
As a buyer, you don't pay a commission to your real estate agent; that cost is borne by the seller. However, not all real estate agents are created equal. Some are focused exclusively on acting as a seller's agent or buyer's agent. Others run both sides of the table. Exercise caution if your agent is also the listing agent for the home you are most interested in purchasing -- there's an inherent conflict of interest.</div>
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="4. Do your homework." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
4. Do your homework.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="If you are looking to buy in an area with young families, school districts are very important for resale value. Explore the price history on sites like <a href="https://www.zillow.com/" target="_blank" rel="nofollow noopener">Zillow</a> to understand when and for how much the home previously sold. Pay attention to how long the home has been on the market and others like it to negotiate purchase price." style="margin-bottom: 1em;" type="text">
If you are looking to buy in an area with young families, school districts are very important for resale value. Explore the price history on sites like <a href="https://www.zillow.com/" rel="nofollow noopener" style="background-color: transparent; color: #0081f2; text-decoration-line: none;" target="_blank">Zillow</a> to understand when and for how much the home previously sold. Pay attention to how long the home has been on the market and others like it to negotiate purchase price.</div>
<h3 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="See Also: <a href="https://www.kiplinger.com/article/investing/T001-C032-S014-401-k-s-offer-good-start-for-investing.html?rid=SYN-yahoo&amp;rpageid=17943" rel="nofollow noopener" target="_blank">401(k)s Offer Gen Xers, Millennials a Good Start for Investing</a>" style="font-size: 16px; margin: 0px 0px 1em;" type="text">
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="5. Consider &quot;hidden&quot; costs of homeownership." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
5. Consider "hidden" costs of homeownership.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="Have at least 20% available in cash for a down-payment. Without that target percentage, you will either pay PMI until the loan value is 80% of the appraised home value, or you might take out a &quot;piggyback&quot; home equity line at a higher interest rate than a traditional mortgage to make up the difference in order to avoid PMI. Closing costs, moving expenses, new furnishings and appliances should also be considered. Contemplate ongoing costs like real estate taxes, homeowners insurance and utility bills as well." style="margin-bottom: 1em;" type="text">
Have at least 20% available in cash for a down-payment. Without that target percentage, you will either pay PMI until the loan value is 80% of the appraised home value, or you might take out a "piggyback" home equity line at a higher interest rate than a traditional mortgage to make up the difference in order to avoid PMI. Closing costs, moving expenses, new furnishings and appliances should also be considered. Contemplate ongoing costs like real estate taxes, homeowners insurance and utility bills as well.</div>
<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="6. Budget for home improvements early." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
6. Budget for home improvements early.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="Make a list, prioritizing the improvements you want to make and the timeline for completion. Don't focus strictly on aesthetics like new flooring, painting or enhancing an unfinished basement. When will the roof and windows need to be updated? Driveway refinished? Air conditioning unit and furnace replaced? As a woman who spends most of her time inside the house, it's tempting to focus on the interior. Yet the exterior and home systems are more costly projects that should not be ignored." style="margin-bottom: 1em;" type="text">
Make a list, prioritizing the improvements you want to make and the timeline for completion. Don't focus strictly on aesthetics like new flooring, painting or enhancing an unfinished basement. When will the roof and windows need to be updated? Driveway refinished? Air conditioning unit and furnace replaced? As a woman who spends most of her time inside the house, it's tempting to focus on the interior. Yet the exterior and home systems are more costly projects that should not be ignored.</div>
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="7. Get pre-approved." style="font-size: 16px; margin: 0px 0px 1em;" type="text">
7. Get pre-approved.</h2>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="Pre-approval for a mortgage gives you a better idea of how much house you can afford. Just because you are pre-approved for a $400,000 loan doesn't mean you need to go and find a home in that price range. Determine your monthly payment and see if it fits into your personal budget. Don't forget about the hidden costs and home improvement projects discussed above. Give yourself some wiggle room. I encourage many clients to stay under the maximum pre-approval amount to meet other saving and lifestyle goals." style="margin-bottom: 1em;" type="text">
Pre-approval for a mortgage gives you a better idea of how much house you can afford. Just because you are pre-approved for a $400,000 loan doesn't mean you need to go and find a home in that price range. Determine your monthly payment and see if it fits into your personal budget. Don't forget about the hidden costs and home improvement projects discussed above. Give yourself some wiggle room. I encourage many clients to stay under the maximum pre-approval amount to meet other saving and lifestyle goals.</div>
<div class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" content="This list was not intended to scare you. Rather, knowledge is power. Purchasing your first home or moving into a new home is a big decision, one that makes sense to get some expert guidance on. As a comprehensive financial planner, I help clients reach their big-picture financial goals, and homeownership is an important piece of the puzzle." style="margin-bottom: 1em;" type="text">
This list was not intended to scare you. Rather, knowledge is power. Purchasing your first home or moving into a new home is a big decision, one that makes sense to get some expert guidance on. As a comprehensive financial planner, I help clients reach their big-picture financial goals, and homeownership is an important piece of the puzzle.</div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-57898026277080762372017-12-07T05:06:00.001-08:002017-12-07T05:06:26.622-08:00November Sales Show Signs of the Toronto Market Rebounding <div style="background-color: white; color: #525252; font-family: Verdana; font-size: 11px;">
<span style="font-family: "times new roman", times; font-size: 14pt;"><em>December 5, 2017</em> -- The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB's MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">New listings entered into TREB's MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when the supply of listings was very low from a historic perspective.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">We have seen an uptick in demand for ownership housing in the GTA this fall, over and above the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane. On top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which come into effect in January, have prompted some households to speed up their home buying decision.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">The average selling price for all home types combined was down by two per cent compared to November 2016, due in large part to a smaller share of detached home sales versus last year. On a year-to-date basis, the average selling price was up by 13.4 per cent compared to the same period last year. High density home types continued to lead the way in terms of price growth, with the average condominium apartment price up by double-digits compared to November 2016.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">Changes in market conditions have not been uniform across market segments. In line with insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller's market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses. We will have more insights to share about consumer intentions for 2018 at the end of January when TREB releases its third annual Market Year in Review and Outlook report. </span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">For more information on the Toronto Real Estate Market or if you are planning a move and would like to discuss your options feel welcome to call me at 416-856-5408 or email me at <a href="mailto:info@ilistrealestate.ca">info@ilistrealestate.ca</a>.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">Have a great holiday Season!</span></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-13412012361869299482017-07-11T08:02:00.002-07:002017-07-11T08:03:00.574-07:00July 2017 Toronto Real Estate Report <div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px;">
<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">Greater Toronto Area REALTORS reported 7,974 sales through TREB's MLS® System in June 2017. Number of sales were down by 37.3 per cent in comparison to June 2016.</span></div>
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<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">The number of new residential listings entered into TREB's MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.</span></div>
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<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey results tell us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing Plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating annual pace of price growth.</span></div>
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<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">Annual growth rates for MLS® HPI benchmark prices have moderated over the past two months, but remain strong. The MLS® HPI composite benchmark price was up by 25.3 per cent on a year-over-year basis in June. June's average selling price for all home types combined for the TREB market area was $793,915, representing a 6.3 per cent increase compared to the same month in 2016. A better supplied market has certainly been a key factor influencing the moderation in price growth.</span></div>
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<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016.</span></div>
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<span data-mce-style="font-size: 14pt; font-family: 'times new roman', times;" style="font-family: "times new roman" , "times"; font-size: 14pt;">If you are planning a move and would like more information on the Real Estate market feel welcome to call me at 416-856-5408 or email me at <a data-mce-href="mailto:info@ilistrealestate.ca" href="mailto:info@ilistrealestate.ca">info@ilistrealestate.ca</a>. </span></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-86562155829479261632017-06-05T06:15:00.000-07:002017-06-05T06:15:07.319-07:00June 2017 Toronto Real Estate Market Report. Listings Up and Market Balancing off in Buyers Favour<div style="background-color: white;">
<span style="font-family: "times new roman", times; font-size: 14pt;">The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017, down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of detached homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per cent. The supply of listings was up strongly over the same period. Active listings of properties available for sale at the end of May were up by 42.9 per cent compared to the record low a year earlier. The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses. Active listings for condominium apartments were down compared to May 2016. Home buyers definitely benefitted from a better supplied market in May, both in comparison to the same time last year and to the first four months of 2017. However, even with the robust increase in active listings, inventory levels remain low. At the end of May, we had less than two months of inventory. This is why we continued to see very strong annual rates of price growth, albeit lower than the peak growth rates earlier this year. Selling prices continued to increase strongly in May compared to the same month in 2016. The MLS® HPI Composite Benchmark price was up by 29 per cent year-over-year. The average selling price for all home types combined for the TREB Market Area as a whole was up by 14.9 per cent to $863,910. Year-over-year price increases were greater for condominium apartments compared to low-rise home types. This likely reflects the fact that the low-rise market segments benefitted most from the increase in listings. The actual, or normalized, effect of the Ontario Fair Housing Plan remains to be seen. In the past, some housing policy changes have initially led to an overreaction on the part of homeowners and buyers, which later balanced out. On the listings front, the increase in active listings suggests that homeowners, after a protracted delay, are starting to react to the strong price growth we’ve experienced over the past year by listing their home for sale to take advantage of these equity gains.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">For more information on the Toronto Real Estate Market feel welcome to call or email me at 416-856-5408 or <a href="mailto:aprasoulis@gmail.com">aprasoulis@gmail.com</a>. </span></div>
<span style="background-color: white;">-</span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-39429553292890296672017-04-21T05:24:00.002-07:002017-04-21T05:24:08.954-07:00Foreign Tax Definition and Rules that apply after April 21st,2017<div data-mce-tabindex="-1" id="right_column" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px;">
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<span data-mce-style="font-family: 'times new roman', times; font-size: 18pt;" style="font-family: "times new roman", times; font-size: 18pt;">Non-Resident Speculation Tax</span></h1>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The implementation of the Non-Resident Speculation Tax is subject to the approval of the Legislature.</span></h1>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Overview</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The non-resident speculation tax (NRST) is a 15 per cent tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe (GGH) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (“foreign entities”) and taxable trustees.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> applies in addition to the general land transfer tax in Ontario.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="Greater Golden Horseshoe">GGH</abbr> includes the following geographic areas: Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York. Refer to the map at the end of the document.</span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Effective Date</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Upon the enactment of legislation, the <abbr title="The non-resident speculation tax">NRST</abbr> will be effective as of April 21, 2017. </span><br /><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Binding agreements of purchase and sale signed on or before April 20, 2017 are not subject to the <abbr title="The non-resident speculation tax">NRST</abbr>.</span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Entities Subject to the <abbr title="The non-resident speculation tax">NRST</abbr></span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> applies to <strong>foreign entities</strong> or <strong>taxable trustees</strong> who purchase or acquire residential property in the <abbr title="Greater Golden Horseshoe">GGH</abbr>.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A <strong>foreign entity</strong> is either a foreign national or a foreign corporation.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A <strong>foreign national</strong>, as defined in the <em>Immigration and Refugee Protection Act</em> (Canada)<em>,</em> is an individual who is not a Canadian citizen or permanent resident of Canada.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A <strong>foreign corporation</strong> is a corporation that is one of the following:</span><br />
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<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Is not incorporated in Canada;</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Is incorporated in Canada but is controlled in whole or in part by a foreign national or other foreign corporation, unless the shares of the corporation are listed on a Canadian stock exchange; or</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Is controlled directly or indirectly by a foreign entity for the purposes of section 256 of the <em>Income Tax Act </em>(Canada).</span></li>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">For the purposes of the <abbr title="The non-resident speculation tax">NRST</abbr>, a <strong>taxable trustee</strong> is a trustee that is one of the following:</span><br />
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<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A foreign entity holding title in trust for beneficiaries, or</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A Canadian citizen, permanent resident of Canada, or a corporation holding title in trust for foreign entity beneficiaries.</span></li>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Types of Property Subject to the <abbr title="The non-resident speculation tax">NRST</abbr></span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> applies to the transfer of land which contains at least one and not more than six single family residences. Examples of land containing one single family residence include detached and semi-detached houses, townhouses and condominium units. In a situation involving the purchase of multiple condominium units, each unit would be considered land containing one single family residence. Examples of land containing more than one single family residence that are subject to the tax include duplexes, triplexes, fourplexes, fiveplexes and sixplexes. </span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> does not apply to other types of land such as multi-residential rental apartment buildings with more than six units, agricultural land, commercial land or industrial land.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> applies on the value of the consideration for the residential property. If the land transferred includes both residential property and another type of property, the <abbr title="The non-resident speculation tax">NRST</abbr> applies on the portion of the value of the consideration attributable to the residential property. For example, if the purchase price of the transaction is $1,000,000 and contains one single family residence with a value of the consideration of $400,000, and commercial land with a value of the consideration of $600,000, the 15 per cent <abbr title="The non-resident speculation tax">NRST</abbr> would only apply to the $400,000 portion.</span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">General Application</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The 15 per cent <abbr title="The non-resident speculation tax">NRST</abbr> applies to the value of the consideration for a transfer of residential property if any one of the transferees is a foreign entity or taxable trustee.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">For example, if a transfer of residential property is made to four transferees, one of whom is a foreign entity that acquires a 25 per cent share in the land, the <abbr title="The non-resident speculation tax">NRST</abbr> would apply to 100 per cent of the value of the consideration for the transfer.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Each transferee is jointly and severally liable for any <abbr title="The non-resident speculation tax">NRST</abbr> payable. If a foreign entity or taxable trustee does not pay the <abbr title="The non-resident speculation tax">NRST</abbr>, the other transferees will be required to pay the tax. This applies even if the other transferees are Canadian citizens or permanent residents of Canada.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> does not apply when a person purchases or acquires residential property as a trustee of a mutual fund trust, real estate investment trust or specified investment flow-through trust.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The <abbr title="The non-resident speculation tax">NRST</abbr> applies to unregistered dispositions of a beneficial interest in residential property. This includes purchases and acquisitions of residential property where section 3 of the <em>Land Transfer Tax Act </em>is applicable.</span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Exemptions</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">An exemption to the <abbr title="The non-resident speculation tax">NRST</abbr> is available to a foreign national who receives confirmation under the Ontario Immigrant Nominee Program (“nominee”). To qualify for this exemption, the foreign national must be confirmed under the Ontario Immigrant Nominee Program at the time of the purchase or acquisition and the property must be used as the foreign national’s principal residence.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">An exemption is also available to a foreign national who is conferred the status of “convention refugee” or “person in need of protection” (“refugee”) under the <em>Immigration and Refugee Protection Act</em> at the time of the purchase or acquisition.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A foreign national who has a spouse (as defined in the <em>Land Transfer Tax Act</em>), who is a Canadian citizen, permanent resident of Canada, “nominee” or “refugee” is exempt from the <abbr title="The non-resident speculation tax">NRST</abbr> if the foreign national jointly purchases residential property with that spouse. </span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">However, the exemption does not apply if the Canadian citizen, permanent resident of Canada, “nominee”, or “refugee” and his or her foreign national spouse purchased the property with another foreign national. For example, if three parties purchase a property as follows:</span><br />
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<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">one Canadian citizen and his or her foreign national spouse; and</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">a third party who is a foreign national,</span></li>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;"> the exemption would not apply and <abbr title="The non-resident speculation tax">NRST</abbr> would be payable. </span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Rebates</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">A rebate of the <abbr title="The non-resident speculation tax">NRST</abbr> may be available in the following situations:</span><br />
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<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The foreign national becomes a Canadian citizen or permanent resident of Canada within four years of the date of the purchase or acquisition;</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The foreign national is a student who has been enrolled full-time for at least two years from the date of purchase or acquisition in an “approved institution”, as outlined in Ontario Regulation 70/17 of the <em>Ministry of Training, Colleges, and Universities Act; </em>or</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The foreign national has legally worked full-time in Ontario for a continuous period of one year since the date of purchase or acquisition.</span></li>
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">In order to be eligible for the rebates, the foreign national must exclusively hold the property, or hold the property exclusively with his or her spouse. The property must also have been used as the foreign national’s (and if applicable their spouse’s) principal residence for the duration of the period.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The rebate will be paid with interest, calculated at the prescribed refund rate under the <em>Land Transfer Tax Act.</em> </span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Supporting documentation will be required to substantiate all applications for rebates.</span><br />
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<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Tax Avoidance and Offences</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">All transfers of land in Ontario are subject to audit.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Anti-avoidance provisions will be enforced to ensure the <abbr title="The non-resident speculation tax">NRST</abbr> is reported and paid as required. This includes examining circumstances where Canadian citizens or permanent residents of Canada, as taxable trustees, hold property in trust for a foreign entity or are trustees where a beneficiary may be a foreign entity. This also includes preventing the use of multiple conveyances to avoid the <abbr title="The non-resident speculation tax">NRST</abbr>.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Failure to pay the <abbr title="The non-resident speculation tax">NRST</abbr> as required may result in a penalty, fine and/or imprisonment.</span><br />
<h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Payment of the NRST</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;"><strong>NOTE</strong>: All transfers registered on or after April 21, 2017 must contain a statement expressly acknowledging that consideration has been given to the application of the NRST. Registrants are required to provide one of the following two statements:</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The Non-Resident Speculation Tax does not apply to this transfer</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The Non-Resident Speculation Tax applies to this transfer and has been paid to the Ministry of Finance, as confirmed by Receipt # *******</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">For paper registrations, the applicable statement is to be inserted in paragraph 5 of the <a data-mce-href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0449&NO=013-0449E" href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0449&NO=013-0449E">Land Transfer Tax Affidavit</a>. For registrations processed through Teraview, the applicable statement is to be inserted in Land Transfer Tax statement 9151 (Other remarks and explanations), which is found under the Explanations Tab.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Taxpayers reporting unregistered dispositions of land to the Ministry of Finance (MoF) must also expressly acknowledge in a covering letter that consideration has been given to the application of the NRST and whether or not it is payable on the reported transaction.</span><br />
<h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Electronic registrations</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">For an interim period, Ontario’s electronic registration system (operated by Teranet) will not be able to collect the NRST. During this interim period, to ensure compliance with the legislation, affected purchasers/transferees should pre-pay both the Land Transfer Tax and the NRST directly to the MoF’s office in Oshawa. Once the MoF accepts the pre-payment of the taxes, the transfer may be registered electronically without further payment of Land Transfer Tax or NRST.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The Ministry will provide a letter confirming receipt of NRST with a receipt number.</span><br />
<h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Registrations made at Land Registry Offices</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">NRST payable on registrations that must be made at a Land Registry Office must be pre-paid directly to the MoF. If the transfer is subject to NRST, both the Land Transfer Tax and NRST should be pre-paid directly to the MoF.</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The transfer will be stamped with a direction to the Land Registrar that no further Land Transfer Tax is payable at registration and the MoF will also provide a letter confirming receipt of NRST.</span><br />
<h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Dispositions / Unregistered transfers</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">If a transfer will not be registered on title, a <a data-mce-href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0775&NO=013-0775E" href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0775&NO=013-0775E"><em>Return on the Acquisition of a Beneficial Interest in Land</em></a> form, along with the payment of the Land Transfer Tax and the NRST must be submitted to the MoF within 30 days of the transfer of land. For more information, see <a data-mce-href="http://www.fin.gov.on.ca/en/guides/ltt/guidenote1.html" href="http://www.fin.gov.on.ca/en/guides/ltt/guidenote1.html">Land Transfer Tax and the Treatment of Unregistered Dispositions of a Beneficial Interest in Land</a></span><br />
<h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">How to pre-pay the Land Transfer Tax and the NRST to the MoF</span></h3>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">The following documentation must be submitted to the MoF:</span><br />
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">For transfers to be registered and unregistered transfers / dispositions:</span><br />
<ol start="1" type="1">
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Cheque for the Land Transfer Tax and the NRST (certified, if not drawn on the solicitor's trust account), made payable to the “Minister of Finance”</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Copy of the Agreement of Purchase and Sale, with all schedules attached</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Copy of the draft Statement of Adjustments (if applicable)</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">If the value of the consideration is based on the fair market value of the land, any appraisals or documentation that is evidence of the fair market value of the land</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Any additional documents as may be required to determine the value of the consideration</span></li>
</ol>
<span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">In addition, for transfers to be registered:</span><br />
<ol start="6" type="1">
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;"><a data-mce-href="http://www.fin.gov.on.ca/en/forms/representative.html" href="http://www.fin.gov.on.ca/en/forms/representative.html">Authorizing or Cancelling a Representative </a>form(s), completed by each transferee</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">Copy of the Document “in preparation” or three copies of the Transfer/Deed if registration is done on paper</span></li>
<li><span data-mce-style="font-family: 'times new roman', times; font-size: 12pt;" style="font-family: "times new roman", times; font-size: 12pt;">If registration is done on paper, two completed <a data-mce-href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0449&NO=013-0449E" href="http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=0449&NO=013-0449E">Land Transfer Tax Affidavits</a>.</span></li>
</ol>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-62625055715006686592017-04-20T15:21:00.002-07:002017-04-20T15:21:27.076-07:00Ontario's Fair Housing Plan Announced Today!<div class="Common_Text" style="background-color: white; color: #525252; font-family: Verdana; font-size: 11px; line-height: 17px;">
<h3 style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #566d49; font-family: "Open Sans", sans-serif; font-size: 1.8em; font-weight: 200; letter-spacing: 0.05em; line-height: 1.2em; margin: 0px 0px 0.4em; outline: none 0px; padding: 0px; vertical-align: baseline;">
Ontario's Fair Housing Plan</h3>
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</h4>
<br /><div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
Ontario's Fair Housing Plan introduces a comprehensive package of measures to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market. The plan includes:</div>
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<br /></div>
<div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Actions to Address Demand for Housing:</span></div>
<ol style="background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Introducing legislation that would, if passed, implement a new 15-per-cent Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations. Ontario's economy benefits enormously from newcomers who decide to make the province home. The NRST would help to address unsustainable demand in this region and make housing more available and affordable, while ensuring Ontario continues to be a place that welcomes all new residents. The proposed tax would apply to transfers of land that contain at least one and not more than six single family residences. "Single family residences" include, for example, detached and semi-detached homes, townhomes and condominiums. The NRST would not apply to transfers of other types of land including multi-residential rental apartment buildings, agricultural land or commercial/industrial land. The NRST would be effective as of April 21, 2017, upon the enactment of the amending legislation.<div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
Refugees and nominees under the Ontario Immigrant Nominee Program would not be subject to the NRST. Subject to eligibility requirements, a rebate would be available for those who subsequently attain citizenship or permanent resident status as a well as foreign nationals working in Ontario and international students. <a href="http://www.fin.gov.on.ca/en/bulletins/nrst/nrst.html" style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #7b6b05; letter-spacing: 0.05em; margin: 0px; outline: none 0px; padding: 0px; text-decoration-line: none; vertical-align: baseline;">See technical bulletin for further information</a>.</div>
</li>
</ol>
<div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Actions to Protect Renters</span></div>
<ol start="2" style="background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Expanding rent control to all private rental units in Ontario, including those built after 1991. This will ensure increases in rental costs can only rise at the rate posted in the annual provincial rent increase guideline. Over the past ten years, the annual rent increase guideline has averaged two per cent. The increase is capped at a maximum of 2.5 per cent. Under these changes, landlords would still be able to apply vacancy decontrol and seek above guideline increases where permitted. Legislation will be introduced that, if passed, will enact this change effective April 20.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">The government will introduce legislation that would, if passed, strengthen the Residential Tenancies Act to further protect tenants and ensure predictability for landlords. This will include developing a standard lease with explanatory information available in multiple languages, tightening provisions for "landlord's own use" evictions, and ensuring that tenants are adequately compensated if asked to vacate under this rule; prohibiting above-guideline increases where elevator work orders have not been completed; and making technical changes at the Landlord-Tenant Board to make the process fairer and easier for renters and landlords. These changes would apply to the entire province.</li>
</ol>
<div style="-webkit-margin-after: 0px; -webkit-margin-before: 0px; background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; line-height: 1.6em; margin-bottom: 0.8em; outline: none 0px; padding: 0px; vertical-align: baseline;">
<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Actions to Increase Housing Supply</span></div>
<ol start="4" style="background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Establishing a program to leverage the value of surplus provincial land assets across the province to develop a mix of market housing and new, permanent, sustainable and affordable housing supply. Potential sites under consideration for a pilot project include the West Don Lands, 27 Grosvenor/26 Grenville Streets in Toronto, and other sites in the province. This builds on an agreement reached previously with the City of Toronto to ensure a minimum of 20 per cent of residential units within the West Don Lands are available for affordable rental, with an additional 5 per cent of units for affordable ownership.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Introducing legislation that would, if passed, empower the City of Toronto, and potentially other interested municipalities, to introduce a vacant homes property tax to encourage property owners to sell unoccupied units or rent them out, to address concerns about residential units potentially being left vacant by speculators.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Ensuring that property tax for new multi-residential apartment buildings is charged at a similar rate as other residential properties. This will encourage developers to build more new purpose-built rental housing and will apply to the entire province.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Introducing a targeted $125-million, five-year program to further encourage the construction of new rental apartment buildings by rebating a portion of development charges. Working with municipalities, the government would target projects in those communities that are most in need of new purpose-built rental housing.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Providing municipalities with the flexibility to use property tax tools to help unlock development opportunities. For example, municipalities could be permitted to impose a higher tax on vacant land that has been approved for new housing.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Creating a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions. As well, a multi-ministry working group will be established to work with the development industry and municipalities to identify opportunities to streamline the development approvals process.</li>
</ol>
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<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Other Actions to Protect Homebuyers and Increase Information Sharing</span></div>
<ol start="10" style="background: none 0px 0px repeat scroll rgb(251, 251, 251); border: 0px; color: #464646; font-family: "Open Sans", sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">The province will work to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market such as "paper flipping," a practice that includes entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Working with the real estate profession and consumers, the province is committing to review the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions. This includes practices such as double ending. The government will modernize its rules, strengthen professionalism and improve the home-buying experience with a goal to make Ontario a leader in real estate standards.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Establishing a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market and discuss the impact of the measures in the Fair Housing Plan and any additional steps that are needed. The group will have a diverse range of expertise, including economists, academics, developers, community groups and the real estate sector.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Educating consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Partnering with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Making elevators in Ontario buildings more reliable by establishing timelines for elevator repair in consultation with the sector and the Technical Standards & Safety Authority (TSSA).</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: decimal; margin: 0px 1.5em 1em 2.5em; outline: none 0px; padding: 0px; vertical-align: baseline;">Working with municipalities to better reflect the needs of a growing Greater Golden Horseshoe through an updated Growth Plan. New provisions will include requiring that municipalities consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes. This will help support the goals of creating complete communities that are vibrant, transit-supportive and economically competitive, while doing more to address climate change, protect the region's natural heritage and prevent the loss of irreplaceable farmland. As part of the implementation of the Growth Plan for the Greater Golden Horseshoe, 2006, enough land was set aside in municipal official plans to accommodate forecasted growth to at least 2031. Based on discussions with municipalities across the region, the government is confident that there is enough serviced land to meet the Provincial Policy Statement requirement for a three year supply of residential units. The Greenbelt provides important protection of natural heritage and farmland, and neither the area of the Greenbelt or the rules about what can occur inside of it will be weakened. The upcoming Growth Plan will promote intensification around existing and planned transit stations and will promote higher densities in the suburbs to support transit.</li>
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<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Actions to Date</span></div>
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The government has taken a number of actions over recent months and years in order to support homebuyers, increase supply of affordable and rental housing and promote fairness. These include:</div>
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<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Helping more people purchase their first home by doubling the maximum Land Transfer Tax refund for eligible first-time homebuyers to $4,000. This means eligible homebuyers in Ontario pay no Land Transfer Tax on the first $368,000 of the cost of their first home.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Modernizing the Land Transfer Tax to reflect the current real estate market, including increasing rates on one or two single-family residence over $2 million. Revenue generated from the increased rates is being used to fund the enhancements to the First-Time Homebuyers Refund.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Making it easier for not-for-profit affordable housing providers to buy surplus government lands.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Introducing an inclusionary zoning framework for municipalities that will enable affordable housing units as part of residential developments.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Amending the Planning Act and the Development Charges Act to support second units, allowing homeowners to create rental units in their primary residence and creating additional supply.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Freezing the municipal property tax burden for multi-residential apartment buildings in communities where these taxes are high.</li>
<li style="background: none 0px 0px repeat scroll transparent; border: 0px; font-size: 1em; letter-spacing: 0px; line-height: 1.4em; list-style: disc; margin: 0px 1.5em 1em; outline: none 0px; padding: 0px; vertical-align: baseline;">Collecting information about Ontario's real estate market to support evidence-based policy development</li>
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<span style="background: none 0px 0px repeat scroll transparent; border: 0px; color: #2c2c2c; font-weight: bolder; margin: 0px; outline: none 0px; padding: 0px; vertical-align: baseline;">Appendix: Data and Trends on the Real Estate Market</span></div>
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Ontario's housing market has seen very dynamic growth in recent years, with prices in the Greater Toronto Area and the Greater Golden Horseshoe rising significantly. This has been supported by economic fundamentals, including a growing population, rising employment, higher incomes and very low borrowing costs.</div>
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House prices have been rising at a robust pace in the Greater Toronto Area since the end of the 2008-09 recession.</div>
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After two consecutive years of double-digit gains, average house prices in the Toronto region reached $916,567 in March 2017, up 33.2 per cent from a year earlier.</div>
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See image "Toronto Home Resale Prices"</div>
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The Greater Toronto Area showed the sharpest rise in home prices in Ontario over the past two years.</div>
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While the growth rate of prices of homes in the Greater Vancouver Area have been slowing since August 2016 after the introduction of B.C.'s foreign-buyers tax, home prices have been climbing steadily in the Greater Toronto Area.</div>
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See image "MLS Home Price Index", "Greater Toronto Area Price Increases Outstrip Other Cities" and "Housing supply in Ontario seems to be aligning with demographics".</div>
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According to Urbanation, the average rent per square foot for new leases in the Greater Toronto Area condo market rose 11 per cent in the last quarter of 2016 compared to a year earlier, the fastest pace of growth since at least 2011.</div>
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The number of owners with more than one residential property has been rising steadily since 2000.</div>
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See image "Number of Owners With More Than One Residential Property in the GTHA: 2000-16".</div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-91287944428850954662017-04-06T05:58:00.003-07:002017-04-06T05:58:43.971-07:00SOLD 81K OVER ASKING IN 7 DAYS!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF76q371aUBQtnS4l5IB4icqR2rQeF4-hWc2jYhmyKgf1itFKqite-uGkOAspb0KKkIK00iaSdX72gOtIJEUYQgkDzzQ-eiimspRwtojkIxadkdrNGOtvwsQ9Yqc9VeMaUgwTIFwdweqo/s1600/02_mls_1-2+-+Copy+-+Copy.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF76q371aUBQtnS4l5IB4icqR2rQeF4-hWc2jYhmyKgf1itFKqite-uGkOAspb0KKkIK00iaSdX72gOtIJEUYQgkDzzQ-eiimspRwtojkIxadkdrNGOtvwsQ9Yqc9VeMaUgwTIFwdweqo/s400/02_mls_1-2+-+Copy+-+Copy.jpg" width="400" /></a></div>
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<b><br /></b><b>123 BIRCHCLIFF AVE, SCARBOROUGH</b></h2>
iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-52172569003084107572017-04-06T05:56:00.000-07:002017-04-06T05:56:34.957-07:00April 2017 Toronto Real Estate Report<br />
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<span style="font-family: "times new roman", times; font-size: 14pt;">The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 12,077 residential sales through TREB's MLS® System in March 2017. This result represented a 17.7 per cent increase compared to the 10,260 sales reported in March 2016. For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">The number of new listings also increased on a year-over-year basis, at 17,051 – a 15.2 per cent increase compared to March 2016. The strongest growth in new listings was experienced in the detached market segment. While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, GTA market conditions continued to tighten.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">It has been encouraging to see that policymakers have not implemented any knee-jerk policies regarding the GTA housing market. Different levels of government are holding consultations with market stakeholders and TREB has participated and will continue to participate in these discussions. Policy makers must remember that it is the interplay between the demand for and supply of listings that influences price growth.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">Strong competition between buyers continued to cause high levels of price growth in all major market segments. The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 28.6 per cent year-over-year. For the TREB market area as a whole, the average selling price was up by 33.2 per cent, with similar annual rates of growth in the low-rise and condominium apartment segments.</span></div>
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<span style="font-family: "times new roman", times; font-size: 14pt;">Annual rates of price growth continued to accelerate in March as growth in sales outstripped growth in listings. A substantial period of months in which listings growth is greater than sales growth will be required to bring the GTA housing market back into balance. </span></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-22994537245047146472017-03-20T06:26:00.004-07:002017-03-20T06:28:08.231-07:00Just Listed this Great Liberty Village Condo For Sale<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxYn9IRXvesmGTdIUaOCKUdbGCry8aM0tniR1XRoLel4x1ziMlDelxJ7Xl32ymP-54gNUcbeHyMyIZyK4q1KtDsyHaNgVt6Sy-IMvcjqjcpJ9wgvAD45gQ8xFMp3-DeNowzYRlmuTHTfQ/s1600/01_mls_1-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxYn9IRXvesmGTdIUaOCKUdbGCry8aM0tniR1XRoLel4x1ziMlDelxJ7Xl32ymP-54gNUcbeHyMyIZyK4q1KtDsyHaNgVt6Sy-IMvcjqjcpJ9wgvAD45gQ8xFMp3-DeNowzYRlmuTHTfQ/s400/01_mls_1-1.jpg" width="400" /></a></div>
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<span style="background-color: white;"><b>51 East Liberty St unit 601, Toronto. </b></span></h2>
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<span style="background-color: white;"><b>Offered at $395,000</b></span></h2>
<span style="background-color: white;">Fabulous Condo In Vibrant Liberty Village Downtown Location. Just Steps To All Amenities & Ttc. Great Unit With 570Sq Ft Of Living Space + 84 Sq Ft Balcony With Good View. Features Include 9Ft Ceilings, Upgraded European Style Kitchen With Mosaic Backsplash,Granite Counters & Stainless Steel Appliances, Laminate Floors Throughout, 2 Baths With Upgraded Granite Counters & Tiles,Stand Up Glass Shower, Good Size Balcony With Nice Southwest Exposure.</span><br />
<span style="background-color: white;">Designer Hood Range In Kitchen & Mirrored Closet Doors In Unit.Great Building! Excellent Facilities Incl. Gym,Steam Room,Yoga Studio,Party/Game Room,Guest Suites,Concierge Desk, Outdoor Lounge.Rented Parking Spot Prepaid Until End Of Year. - See more at www.iListTorontoHomes.com. </span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-12907027848224911562017-03-04T04:56:00.001-08:002017-03-04T04:56:50.211-08:00March 2017 Toronto Real Estate Report<div style="background-color: white;">
<span style="font-family: "times new roman", times; font-size: 12pt;">The Toronto Real Estate Board announced that Greater Toronto Area REALTORS reported 8,014 residential sales through TREB’s MLS System in February 2017. This result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year. The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017. According to the recent Ipsos survey of intending GTA home buyers, first-time buyers will continue to account for much of the demand for ownership housing in Toronto and the surrounding regions. For the GTA as a whole, 53 per cent of likely buyers indicated that they would be first-timers – up from 49 per cent a year earlier. First-time buying intentions were highest in the City of Toronto, where 64 per cent of likely home purchasers indicated they would be first-timers – up from 56 per cent a year earlier. The higher percentage of first-time buyers in the City of Toronto likely relates to the prevalence of condominium apartments, which are a popular entry point into home ownership.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">There has also been much speculation, both in the media and among government policymakers, about the amount of foreign buying activity in the GTA. A recent Ipsos survey of the TREB membership on foreign buying activity suggests that the impact of foreign buyers in the GTA marketplace has been somewhat overblown. GTA-wide, the number of transactions accounted for by foreign buyers was less than five per cent. Furthermore, the great majority – 80 per cent, to be exact – of foreign buyers were purchasing a home as a primary residence, a home for another family member to live in, or as an investment to rent out to a tenant, which is helpful in a tight rental market.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">To date, the provincial government and municipal governments have resisted the implementation of a foreign buyer tax in the absence of empirical evidence. The Ipsos survey of TREB Members should further solidify the argument that the solution to strong rates of price growth and related affordability concerns lies not with taxing foreign buyers more, but rather with addressing the supply of homes available for sale, or lack thereof.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;"><br /></span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS System in February were down on a year-over-year basis by 12.5 per cent to 9,834. This continues a pattern we saw throughout much of 2016, with the sales trend pointing up while the listings trend has been down, which has resulted in a contraction of the inventory of homes available for sale.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">The listing supply crunch we are experiencing in the GTA has undoubtedly led to the double-digit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">The average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from firsttime buyers.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">Over the past year, we have reached a point where government policies that target only the demand side of the market, whether we're talking about foreign buyers or further changes to mortgage lending guidelines, will not be enough to balance market conditions and moderate the pace of price growth, policymakers at all three levels of government must turn their attention to the supply of homes available for sale. They should consider revisiting land-use designations in built-up areas to allow for a greater diversity of home types, streamlining development approvals and permitting processes, and looking at ways to incentivize landowners to develop their land.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">For more questions on the Toronto Real Estate Market or if you are looking to buy or sell a property or have a friend who may be looking to buy or sell a property feel free to contact me at 416-856-5408 or by email at <a href="mailto:aprasoulis@gmail.com">aprasoulis@gmail.com</a>. </span></div>
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<br />iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-70676273241137855372017-01-17T05:19:00.004-08:002017-01-17T05:19:44.316-08:00Pressure on GTA renters intensifies<div class="article_head" style="border-bottom: 2px solid rgb(0, 0, 0); font-family: Verdana, Geneva, sans-serif; font-size: 13px; margin-bottom: 20px; overflow: hidden; padding-bottom: 15px;">
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Those hoping to become first-time buyers in the Greater Toronto Area are under increasing pressure as soaring rents make saving for a downpayment tougher.<br /><br />Urbanation says that the average condo rents in the last three months of 2016 rose 11.7 per cent compared to a year earlier with renters paying almost $2,000. The pace of rent increases was a sharp contrast to the 4.2 per cent annual rise recorded a year earlier.<br /><br />“The undersupply of rentals in the GTA continued to worsen throughout the year, causing rents to surge alongside home prices and further deteriorating housing affordability across the region” said Shaun Hildebrand, Urbanation’s Senior Vice President.<br /><br />Supply of rental condos in the GTA has declined as owners have chosen to sell properties due to higher prices. It means that total rental listings fell 8 per cent with lease volumes down 4 per cent in the fourth quarter from a year earlier.<br /><br />For the whole of 2016 there were 26,602 condo units rented through the MLS, down 2 per cent from a year earlier.<br /><br />Applications for new purpose-built rental units increased by more than 7,500 in the fourth quarter but Hildebrand is concerned about the future.<br /><br />“While less pressure on rent growth may arrive in 2017 due to a temporary rise in new apartment completions, it’s become clear that more attention needs to be paid to building rentals over the longer-term,” he added.<br /> </div>
iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-26002572254591976642017-01-05T08:24:00.002-08:002017-01-05T08:24:37.963-08:00Another Record Breaking Year for the Toronto Real Estate Market<div style="background-color: white;">
<span style="font-family: "times new roman", times; font-size: 12pt;">The Toronto Real Estate Board announced that 2016 was a second consecutive record year for home sales. Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent. The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes. A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016. It is important to point out that the strong demand that we experienced in 2016 was very much domestic in nature. TREB recently commissioned Ipsos to survey its Members with regard to the level and type of foreign buying activity within the Greater Toronto Area. The results of the Ipsos survey suggest that the level of foreign buying activity is low in the GTA. Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser. In the City of Toronto, the share of foreign buyers was five per cent. The methodology of the Ipsos research involved an online survey of the TREB Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19 times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and Outlook Report and related media event. The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December. Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade- </span><span style="font-family: "times new roman", times; font-size: 12pt;">and-a-half. Total new listings for 2016 were down by almost four per cent. In 2016, we saw policy changes and policy debates pointed at the demand side of the market. If we want to see a sustained moderation in the pace of price growth, what we really need is more policy focus on issues impacting the lack of homes available for sale, TREB’s Director of Market Analysis. TREB’s Market Year in Review and Outlook Report and media event will include an expert panel and related submissions on the foundations of the housing supply issue in the GTA and possible solutions. With continued strong rates of price growth, housing affordability is a growing concern. Unfortunately, the City of Toronto’s Budget Committee is considering an increase to the Land Transfer Tax that could see buyers of average-priced homes pay another $750 to the City, which would represent a seven per cent increase to the $11,000 that they already pay City Hall as an upfront Land Transfer Tax closing cost. This would be on top of the $12,000 that is also paid to the province. First-time buyers could end up paying $475 more, or, at best, be no better off, even though the province recently doubled their first time buyer LTT rebate. The last thing people need is to dish out another $750, on top of the $11,000 that they already pay City Hall. The City should be looking for ways to make housing affordability better, not worse, especially for first-time buyers who could go backwards, or at best, be no better off, The Budget Committee should stop this proposal in its tracks and instead enhance the rebate for first-time buyers.</span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">For more information on the Toronto Real Estate Market feel welcome to call me at 416-856-5408 or email me at <a href="mailto:aprasoulis@gmail.com">aprasoulis@gmail.com</a></span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;">To receive these reports monthly feel welcome to subscribe to our monthly real estate newsletter by clicking on the link below. </span></div>
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<span style="font-family: "times new roman", times; font-size: 12pt;"><a href="http://www.ilisttorontohomes.com/4a_newsletter.php">http://www.ilisttorontohomes.com/4a_newsletter.php</a></span></div>
<span style="background-color: white;">- See more at: http://www.ilisttorontohomes.com/Another-Record-Breaking-Year-for-the-Toronto-Real-Estate-Market#sthash.4xiko4aq.dpuf</span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-34510059399697658422016-12-18T07:07:00.005-08:002016-12-18T07:07:45.482-08:00GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES<div class="article" style="color: #282828; font-family: Verdana, sans-serif; font-size: 14px;">
The Toronto Real Estate Board President announced that Greater Toronto Area REALTORS® reported 8,547 home sales through TREB's MLS® System in November 2016. This result represented a 16.5 per cent increase compared to November 2015.<br />
For the TREB market area as a whole, sales were up on a year-over-year basis for all major home types. The strongest annual rates of sales growth were experienced for the townhouse and condominium apartment segments.<br />
"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said Mr. Cerqua.<br />
The MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3 per cent compared to November 2015. The average selling price at $776,684 was up by 22.7 per cent on a year-over-year basis.<br />
"Recent policy initiatives seeking to address strong home price growth have focused on demand. Going forward, more emphasis needs to be placed on solutions to alleviate the lack of inventory for all home types, especially in the low-rise market segments,” said Jason Mercer, TREB’s Director of Market Analysis.<br />
In January 2017, TREB will be releasing its second annual Market Year in Review & Outlook Report. This report will contain a more in-depth discussion on the current state and future direction of the housing market in the Greater Golden Horseshoe. Detailed findings from Member and consumer surveys conducted by Ipsos will be released, including consumer intentions, buyer profiles and foreign buying activity. The results of a TREB-commissioned study on transportation infrastructure on housing affordability will also be presented.</div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-55311282397521968172016-10-23T05:39:00.002-07:002016-10-23T05:39:50.160-07:00OCTOBER 2016 TORONTO MID MONTH SALES REPORT<span style="background-color: white; color: #666666; font-family: Karla; font-size: 16px; text-align: justify;">Greater Toronto Area REALTORS® reported 4,460 home sales through TREB’s MLS® System during the first 14 days of October 2016. This result represented a 15.5 per cent increase compared to the first two weeks of October 2015. Similar to September, the strongest annual rate of sales growth for the TREB market area as a whole was recorded for the condominium apartment segment. While the market is tight for condo apartments, there is comparatively more inventory available, which has allowed for stronger growth in sales compared to the low-rise market segments. The number of new listings was also up on a year-over-year basis during the first two weeks of October, but by a much lesser annual rate compared to sales. This means that, on the whole, the market continued to tighten with more competition between buyers. Intense competition between buyers in many neighbourhoods throughout the GTA continued to underpin double-digit annual gains in average selling prices. Due to the persistent lack of inventory, low-rise market segments experienced the strongest rates of price growth. However, it is important to point out that the condominium apartment market, particularly in the City of Toronto, also experienced year-overyear price growth in excess of 10 per cent. </span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-13672470563400446932016-10-07T07:00:00.000-07:002016-10-07T07:00:08.264-07:00Great Article from the Globe and Mail about recent goverment and mortgage changes introduced and my take on it<div class="MsoNormal" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px; line-height: normal; vertical-align: baseline;">
<span style="font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">The federal government is throwing some cold water on Canada’s overheated housing market, hoping to keep Canadians out of unaffordable debt and slow down foreign investment in Toronto and Vancouver’s real-estate markets. Here’s a guide on what has happened so far, what it means and what’s next<a href="https://draft.blogger.com/null" name="m_-747118295510783844_what"></a></span></div>
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<span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">On Monday, Finance Minister Bill Morneau <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/news/national/ottawa-unveils-new-housing-measures-to-slow-foreign-real-estate-investment/article32206297/&source=gmail&ust=1475934887767000&usg=AFQjCNEwyasqhgC4CDe7k6uN6EcqRpBkdg" href="http://www.theglobeandmail.com/news/national/ottawa-unveils-new-housing-measures-to-slow-foreign-real-estate-investment/article32206297/" style="color: #1155cc;" target="_blank"><span style="color: #555555; text-decoration: none;">announced a major shakeup</span></a> of Canada’s mortgage and foreign-ownership rules for real estate to take effect this fall. There are four big changes involved</span></div>
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<span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">1. </span><span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt; padding: 0cm;">Expanding stress tests</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;"> to all insured mortgages, not just high-ratio mortgages in which the buyer has put down less than 20 per cent of the purchase price. This may make it harder for some buyers to get insured mortgages, even if they make a larger down payment, because it ends a two-tier system where some mortgages were weighed differently against the buyer’s income to see whether the mortgage is affordable.</span></div>
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<span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">2. </span><span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt; padding: 0cm;">Closing a tax loophole</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;"> that some foreign buyers have used to claim exemptions in capital-gains tax for selling properties that they falsely claim as their primary residences. Now, home buyers must file taxes in Canada, as a resident, the same year they buy a home, before they can later claim the principal residence exemption on any gains for that year.</span></div>
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<span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">3.</span><span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt; padding: 0cm;">Launching consultations</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;"> to see if banks can take on added lending risks, which would lighten Ottawa’s obligations to pay for insured mortgages in the event of a housing crash – but could also lead to higher mortgage rates. (<a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/real-estate/banks---and-buyers---brace-for-mortgage-overhaul/article32222794/&source=gmail&ust=1475934887767000&usg=AFQjCNF9fwKq1Mo3w8r6MHtkm2WkF0SsaQ" href="http://www.theglobeandmail.com/real-estate/banks---and-buyers---brace-for-mortgage-overhaul/article32222794/" style="color: #1155cc;" target="_blank"><span style="color: #555555; text-decoration: none;">Here’s David Berman’s analysis,</span></a> for subscribers, on how bankers feel about this.)</span></div>
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<span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;">4.</span><span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt; padding: 0cm;">Changing the restrictions</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;"> on portfolio insurance, a type of bulk insurance for mortgages with down payments of 20 per cent or more.</span></div>
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<b><u><a href="https://draft.blogger.com/null" name="m_-747118295510783844_why"></a><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt; padding: 0cm;">Why are they doing this?</span></u></b><span style="font-family: "times new roman", serif; font-size: 12pt; letter-spacing: 0.05pt;"></span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">To crack down on foreign real-estate speculation:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/real-estate/the-market/foreign-investors-avoid-taxes-by-buying-real-estate-in-canada/article26683767/&source=gmail&ust=1475934887767000&usg=AFQjCNGz37cnZGtZG95FoMhhQXQ7b8ql5g" href="http://www.theglobeandmail.com/real-estate/the-market/foreign-investors-avoid-taxes-by-buying-real-estate-in-canada/article26683767/" style="color: #1155cc;" target="_blank"><span style="color: #555555;">Investigations by The Globe and Mail</span></a> over the past year have also shed light on how local and foreign buyers have been flipping Vancouver-area homes for profit, buying and selling properties in the names of relatives or corporations and collecting tax windfalls in the process. In B.C., fears of wealthy foreign buyers inflating Vancouver’s sky-high housing prices have led to tougher restrictions on how the market is regulated and taxed provincially (more on this below); now Ottawa is hoping to close the federal tax loopholes too, <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/real-estate/ottawas-new-housing-rules-aimed-at-tax-dodgers-sees-mixed-response/article32227527/&source=gmail&ust=1475934887767000&usg=AFQjCNEIIqs0DkWGo934UHx2ncJB_OnHaw" href="http://www.theglobeandmail.com/real-estate/ottawas-new-housing-rules-aimed-at-tax-dodgers-sees-mixed-response/article32227527/" style="color: #1155cc;" target="_blank"><span style="color: #555555;">a move met with cautious optimism on Monday</span></a> by the B.C. government.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">To keep Canadians out of debt:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> Mr. Morneau hopes that applying the same stress test to all high-ratio mortgages will make prospective home buyers think twice about taking on more debt than they can pay for. “We want to ensure that we have measures in place to help them to take on risks that they can afford, especially in the situation where mortgage rates go up or their family income goes down,” Mr. Morneau said <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/news/national/ottawa-unveils-new-housing-measures-to-slow-foreign-real-estate-investment/article32206297/&source=gmail&ust=1475934887767000&usg=AFQjCNEwyasqhgC4CDe7k6uN6EcqRpBkdg" href="http://www.theglobeandmail.com/news/national/ottawa-unveils-new-housing-measures-to-slow-foreign-real-estate-investment/article32206297/" style="color: #1155cc;" target="_blank">in an interview with The Globe.</a></span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">To keep Ottawa off the hook:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> The federal government currently assumes the full cost of insured mortgages in the event of defaults. Mr. Morneau’s changes would mean Ottawa would pay less, and banks might pay more – costs that the banks might pass on to homeowners by raising rates. The changes to low-ratio mortgage insurance would put the government in less risk in markets with lots of residential mortgages worth $1-million or more, such as Vancouver and Toronto.</span></div>
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<b><u><a href="https://draft.blogger.com/null" name="m_-747118295510783844_provinces"></a><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">What have provinces been doing?</span></u></b><span style="font-family: "times new roman", serif; font-size: 12pt;"></span></div>
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<span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;">B.C. Premier Christy Clark speaks in Vancouver on June 29, 2016.</span></div>
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<span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;">The federal government is part of a task force along with the B.C. and Ontario governments that is looking at housing prices in the Toronto and Vancouver areas. Here’s what those provinces have been up to in their own jurisdictions:</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">British Columbia:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> This summer, Premier Christy Clark’s government began more rigorous tracking of home buyers’ nationalities and instituted a 15-per-cent tax on home purchases in Metro Vancouver that involve foreigners. The number of foreign-involved transactions plummeted once the tax took effect on Aug. 2; <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/real-estate/the-market/vancouver-home-sales-drop-nearly-33-in-september/article32229083/&source=gmail&ust=1475934887768000&usg=AFQjCNEEv0SJpdhEU0DRpmr6k5PjsZLcOw" href="http://www.theglobeandmail.com/real-estate/the-market/vancouver-home-sales-drop-nearly-33-in-september/article32229083/" style="color: #1155cc;" target="_blank"><span style="color: #555555;">more Vancouver housing numbers released on Tuesday</span></a> showed a further drop in property sales in September.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">Ontario:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.theglobeandmail.com/news/national/ontario-premier-wynne-concerned-about-rapidly-rising-housing-prices/article32047515/&source=gmail&ust=1475934887768000&usg=AFQjCNE9bfVVwKPqjvvTxMmIrlyfdDqYLQ" href="http://www.theglobeandmail.com/news/national/ontario-premier-wynne-concerned-about-rapidly-rising-housing-prices/article32047515/" style="color: #1155cc;" target="_blank"><span style="color: #555555;">Premier Kathleen Wynne says</span></a> the province needs more information about the factors behind Toronto’s red-hot real estate market before adopting a foreign-buyer tax like B.C.’s.</span></div>
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<u><a href="https://draft.blogger.com/null" name="m_-747118295510783844_history"></a><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">What else has Ottawa already done?</span></u><span style="font-family: "times new roman", serif; font-size: 12pt;"></span></div>
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<span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;">The federal government’s most recent measures come after years of fine-tuning Canada’s housing laws in the aftermath of the 2008-09 financial crisis. Here’s what Justin Trudeau’s Liberal government and the Harper Conservatives before it have already done so far:</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">Feb. 15, 2016:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> The minimum down payment for new government-backed insured mortgages increases from 5 per cent to 10 per cent for the portion of a house price over $500,000.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">July 9, 2012:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> The maximum amortization period for new government-backed insured mortgages drops to 25 years from 30 years. Ottawa lowers the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent and stops offering insurance on mortgages for homes worth more than $1-million, instead requiring borrowers for such homes to make a minimum down payment of 20 per cent.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">April 18, 2011:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> Ottawa withdraws government insurance backing on lines of credit secured by homes, such as home equity lines of credit.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">March 18, 2011:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> The maximum amortization period for government-backed insured mortgages is cut to 30 years from 35 years and the maximum amount Canadians can borrow in refinancing their mortgages is reduced to 85 per cent from 90 per cent of the value of their homes.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">April 19, 2010:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> Ottawa introduces a requirement that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. The government also lowers the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes and requires a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties bought for speculation.</span></div>
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<span style="border: 1pt none windowtext; color: #555555; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">Oct. 15, 2008:</span><span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;"> The maximum amortization period for new government-backed mortgages is fixed at 35 years and a requirement for a minimum down payment of 5 per cent is introduced. Ottawa also establishes a consistent minimum credit-score requirement and introduces new loan documentation standards.</span></div>
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<span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;"><b><u>What happens next?</u></b></span><span style="font-family: "times new roman", serif; font-size: 12pt;"></span></div>
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<span style="color: #555555; font-family: "times new roman", serif; font-size: 12pt;">Here are some important dates to watch out for as the changes come into effect:</span></div>
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<li class="MsoNormal" style="color: #555555; line-height: normal; margin: 0px 0px 0.0001pt 15px; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">Oct. 17:</span><span style="font-family: "times new roman", serif; font-size: 12pt;"> The new stress-test rules come into effect for borrowers.</span></li>
<li class="MsoNormal" style="color: #555555; line-height: normal; margin: 0px 0px 0.0001pt 15px; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">Nov. 30:</span><span style="font-family: "times new roman", serif; font-size: 12pt;"> The new rules for low-ratio mortgages come into effect.</span></li>
<li class="MsoNormal" style="color: #555555; line-height: normal; margin: 0px 0px 0.0001pt 15px; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "times new roman", serif; font-size: 12pt; padding: 0cm;">April 30:</span><span style="font-family: "times new roman", serif; font-size: 12pt;"> For most Canadians, this is the deadline day for filing taxes. The new housing rules affect when you have to declare the sale of your home to the government.</span></li>
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<span style="color: #555555; font-family: times new roman, serif;"><span style="font-size: 16px;"><b>The above comments and info provided by the Globe and Mail</b></span></span></div>
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<span style="font-family: "times new roman", serif; font-size: 12pt;"><b><u>Will this actually work?</u></b></span></div>
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<span style="font-family: "times new roman", serif; font-size: 12pt;">I guess that remains to be seen in the coming months. My t</span><span style="font-family: "times new roman", serif; font-size: 16px;">ake on this is that Ottawa has been pressured recently to do something about rising house prices and has acted prematurely before assessing the risks and consequences on the economy. I get that rising house prices are a concern. They are a concern for me and my business as well. But rising house prices are a direct outcome of a continued low interest rate policy and a supply and demand issue in the Toronto markets. If Ottawa is concerned about cooling off the market why not address these two factors directly. Why not give builders and developers incentives to build more homes? Why not make it easier to sever large lots in the city and create more homes within the city boundaries? Why not make it easier to change commercially zoned properties which have large parcels of land in order to make them residential sub divisions in order to create more housing within the city? Why not look at the Bank of Canadas interest policy and make changes on that front? </span></div>
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<span style="font-family: "times new roman", serif; font-size: 16px;">Instead Ottawa throws a monkey wrench into the equation which of course is driven by a tax revenue generating policy on foreign investors as well as making it harder for first time buyers to qualify for a mortgage which allows them to buy a home. In today's market first time buyers are already having a difficult time getting into the market. Why make it harder by promoting a policy that makes it even harder for them to get a mortgage which can service the average price of a home in the city? Why not concentrate on providing a policy which will allow more homes to be available to them. After all home buying is what has been driving our economy in a positive direction for years. </span></div>
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<span style="font-family: "times new roman", serif; font-size: 16px;">With regards to Foreign investment I do agree that it may be a good idea to put some pressure on that segment and try and cool off foreign investors from paying high prices and driving up house prices but be cautious because if they decide its not a good place to buy they will buy elsewhere and promote other economies instead of ours. A slight increase in costs to foreign investors makes sense but lets use the tax dollars that comes in from that in order to provide a grant to first time buyers who are local or provide incentives to builders to build more homes in order to alleviate the supply issue. Why not use tax revenue to help other Canadians who need it? After all it will help our economy. </span></div>
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<span style="font-family: "times new roman", serif; font-size: 16px;">In terms of whats coming ahead I have already heard a number of lenders are tightening their lending guidelines and making it harder to get financing on rental properties and making it harder to refinance by introducing new fees on refinances. They are also going to become more prudent on reviewing insured mortgages. This is what ultimately will effect the market. If Lenders tighten up and the flow of lending slows then in my experience this may effect a buyers choice and ability to purchase a property. By lenders making it more difficult to borrow, the outcome to sales I am sure will show. It will be interesting to see how the sales reports go in the next few months. My guess is that it will be really busy in the next few months as buyers and sellers are jumping to act quickly and things will cool in the coming months. If you are a seller who is looking to sell and downgrade or looking to sell your property and rent, now may be a good time to do so and time the market on your next purchase.</span></div>
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<span style="font-family: "times new roman", serif; font-size: 16px;">Let's see how the next couple of months of sales go. If you are interested in keeping up with sales reports feel welcome to visit my website at <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.iListTorontoHomes.com&source=gmail&ust=1475934887768000&usg=AFQjCNFvEbFUhIMEmfIHeWcrhbrq1PdM_w" href="http://www.ilisttorontohomes.com/" style="color: #1155cc;" target="_blank">www.iListTorontoHomes.com</a> and subscribe to my newsletter. </span></div>
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<span style="font-family: "times new roman", serif; font-size: 16px;">For any questions on the market feel welcome to call me at <a href="tel:416-856-5408" style="color: #1155cc;" target="_blank" value="+14168565408">416-856-5408</a> or email me at<a href="mailto:aprasoulis@gmail.com" style="color: #1155cc;" target="_blank">aprasoulis@gmail.com</a></span></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-39514468892817805482016-10-06T05:27:00.002-07:002016-10-06T05:27:41.800-07:00<br />
<span style="background-color: white;">The Toronto Real Estate Board announced that Greater Toronto Area REALTORS® reported 9,902 sales through TREB's MLS® System in September 2016. This result was up by 21.5 per cent compared to September 2015. </span><br />
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<span style="font-size: 12pt;">For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-overyear dip in new listings was likely the issue.</span></div>
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<span style="font-size: 12pt;">The Toronto market continues to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto Area in September. The sustained lack of inventory in many neighbourhoods across the GTA continued to underpin high rates of price growth for all home types.</span></div>
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<span style="font-size: 12pt;">Both the MLS® Home Price Index (HPI) Composite Benchmark and the average selling price for all home types combined were up strongly on a year-over-year basis in September. The MLS® HPI Composite Benchmark grew by 18 per cent compared to September 2015. The average selling price was up by 20.4 per cent to $755,755. The average selling price can be influenced by changes in both market conditions and the mix of homes sold.</span></div>
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<span style="font-size: 12pt;">The Toronto Real Estate Board will be closely monitoring how the recent changes to Federal mortgage lending guidelines and capital gains tax exemption rules impact the housing market in the Greater Toronto Area. While these changes are pointed at the demand for ownership housing, it is important to note that much of the upward pressure on home prices in the GTA has been based on the declining inventory of homes available for sale, not the fact that we see an increase in foreign investment recently. The changes being made to the mortgage guidelines may have a larger effect on sales and price growth as opposed to the capital gains tax exemption on foreign owners. We are already seeing some lenders adjusting their lending guidelines on non owner occupied property purchases. Lenders tightening up may have a negative effect on sales as if it becomes more difficult to borrow this will be a factor for purchasers. </span></div>
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<span style="font-size: 12pt;">If you have questions on the Toronto market feel welcome to call or email me at 416-901-8777 or <a href="mailto:aprasoulis@gmail.com">aprasoulis@gmail.com</a>.</span></div>
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<span style="font-size: 12pt;">For the full Toronto Real Estate Report visit: </span></div>
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<span style="font-size: 12pt;"><a href="http://www.ilisttorontohomes.com/account/78ab9f8164dfd923/pdfs/septmebr_mw.pdf">September 2016 Market Report</a></span></div>
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<br />iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-76855241014700667452016-10-06T05:23:00.001-07:002016-10-06T05:23:26.922-07:00Federal Announcement - Housing Market Measures<div id="News_headline2" style="background-color: white;">
<span style="font-size: 12pt;">Canada's Finance Minister, The Hon. Bill Morneau, has announced measures related to the housing market.</span></div>
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<span style="font-size: 12pt;">Specifically, the government announced the following:</span><br />
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<li style="margin: 0px; padding: 0px;"><span style="font-size: 12pt;">Measures intended to enhance fairness by closing a tax loophole that the government believes is being exploited by foreign buyers.</span></li>
<li style="margin: 0px; padding: 0px;"><span style="font-size: 12pt;">Measures to address long-term housing affordability. A mortgage rate stress test will now be applied to all new mortgages that are insured. The new test is intended to ensure that home buyers can realistically afford to pay their mortgages should interest rates rise.</span></li>
</ul>
<span style="font-size: 12pt;">Additional details are available at the Finance Department's website <a href="http://listserv.realtorlink.ca/t/263022/5365591/116264/44/" target="_blank">here</a>.</span><br /><span style="font-size: 12pt;"> </span><br /><span style="font-size: 12pt;">CREA has indicated that it is encouraged that the government has taken a restrained approach, in line with what CREA has recommended. CREA noted that "other instruments at the federal government's disposal are far blunter and would potentially damage markets which are not on their radar screen or are, in fact, struggling."</span><br />
<span style="font-size: 12pt;">CREA will continue to meet with the government as this file evolves with a goal to underscore that Canada is made up of many housing markets, not only those in large cities, and that current and future efforts must reflect that reality.</span><br />
<span style="font-size: 12pt;">TREB is closely monitoring this issue and working to ensure that all levels of government make informed decisions on options, if any, for market interventions.</span></div>
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<span style="font-size: 12pt;">For Questions on this announcement and how it may effect the Toronto market feel welcome to call or email me at 416-901-8777 or <a href="mailto:aprasoulis@gmail.com">aprasoulis@gmail.com</a></span></div>
<span style="background-color: white;">- See more at: http://www.ilisttorontohomes.com/Federal-Announcement---Housing-Market-Measures#sthash.8vrq7Vzf.dpuf</span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-34531723604800374352016-08-30T11:56:00.003-07:002016-08-30T11:56:52.081-07:00<h2 style="text-align: center;">
<b><u>Toronto East Wexford Area Home Just Listed! </u></b></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq2eYr9KflPJXlS5UoxSdZuveqtE3gZNy3jDBJgHCm2fE7kgJi_W0l4HDP3MUY98MF0gV0vQlVg1yiMaK9zLDWbvRboTvYmnJtLOw-bmlh6wU0QVeLXWmPzO5a99sPsHVjh5YlDyudCyk/s1600/01_mls_1-59.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq2eYr9KflPJXlS5UoxSdZuveqtE3gZNy3jDBJgHCm2fE7kgJi_W0l4HDP3MUY98MF0gV0vQlVg1yiMaK9zLDWbvRboTvYmnJtLOw-bmlh6wU0QVeLXWmPzO5a99sPsHVjh5YlDyudCyk/s400/01_mls_1-59.jpg" width="400" /></a></div>
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<span style="background-color: white;">Large Detached Brick Home On A Premium Size Lot In The Desirable Wexford Area! Close To Good Schools, Parks, Ttc, 401, 404 & All Amenities. Features Of This Home Include Large Principal Rooms & Large Bedrooms, Three Baths, A Good Size Kitchen With A Walk Out To The Yard, A Finished Basement With A Walk Out Which Could Easily Be Converted Into An Apartment For X-Tra Income. Also Features Oversized Windows, High Ceilings In Basement, A Studio Space On 2nd Floor</span><br style="background-color: white;" /><span style="background-color: white;">The Exterior Features A Huge Lot With Private Drive & Lots Of Parking,A Double Car Brick Garage, A Lovely Yard & Gardens. Great Home For The Growing Family! Schools In Area Include Wexford C.I, Buchanan P.S., St. Kevin C.S.</span><br />
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<span style="background-color: white;">See more at: http://www.ilisttorontohomes.com/4a_read.php?ltl=6870670#sthash.I2U4Vm8V.dpuf</span>iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-88906483588689115682016-04-27T04:25:00.002-07:002016-04-27T04:26:02.263-07:00Toronto West Condo For Rent!<div style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 19.32px; margin-bottom: 6px;">
Have any friends looking for a great condo apartment to rent in the West end! Check this one out. Great building in a great location!</div>
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see more at:<br />
<a href="http://www.ilisttorontohomes.com/4a_read.php?ltl=6304005" rel="nofollow" style="color: #3b5998; cursor: pointer; text-decoration: none;" target="_blank">http://www.ilisttorontohomes.com/4a_read.php?ltl=6304005</a></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0tag:blogger.com,1999:blog-2077850231629410968.post-11195174617273559362016-04-25T07:55:00.002-07:002016-04-25T07:55:34.468-07:00Excellent Toronto East Commercial Retail User or Investment Opportunity <div style="background-color: white; color: #141823; font-family: helvetica, arial, sans-serif; font-size: 14px; line-height: 19.32px; margin-bottom: 6px;">
Just Listed this Excellent Commercial Retail Investment Opportunity on Busy Kingston Rd. Former TD Bank Building. Solid Building with Large Lot and lots of parking in the rear. Great For Retail Business User or Investor. Across the street from a High School and in a busy Retail area. Call or msg me for more info. Wont last long!</div>
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<span style="line-height: 19.32px;">see link below:</span><br style="line-height: 19.32px;" /><a href="http://l.facebook.com/l.php?u=http%3A%2F%2Fwww.ilisttorontohomes.com%2F4a_read.php%3Fltl%3D6303146&h=uAQEK4aOXAQFY7C3oae7ILYtROLvRwTZRgg2KZ-An15UdkQ&enc=AZOR1OHrOvRONge2gkAWxdnQ7RX8q8OO5CfrtVra7tkdMV5m8BSrSr3lNGcLfowFP0UlDOcewOjYOzNJu-kSFZubrbnj9fsvYlNGvjd7PaLE2BmD-FdqWOdZqZxssCU1v0fY4U4xKo8f6ITIf9Lsi610r90PH4J2vJatGWbHcnhjXshwRggHFX07OO43JYWbIXk&s=1" rel="nofollow" style="color: #3b5998; cursor: pointer; line-height: 19.32px; text-decoration: none;" target="_blank">http://www.ilisttorontohomes.com/4a_read.php?ltl=6303146</a></div>
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iListTorontoRealEstatehttp://www.blogger.com/profile/03625494907010104334noreply@blogger.com0