Anyone interested in becoming a landlord in Ontario could learn some lessons from a recent court case which demonstrates how an unscrupulous tenant was able to live rent-free for 18 months.
Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
Agent Disciplined ~ No Home Inspection Condition
Agent Disciplined ~ No Home Inspection Condition: The Liability of an Agent for Failure to Recommend a Home Inspection Condition in the Offer Recently, the Court of Queen’s Bench in Ne ...
IMPORTANT Changes to Toronto LTT APPROVED - Effective March 1, 2017
February 16, 2017 -- City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.
The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:
The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:
February 2017 Newsletter
February 2017
Dear Friend,
With the sale of 5,188 homes, January 2017 became the most active January in the history of the Toronto real estate board, just outselling January 2007’s 5,175 sales and January 2008’s 5,075 sales.
It’s no surprise that the annual rates of sales growth were higher for condominium apartments than for low-rise home types. As prices continue to increase and first time buyers (estimated to account for half of the sales) can no longer afford low rise type homes, it’s natural that they turn to condominiums as well as those communities outside of Toronto where prices are more reasonable. We have already seen and will continue to see price increases in those “bedroom communities” an hour outside of Toronto
The big challenge continues to be low inventory. The demand is so strong that homes are snapped up as they hit the market. Unfortunately, there does not appear to be an end in sight to this trend.
A strong economy, large immigration, international investors and job seekers from other provinces all put pressure on the real estate market, and that means prices will continue to increase.
It truly is a difficult market for buyers as they scramble to buy something affordable as prices continue to escalate. More than ever before, it’s critical to have a full time, experienced professional looking after your real estate needs. With every house experiencing multiple offers and bidding wars, it’s simply not enough to just throw in an offer. There is a lot more that goes into looking after the best needs of your client, proper research and consultation to know what price to offer in a constant changing market. That is where my expertise comes in.
Give me a call if you are considering purchasing or know of a friend who is, and I will put my experience and expertise to work for you.
Have a great February,
Your Friend in Real Estate.
Steven Maislin, Broker, IRES, ABR, SRS, SRESText/Cell: 416-518-7701
Office: 416-782-8882
Direct: 416-410-6000
1-800-567-LIST (5478)
Steven@Maislin.com
Office: 416-782-8882
Direct: 416-410-6000
1-800-567-LIST (5478)
Steven@Maislin.com
RE/MAX Realtron Realty Inc., Brokerage
Toronto, Ontario, Canada
The Toronto Real Estate Board is warning against a Vancouver-style tax on offshore home purchasers.
Don't blame overseas investors for the high price of housing in the Toronto area, says the Toronto Real Estate Board (TREB).
The board is releasing new research Tuesday showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year involved foreign buyers.
More than half of those foreign buyers were purchasing homes for themselves or to house family members, according to a November Ipsos survey of TREB agents, who acted on behalf of those buyers.
About 25 per cent of the homes purchased by non-Canadians were bought as rental investments.
Related: Housing conditions problematic in several Canadian cities including Toronto, CMHC says
Vancouver Real Estate Board releases 2016 home sales figures
Toronto house prices climb more than 22 per cent
The data suggests that a foreign buyer tax such as the 15 per cent implemented in Vancouver last summer would be misguided, says TREB.
A similar tax here could have "unintended consequences" — potentially pushing up prices in communities outside the Toronto area where there is no such tax. It could also further reduce the tight supply of rentals and discourage immigration to the area, said the board.
The survey also found that fewer than 2 per cent of TREB realtors had acted in a sale in the Toronto area that was pushed east by the Vancouver tax.
The cost of a home in the Toronto region is expected to rise substantially — between 10 and 16 per cent — again this year.
That would mean the average price of a home in December of $730,472 would grow to $825,000 on average this year.
That cost was up 20 per cent in December over the same month in 2015.
"Detached and semi-detached houses and townhouses will experience the strongest annual rates of price growth, but the condominium apartment market segment will remain tight as well," said a TREB press release.
An Ipsos survey of home buyers found the average purchaser expects to put down 27.6 per cent on a home this year, with first-time buyers expected to put about 24 per cent down on their purchase.
While fewer consumers are expected to buy a home this year than was indicated in the previous survey, the number of first-timers expecting to enter the market increased slightly to 53 per cent from 49 per cent.
Buyers indicated they are using various sources for down payments including savings, RRSPs, gifts from family and equity from their existing homes.
TREB said it expects a third consecutive year of more than 100,000 sales forecast but with slightly fewer this year.
The lack of supply will be the biggest impediment to those wanting to get into the market, said TREB officials.
"Active listings at the end of December were at their lowest point since before 2000. It is unlikely that the shortage of listings will improve to any great degree over the next year," said Jason Mercer, the board's director of market analysis.
TREB is also expected to release research on Tuesday showing that home values will rise as much as 12 per cent depending on their proximity to GO Transit's Regional Express Rail improvements that are expected to provide 15-minute, two-way service in many areas. © Copyright Toronto Star Newspapers Ltd. 1996 - 2017
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