Toronto Homes and Lofts
03/26/07
SALES ON TRACK!
February stays right on track
March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006.
"Sales activity has been strong to begin the year," Mrs. Mason said. "Results from the first two months show that so far 2007 is five per cent ahead of last year’s pace."
"The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home."
In Scarborough Town Centre / Woburn "E09", a jump in sales of detached homes pushed overall activity up 22 per cent compared to February 2006.
Strong condominium apartment sales in Mimico / New Toronto "W06" contributed to a 29 per cent increase in overall transactions compared to a year ago.
Central Toronto’s Davisville neighbourhood "C10" saw 20 per cent more transactions than the same month a year ago, with strong sales among most housing types.
North of Toronto in Newmarket "N07", detached homes were the most popular type as transactions increased 32 per cent compared to last February.
HOMEBUYING TAX IN TORONTO
REALTORS RAISE CONCERNS ABOUT TAXES
"Let"s call a spade a spade. A land transfer tax is a home-buying tax. It is a tax charged directly to homebuyers when they purchase a property, which is usually intended to offset costs for providing services directly related to real estate transactions. If the City intends to charge a land transfer tax just to raise additional revenue for general municipal services, is it fair to expect homebuyers to pay for services that the whole community benefits from?", said Dorothy Mason, President of the Toronto Real Estate Board.
"If the City adopts a land transfer tax, Toronto homebuyers will be faced with a double whammy of land transfer taxes - a municipal land transfer tax and a provincial land transfer tax," added Mason.
The provincial government already charges a land transfer tax on property transactions. For the average Toronto
home, according to TREB's statistics, the provincial land transfer tax payable is approximately $4200.
"If the City moves ahead with a second land transfer tax of 0.5%, as is being considered, average Toronto homebuyers could be faced with paying almost $1900 on top of the $4200 that they already have to pay for the existing provincial land transfer tax, money that could be spent on other expenses when purchasing a home such as appliances. That's an additional 45% in land transfer tax. Even a 0.1% Toronto land transfer tax would represent almost a 10% increase in land transfer taxes.
Also, with total closing costs (e.g. legal fees, land transfer tax) usually around 1.5% of a property's selling price, a 0.5% Toronto land transfer tax would represent a 33% increase in closing costs", said Mason.
TREB's letter to Mayor Miller outlined specific concerns about the impact that a second land transfer tax would have for the City.
"Mayor Miller and all of City Council should realize that forcing homebuyers to pay a second land transfer tax will have implications for the City. It will make Toronto housing less affordable, and encourage homebuyers to choose to live outside of the City, where they only have to pay the land transfer tax once. This could mean more commuting, more traffic, and environmental impacts, like smog, for the GTA", said Mason.
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NEWS
- HOMEBUYING TAX IN TORONTO
REALTORS RAISE CONCERNS ABOUT TAXES
"Let"s call a spade a spade. A land transfer tax is a home-buying tax. It is a tax charged directly to homebuyers when they purchase a property, which is usually intended to offset costs for providing services directly related to real estate transactions. If the City intends to charge a land transfer tax just to raise additional revenue for general municipal services, is it fair to expect homebuyers to pay for services that the whole community benefits from?", said Dorothy Mason, President of the Toronto Real Estate Board.
"If the City adopts a land transfer tax, Toronto homebuyers will be faced with a double whammy of land transfer taxes - a municipal land transfer tax and a provincial land transfer tax," added Mason.
The provincial government already charges a land transfer tax on property transactions. For the average Toronto
home, according to TREB's statistics, the provincial land transfer tax payable is approximately $4200."If the City moves ahead with a second land transfer tax of 0.5%, as is being considered, average Toronto homebuyers could be faced with paying almost $1900 on top of the $4200 that they already have to pay for the existing provincial land transfer tax, money that could be spent on other expenses when purchasing a home such as appliances. That's an additional 45% in land transfer tax. Even a 0.1% Toronto land transfer tax would represent almost a 10% increase in land transfer taxes.
Also, with total closing costs (e.g. legal fees, land transfer tax) usually around 1.5% of a property's selling price, a 0.5% Toronto land transfer tax would represent a 33% increase in closing costs", said Mason.TREB's letter to Mayor Miller outlined specific concerns about the impact that a second land transfer tax would have for the City.
"Mayor Miller and all of City Council should realize that forcing homebuyers to pay a second land transfer tax will have implications for the City. It will make Toronto housing less affordable, and encourage homebuyers to choose to live outside of the City, where they only have to pay the land transfer tax once. This could mean more commuting, more traffic, and environmental impacts, like smog, for the GTA", said Mason.
- SALES ON TRACK!
February stays right on track
March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006."Sales activity has been strong to begin the year," Mrs. Mason said. "Results from the first two months show that so far 2007 is five per cent ahead of last year’s pace."
"The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home."
In Scarborough Town Centre / Woburn "E09", a jump in sales of detached homes pushed overall activity up 22 per cent compared to February 2006.
Strong condominium apartment sales in Mimico / New Toronto "W06" contributed to a 29 per cent increase in overall transactions compared to a year ago.
Central Toronto’s Davisville neighbourhood "C10" saw 20 per cent more transactions than the same month a year ago, with strong sales among most housing types.
North of Toronto in Newmarket "N07", detached homes were the most popular type as transactions increased 32 per cent compared to last February.
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