Showing posts with label Toronto. Show all posts
Showing posts with label Toronto. Show all posts
Monday, July 11, 2011
Home buying affordability remains in a record strong range
Affordability in new home purchases remains very low compared to historic trends. Take a look at this chart as prepared by the Toronto Real Estate Board for January, 2013.
Tuesday, December 14, 2010
Energetic Resale Market in the Toronto Area Drives Sale Prices Up 5%
An energetic resale market in the Toronto area has succeeded in driving selling prices up 5%.
According to recently released November statistics from the Toronto Real Estate Board(TREB) there were 6,510 sales in November, which is a 13% decline from November 2009’s record levels. The year-over-year sales drop was mirrored by a dip in new listings, indicating that the market was adequately tight to promote continued price growth. The average selling price in November was $438,030--up 5% from November 2009.
When compared to last year’s record-breaking statistics, the actual number of transactions continued to be lower in comparison. However, there are still indications that existing home sales since July are robust. For the last four months, there has been a consistent seasonally adjusted annual rate of sales, from the July low of 67,900 to 88,100 in November.
"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.
“Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area,” continued Johnston.
The average selling price for November transactions was $438,030 - up five % compared to November 2009.
"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB’s Senior Manager of Market Analysis.
According to recently released November statistics from the Toronto Real Estate Board(TREB) there were 6,510 sales in November, which is a 13% decline from November 2009’s record levels. The year-over-year sales drop was mirrored by a dip in new listings, indicating that the market was adequately tight to promote continued price growth. The average selling price in November was $438,030--up 5% from November 2009.
When compared to last year’s record-breaking statistics, the actual number of transactions continued to be lower in comparison. However, there are still indications that existing home sales since July are robust. For the last four months, there has been a consistent seasonally adjusted annual rate of sales, from the July low of 67,900 to 88,100 in November.
"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.
“Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area,” continued Johnston.
The average selling price for November transactions was $438,030 - up five % compared to November 2009.
"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Will We See The End of Land Transfer Tax in Toronto?
Toronto builders and realtors are waiting to see if Rob Ford keeps one of his key campaign promises when he’s sworn in as mayor – to repeal the Land Transfer Tax within the first year.
But exactly how long it will take remains a hot topic.
Ford told the Toronto Real Estate Board’s annual general meeting earlier this month the decision may have to wait until after next year’s provincial election.
“You have to work with the provincial government to eliminate the land transfer tax and the provincial government will be shut down starting probably in April or May,” he told CityNews after the meeting. “So anything that has to be filtered through the provincial government might be delayed.”
TREB spokesperson Von Palmer said late Thursday night Toronto doesn’t necessarily have to filter it through the provincial government. It can impose the tax – and remove it – without any provincial amendments under the City of Toronto Act. But he confirmed Ford could be planning to ask the province to amend the actual act itself, thereby preventing a future mayor from ever re-introducing the Land Transfer Tax.
Ford could also make the decision to repeal the tax retroactive. “This could be a helpful move especially if there is repeal of the tax to minimize any impact on the market,” Palmer explained, in an email to PropertyWire.ca.
Political observers say Ontario Premier Dalton McGuinty may also be more motivated to help remove the tax after this week’s municipal elections. Voters seemed to endorse change in Ford’s overwhelming victory, and Liberals fear that could spill over into next year’s provincial election.
The longer the decision takes, the more money adds up in city bank accounts. Officials confirmed the Land Transfer Tax brought in $183 million for Toronto in 2009.
The tax adds about $3,725 to the cost of a $400,000 home in Toronto.
What are your feelings about Rob Ford setting his sights on the land transfer tax - was it an empty election promise or will this change be coming before you know it?
But exactly how long it will take remains a hot topic.
Ford told the Toronto Real Estate Board’s annual general meeting earlier this month the decision may have to wait until after next year’s provincial election.
“You have to work with the provincial government to eliminate the land transfer tax and the provincial government will be shut down starting probably in April or May,” he told CityNews after the meeting. “So anything that has to be filtered through the provincial government might be delayed.”
TREB spokesperson Von Palmer said late Thursday night Toronto doesn’t necessarily have to filter it through the provincial government. It can impose the tax – and remove it – without any provincial amendments under the City of Toronto Act. But he confirmed Ford could be planning to ask the province to amend the actual act itself, thereby preventing a future mayor from ever re-introducing the Land Transfer Tax.
Ford could also make the decision to repeal the tax retroactive. “This could be a helpful move especially if there is repeal of the tax to minimize any impact on the market,” Palmer explained, in an email to PropertyWire.ca.
Political observers say Ontario Premier Dalton McGuinty may also be more motivated to help remove the tax after this week’s municipal elections. Voters seemed to endorse change in Ford’s overwhelming victory, and Liberals fear that could spill over into next year’s provincial election.
The longer the decision takes, the more money adds up in city bank accounts. Officials confirmed the Land Transfer Tax brought in $183 million for Toronto in 2009.
The tax adds about $3,725 to the cost of a $400,000 home in Toronto.
What are your feelings about Rob Ford setting his sights on the land transfer tax - was it an empty election promise or will this change be coming before you know it?
Tuesday, August 10, 2010
You Asked RE/MAX!
Have you ever had a question that was burning you? Want it answered? Well now RE/MAX Professionals is adding that opportunity for you.
You Asked RE/MAX is a blog designed for answers to your questions on real estate matters. Give it a try?
You Asked RE/MAX is a blog designed for answers to your questions on real estate matters. Give it a try?
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