Category Archives: General

REALTORS® Tell City Council that Proposed 2014 Budget Reliance on Land Transfer Tax Poses Risks and Call for Relief for Home Buyers

TORONTO, January 28, 2014 – With Toronto City Council meeting tomorrow to give final approval to the City’s 2014 Budget, the Toronto Real Estate Board (TREB) is telling Councillors that the proposed budget’s reliance on the Toronto Land Transfer Tax poses risks and that City Council should begin cutting this tax instead. TREB’s views are being echoed by thousands of Torontonians who have been contacting City Councillors by email and other means.

“Relying on an unpredictable revenue source like the Land Transfer Tax, which fluctuates with the City’s real estate market, poses risks. The proposed budget that City Council will be debating relies on this unpredictable revenue more than ever before. Torontonians deserve better than that and City Council should be focusing on predictable budgeting options and cutting the Land Transfer Tax, instead,” said Dianne Usher, President, Toronto Real Estate Board.

When the City’s 2014 budget process began last November, City staff recommended budgeting $335 million in revenue from the Land Transfer Tax for 2014, which allowed for a buffer in revenue expectations to account for potential fluctuations in the real estate market. Since then, the City’s Budget Committee and Executive Committee made amendments to the proposed Budget to increase the budgeted revenue from the Land Transfer Tax by over $20 million, exposing the City’s budget to greater risk if real estate market trends change. In a letter sent to City Council, TREB has warned City Councillors of this risk, and called for City Council to cut the Land Transfer Tax instead, and focus on predictable budgeting options.

“The Home Buying Tax hurts people when they can least afford it. It penalizes people like growing families or retirees. City Council should do its part in keeping Toronto affordable by providing relief from the Home Buying Tax for all home buyers,” said Dianne Usher, President, Toronto Real Estate Board.

TREB has told Councillors that eliminating the Land Transfer Tax on the first $400,000 value of a property, at a minimum, for all home buyers, would be a good first step in providing relief from this tax.  Setting this threshold at $400,000 would ensure that first-time home buyers would be no worse off (Currently, first-time home buyers are eligible for a rebate on the Land Transfer Tax payable up to a $400,000 property). TREB also told Councillors that if a lower threshold is preferred, then the current rebate for first-time home buyers should be maintained, and potentially expanded, and indexed to inflation going forward. With the current average price in Toronto at approximately $570,000, TREB believes that the current first-time home buyer rebate is inadequate because it has not kept pace with inflation.

“Even first-time home buyers purchasing below average–priced properties are currently being forced to pay thousands of dollars in Toronto Home Buying Tax, because the City’s first-time home buyer rebate has not kept pace with inflation,” said Von Palmer, TREB’s Chief Government and Public Affairs Officer.

TREB has also pointed out to City Council that the current Land Transfer Tax rates are regressive because they force people purchasing below-average priced homes to pay the highest tax rate. Currently, the highest Land Transfer Tax rate kicks in on homes priced over $400,000 for ALL home buyers, considerably lower than the City’s current average price of approximately $570,000 and rising.

“The Home Buying Tax has become more and more regressive as home prices have increased, because its tax rates have not been adjusted with inflation. Someone purchasing a home priced below the City’s average price is being charged the highest tax rate. That’s not right,” said Palmer.

TREB also told City Council that potential new real estate transactions resulting from a reduction in the Land Transfer Tax could help off-set any impact to the City’s budget.

“Potential growth in home sales resulting from a Land Transfer Tax rate reduction could help offset the impact to the City’s budget. Research by the C.D. Howe Institute has shown that the Land Transfer Tax has dampened home sales in Toronto by 16 percent annually. If a Land Transfer Tax rate reduction helps to reduce or reverse this effect, the resulting extra home sales, which may not have occurred otherwise, could generate new off-setting revenue for the City, while bringing more balance into the market,” said Usher.

TREB is encouraging the public to visit www.LetsGetThisRightToronto.ca to tell City Council to do the right thing and phase out the Home Buying Tax. Thousands of Torontonians have already done so.

Source: Toronto Real Estate Board (TREB)

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Cityplace Condos For Sale: Current Inventory January 2014

Cityplace-Condos-Map

Today we are looking at the Current Inventory of condos for sale in Downtown Toronto’s Cityplace complex as of January 15, 2014.  New listings are starting to pop up now that the holiday season is behind us.  There are currently 132 Condos for Sale in Cityplace which basically covers the condos south of Front St to Lakeshore Blvd, from Bathurst to the Rogers Centre and is split inbetween by Spadina Ave and Fort York Blvd.  There are 12 condos currently sold conditionally.  Below is a breakdown of the inventory.

  • 2  Lockers
  • 1  Parking Spots
  • 2 Bachelor
  • 27 1 bedroom condos, prices ranging from $249,900 to $349,000
  • 55 1 bedroom plus a den. prices range from $299,000 to $748,888
  • 11 2 bedroom condos, prices from $399,900 to $1,099,000
  • 26  2 bedroom plus a den. price range from $414,888 to $1,149,000
  • 8 3 bedroom or larger.  prices range from $799,000 to $1,881,000.

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Downtown Toronto Condos: 38 Joe Shuster Way, The Bridge, Dufferin and King St W, / Queen St W

38-Joe-Shuster-Way-The-Bridge-Condos

  • 38 Joe Shuster Way
  • The Bridge
  • Condo amenities include a pool, hot tub, gym, sauna, party room, theatre, games room, billiards and more
  • TSCC/2302
  • Location:  Downtown Toronto, Dufferin between King St W and Queen St W.
  • 22 Story Condo Tower
  • Completed 2013
  • Built by Urban Corp
  • M6K 0A5
  • MLS District C01 – Niagara

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Thornhill Condos For Sale: Bathurst and Centre Current Iventory December 2013

Thornhill-Condos-Bathurst-and-Centre-Map

Today we a taking a look at the current inventory of Thornhill Condos for Sale as of December 7, 2013.  We are strictly looking at the buildings surrounding the Bathurst St and Centre St area.   There are currently 64 condos for sale listed on the MLS, with 3 of the condos currently sold conditionally.

  • 0 Parking Spots
  • 0 Bachelor
  • 8 1 bedroom condos.  Prices range from $269,900 to $319,000.
  • 14 1 bedroom plus a den.  Prices range from $299,888 to $364,999.
  • 21 2 bedroom condos,  Prices range from $299,000 to $449,000.
  • 18 2 bedroom plus a den.  Prices range from $359,000 to $690,000.
  • 3 3 bedroom or larger.  Prices range from $428,000 to $548,000.

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Etobicoke Condos For Sale: Humber Bay Shore Current Inventory, December 2013

Etobicoke-Condos-For-Sale-Humber-Bay-Shore-Map

Here is the Current Inventory of condos for sale in the Etobicoke Humber Bay Shore area as of December 6, 2013.  There are currently 263 Condos for Sale in the Toronto MLS districts W06 – Mimico narrowed down to only the waterfront and Parklawn section.   There are 8 condos currently sold conditionally.

  • 1 Parking Spots
  • 1 Bachelor
  • 42 1 bedroom condos.  Prices range from $228,900 to $395,000.
  • 57 1 bedroom plus a den.  Prices range from $240,000 to $539,990.
  • 77 2 bedroom condos,  Prices range from $295,000 to $1,550,000.
  • 66 2 bedroom plus a den.  Prices range from $342,500 to $1,380,000.
  • 20 3 bedroom or larger.  Prices range from $479,900 to $1,599,000.

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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North York Condos For Sale, Inventory Level December 2013, Yonge and Sheppard to Finch

North-York-City-Centre-Condos-Map

This is a breakdown of the Current Inventory of condos for sale in North York as of December 1, 2013.  There are currently 540 Condos for Sale in North York’s City Centre, along Yonge Street from Sheppard to Finch and over to almost Leslie along Sheppard., for the purpose of this inventory, all condos sold conditionally have been removed.  There are 47 condos currently sold conditionally.

  • 11 Parking Spots
  • 3 Bachelor
  • 76 1 bedroom condos, with
  • 126 1 bedroom plus a den.
  • 159 2 bedroom condos with
  • 112  2 bedroom plus a den.
  • 53 3 bedroom or larger.

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Watching the Snowbirds From A 500 St Clair Ave West Condo

Watching the Snowbirds from a 500 St. Clair Ave West Condo
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While on a showing of a 500 St Clair Ave West Condo, I was able to capture this brief video of how close the Snowbirds came during the 2012 CNE Airshow.  This condo is on a lower floor facing south, Image how good watching the airshow from your own condo could be, especially on a higher floor. The video was shot on September 2, 2012.

Steven

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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Condo Photo Shoot, Preparing to sell in North York

With the Professional Photographer for a Condo Photo shoot in the Yonge and Sheppard area of North York

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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North York Condo for Sale: 4968 Yonge St. 1 Bedroom plus Den, Yonge and Sheppard/Empress

This Unit is No Longer Available.

4968 Yonge St,

Toronto, Ontario M2N7G
Map Coord: 103-20-D

  • Condo Apt
  • Balcony: Open
  • Park Spaces: 1
  • Exposure: E
  • Garage Spaces: 1
  • Rooms: 4
  • Maint: $400
  • Bedrooms: 1+1
  • Apx Age: 0-5
  • Washrooms: 1
  • Ensuite/Laundry: Y
  • CAC: Y
  • Bldg Amenities: Security Guard Security System Indoor Pool Recreation Room Exercise Room Sauna

Underground Access To Sheppard Centre & Subway. Plus Access To North York Subway & Empress Walk, Groceries, Movies, Restaurants & So Much More! 24 Hr Concierge & Security System. Indoor Pool, Equip. Exercise Rm, Golf Centre. Measurements As Per Bdler’s Floor Plan.

Location:  North York:  Yonge and Empress/Sheppard

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

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King West Condo for Sale: DNA : 1 Shaw St. Bachelor

This Unit is no longer Available.

1 Shaw St

Toronto, Ontario M6K 0A1
Map Coord: 119-16-R

  • Condo Apt
  • Balcony: Terr
  • Park Spaces: 0
  • Bachelor Apartment
  • Exposure: E
  • Rooms: 3
  • Maint: $193.74
  • Bedrooms: 0
  • Washrooms: 1
  • Ensuite/Laundry: Y
  • CAC: Y
  • Bldg Amenities: Exercise Room Gym Recreation Room Rooftop Deck/Garden Security Guard

Rarely Available Loft Style Downtown Condo At Dna On King West .Ground Floor Terraced Unit With 9′ Ceilings Facing Quite Inner Court Yard. Spa Style Bathroom With Rain Shower, Frosted Glass Tub Enclosure, Granite Counter Tops In Kitchen And Bathroom, Movable Kitchen Island With Granite Countertop,Ss Fridge, Ss Gas Stove, Ss Microwave, Ss Dishwasher, Natural Gas Bbq Hookup On Terrace. Gym, Party Room, Roof Deck, Close To 24 Hour Metro And Restaurant

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

Fill in the form below for a list of condos For Sale or Rent sent to your email.

RIGHT AT HOME REALTY INC., BROKERAGE  905-565-9200