All Reports are Courtesy of: 
Balance returns to recreational property markets across Canada this year, says RE/MAX
Mississauga, ON (June 10, 2008) -- After an extended period of extraordinary growth, more balanced market conditions have emerged in recreational property markets across the country, according to a report released today by RE/MAX. Full report details at www.remax-oa.com!
 Residential real estate markets across Canada post solid gains over past decade, says RE/MAX
(February 21, 2008) - Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released today by RE/MAX. Full report details at www.remax-oa.com!
Condominium appreciation outpaces single-detached housing values in key GTA districts in 2007, says RE/MAX
Mississauga, Ontario (January 23, 2008) – Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end. Full report details at www.remax-oa.com!
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Announcements
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New real estate restrictions kick in
New laws that kick in today will trigger major changes to real-estate transactions, as part of federal efforts to battle money laundering.
Courtesy of CTV News June 23, 2008
Under the new regulations, realtors will have to collect personal information from property sellers and buyers, such as their name, address, date of birth and occupation, backed up by identification such as a driver's licence or passport.
When dealing with foreign buyers, agents in Canada will now have to hire local agents who can vouch for the identity of the buyer.
The agents will be required to hang onto that information for seven years and have it available for the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC), if needed.
The centre was established by the federal government in an effort to track suspicious property deals and prevent shady buyers from dumping large amounts of cash into property purchases.
The new regulations will be non-negotiable and buyers who are unable or unwilling to provide the required information will not be able to complete property purchases. Additionally, the agent would be required to walk away from the deal or report the buyer to FINTRAC.
In Ontario alone, 47,000 realtors will be subject to the new rules.
Over the next six months, the government will perform random spot checks on real estate transactions. But once that window closes, agents will face fines, or even jail time, if they fail to comply with the regulations.
The new requirements for realtors are part of regulatory changes that Finance Minister Jim Flaherty announced in December of last year to strengthen Canada's anti-money laundering and anti-terrorist financing regulations.
"The new regulations bring Canada's anti-money laundering and anti-terrorist financing regime in line with the international standards set by the Financial Action Task Force, a G8 created body," states a news release from FINTRAC.
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There are currently no Announcements.
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May Sales at 9,411
TORONTO - Wednesday, June 4, 2008 -- TREB Members saw 9,411 sales of single family dwellings in May, TREB President Maureen O’Neill announced today. “While off last year’s pace, a 9,000 plus sales month is certainly indicative of a healthy market,” said the President.
Prices trended upward on a year-over-year basis, with the overall average going to $398,148, up four per cent over the May 2007 figure of $382,787.
The City of Toronto experienced a three per cent increase, to $434,271 over last May’s $422,163. The 905 suburbs averaged $374,629, up five per cent over the same time last year, when the corresponding figure was $355,341.
“Furthermore, inventory has increased 15 per cent to 27,267 listings over May of 2007. This is good news for potential homebuyers as it should keep year-over-year price increases to the low single digits.”
Sales GTA-wide declined 16 per cent from May of 2007, which saw 11,146 sales, a record month. However, this overall decline masked significant regional variations.
Within the City of Toronto, sales fell 19 per cent to 3,711 from last May’s figure of 4,578. Within the 905 suburbs, on the other hand, the decline was a less pronounced 13 per cent, to 5,700 sales from last May’s figure of 6,568.
Breaking down the total, 3,626 sales were reported in TREB’s 28 West districts and averaged $377,098; 1,606 sales were reported in the 14 Central districts and averaged $528,938; 1,938 sales were reported in the 23 North districts and averaged $430,240; and 2,241 sales were reported in TREB’s 21 East districts and averaged $310,724.
Click here for the complete current issue of Market Watch. [in PDF format*] http://www.torontorealestateboard.com/consumer_info/market_news/mw2008/pdf/mw0805.pdf
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Call The One Who Is "At Your Service, Always!"
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Jacqueline Tai, Sales Representative
Office: (416) 491-4002 / Mobile: (416) 219-6066
Toll-Free: 1 (800)-387-6037
Fax: (416) 756-1267
E-Mail: jacqueline.tai@remax.net |
NEW TORONTO LAND TRANSFER TAX
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Details of Approved Toronto Land Transfer Tax
October 23, 2007 -- Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. TREB worked very hard to oppose this tax and commends the efforts of REALTORS® on this issue. TREB took a strong position to oppose this tax as unfair in principle and refused to compromise. As a direct result of this strong position, City Council was forced to make a number of amendments to the City’s original proposal, including rebates for first-time buyers, a reduced rate, and grandfathering for existing transactions.
The following is based on currently available information.
What was approved by City Council?
A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
Residential:
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0.5% of the amount of the purchase price up to and including $55,000, plus
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1% of the amount of the purchase price between $55,000 and $400,000, plus
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2% of the amount of the purchase price above $400,000
Commercial / Industrial / Etc.:
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0.5% of the amount of the purchase price up to and including $55,000, plus
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1% of the amount of the purchase price between $55,000 and $400,000, plus
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1.5% of the amount between $400,000 and $40 million, plus
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1% of the amount above $40 million
Where does this apply?
The Toronto land transfer tax only applies to transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto.
Are first time home buyers affected?
First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). Teranet will be collecting the Toronto land transfer tax for the City of Toronto. Once the City’s rebate policies are reflected in Teranet’s collection system, the rebate-eligible amount will be exempt at the time of registration. The City previously indicated that these arrangements would not be made until the “spring of 2008”, but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect. According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This means that first-time home buyers where the total Toronto land transfer tax is $3,725 (the Toronto land transfer tax payable on a home purchased for $400,000) or less, will not pay Toronto land transfer tax (see exception noted below). If your clients have concerns, they should check with their lawyer.
Who qualifies as a first-time home buyer?
According to the City of Toronto, eligibility rules for the Toronto Land Transfer Tax first-time buyer rebate will mirror provincial rules, as follows:
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The purchaser must be at least 18 years of age.
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The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.
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The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
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If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.
Are Toronto Land Transfer Tax Rebates in addition to Provincial Land Transfer Tax Rebates?
Yes. The provincial government also provides a rebate of the provincial land transfer tax for first-time buyers.
If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338.
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Province Expands Provincial Land Transfer Tax Rebate
December 13, 2007 -- The provincial government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing, something which REALTORS® have lobbied for.
Details
First-time buyers of BOTH re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
Effective for first-time buyers who enter into Agreements of Purchase and Sale AFTER December 13, 2007.
This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns.
The provincial land transfer tax rebate applies in all Ontario municipalities. In Toronto, the provincial rebate is in addition to City rebates of the Toronto Land Transfer Tax.
Further information is available by calling:
Ministry of Finance
905-433-6361
1-800-263-7965
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