Category Archives: Toronto Real Estate

Toronto Realtors Fight City Hall’s Proposed Land Transfer Tax

June 27, 2007 — The Toronto Real Estate Board has told the City of Toronto that its proposal to charge a second land transfer tax treats home buyers unfairly. TREB’s comments were made in a formal presentation to the City’s Executive Committee earlier this week.

If the City moves forward with the proposal, the average Toronto home buyer will pay another $4,200 in land transfer tax. That is a 100 per cent increase, and would give Toronto the highest land transfer taxes in Canada and the second highest in North America.

“A second land transfer tax discriminates against home buyers. The City doesn’t provide any land transfer related services, so this tax is just a way of forcing home buyers to pay for services for everyone. That, simply, is unfair,” said Dorothy Mason, President of the Toronto Real Estate Board.

TREB also pointed out that the proposed second land transfer tax is most unfair to those who can least afford it – people who have small down payments and, therefore, can only qualify for a mortgage by also paying for mortgage insurance.

“Many home buyers will have no choice but to take money from their down payment to pay this tax, which would mean extra mortgage interest and higher mortgage insurance premiums. For the most vulnerable, this means that the second land transfer tax will actually cost over $15,000. The City will literally be forcing people to take out a mortgage to pay a tax. That is unfair,” Mason said.

TREB also noted that Toronto residents and businesses can’t even expect that the new money the City collects from this tax will result in any improved services.

“The Mayor and City staff have admitted that the money the City takes from home buyers will be used to fill the holes in the City’s current budget, not to expand or improve services. It’s not fair that home buyers will be paying more for the same service”, Mason said.

TREB plans to continue opposing the implementation of a second land transfer tax in Toronto.

“A second land transfer tax will make the dream of home ownership more difficult to achieve. Toronto’s REALTORS® are protecting the interests of home buyers by strongly opposing the City’s proposal. Just in the last week, hundreds of REALTORS® and the public have sent emails to the Mayor and all City Councillors telling them that his tax is a bad idea. We plan to keep up the fight,” said Mason.

Source: Toronto Real Estate Board

Contact Steven

Toronto Real Estate Up 24 percent Mid June Totals

During the first fifteen days of June, resale home transactions jumped 24 per cent compared to the same time frame a year ago, Toronto Real Estate Board President Dorothy Mason announced. The first half of the month yielded a remarkable 5,074 sales, an increase of 1,000 transactions from last year’s mid-June figures. This total was also 12 per cent higher than the 4,522 sales recorded in the first half of May,which ended as the most active month ever.

“We are going through one of the strongest spring markets ever,”Mrs. Mason said. “There is a lot of momentum carrying over from that and it bodes well as we move into summer.” In Scarborough Centre/Woburn (E09), sales of detached homes doubled as 38 per cent more overall transactions took place compared to mid-June a year ago. Alderwood/Mimico (W06) in Toronto’s west end saw an over all increase in activity of 50 per cent compared to figures from last year. Toronto’s Annex neighbourhood (C02) saw the number of transactions to mid-June increase by 61 per cent compared to 2006.

Outside the city, brisk sales of town homes and detached homes in central Vaughan (N08) led the way as overall transactions increased 53 per cent over the same time frame a year ago. The average price of a resale home at mid-month was $384,576, an increase of seven per cent over the $358,648 recorded during the first half of June 2006. Inventory stood at 23,725 listings, reflecting a good amount of choice and helping to keep price increases under control. “We have strong local and national economies, great value in the marketplace and solid returns on investment,” TREB’s President said. “It’s anexcellent time to be in the market, and savvy consumers are taking advantage of these great conditions.”

Toronto REALTORS(R) are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving more than 25,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area openhouse listings are now available on http://www.torontorealestateboard.com/

Source: Toronto Real Estate Board

Free Home Evaluation