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We hope your summer was a great one! It’s hard to believe that September is right around the corner, but we do hope that you were able to enjoy some time with family and friends over the summer months.
The City of Toronto is considering a 1% vacant property tax, similar to that implemented in Vancouver. This tax is very costly to administer and will do little to improve the lack of property supply we are experiencing in Toronto. We are strongly encouraging our clients to complete the City of Toronto survey found below in this newsletter. Please also get in touch with your local government officials and make your voice heard!
We expect the Fall real estate to be an active one and to be primarily driven by Sellers. All signs point to buyers waiting for the Fall market to jump back into the market. Well located condos and freehold properties are expected to sell quickly and in multiple offers.
This month be sure to enter to win two tickets to a red carpet Toronto International Film Festival Gala Premiere, review the monthly market statistics, and much more!
Alex, Elaine and Otto
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| | "Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB's MLS® System in July 2017.
This result was down by 40.4 per cent on a yearover- year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.While sales were down, the number of new listings reported were only slightly (+5.1 per cent) above last year's level."
Read More..
JULY 2017
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| | | | | | | | Rates courtesy of YourMortgageConnection.ca as of 08/21/2017 as compared with other current lenders and are subject to change without notice. *O.A.C., E.& O.E.
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| Despite sky-high property prices, millennials still driven to own homes: survey
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| | Latest survey reveals insights into the largest cohort of millennials Despite constraints of affordability and mortgage regulation, desire for homeownership remains strong |
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What do you think of a tax on vacant home? |
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| As part of the Ontario Fair Housing Plan, the Province of Ontario introduced legislation that would empower the City of Toronto to introduce a tax on vacant residential units, encourage property owners to sell unoccupied units or rent them out, and address concerns about residential units potentially being left vacant.
You can take the online survey on whether Toronto should implement a vacant homes tax. The survey will be open until Tuesday, September 5, 2017.
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ThinkTorontoHomes, Royal LePage Terrequity Platinum Realty
293 Eglinton Ave. East, Toronto, Ontario M4P 1L3 Canada www.thinktorontohomes.com | info@thinktorontohomes.com |
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