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Toronto Land Transfer Tax Changes

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The City of Toronto has approved changes to the Toronto Land Transfer Taxes, increasing the costs associated with the tax. This affects those whose closing dates are on March 1st or later.

  • Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
  • Added an additional LTT of 0.5% of the value of a residential property above $2 million.
  • Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property.

 

However these changes do not affect first time buyers. Initially the First-time Home Buyers’ Rebate was increased to $4475, however after efforts by TREB first-time home buyers will not see any changes other than the following:

  • Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725.
  • Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada.

January 2017 Market Watch

In this episode of Market Watch we’re going to talk about the current state of the real estate market and how it can affect you as a buyer or seller. The Toronto Real Estate Board (TREB) released their market watch report for the month of January, and we’re seeing how the year is going to pan out. January 2017 has started off the year strong, showing a 11.8% increase in sales in comparison to January 2016. The majority of the sales were leaning towards condominium apartments, a 26.8% increase since last year, as opposed to low-rise homes.

 

With an increased demand for homes, potential home-buyers do not have the luxury of being picky when choosing their next home. However with prices increasing at a ridiculous pace, this is good news for sellers.

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As shown in the graph above, last month has shown significant improvement in the percentage of sold listings with 70.7% sales, moving  away from previous years. The average selling price in January was a result of a 22.3% climb from January of 2016, ending with an average of $770,745.

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For those who are unaware or need a refresher as to what months of inventory are, it refers to the time it would take to sell all current listings with no new listings being added. As seen in the graph above, in comparison to previous January stats, January of 2017 has had the lowest inventory we’ve seen in the past 5 years.

 

Looking at Mississauga, the average day on market (DOM) was approximately 17 days, with 1.0 months of inventory. For the City of Toronto the DOM was 20 days with 1.3 months of inventory. Both cities seeing reductions in both areas.

 

With the recurring statistics, it is becoming apparent what the nature of the market is. The main point to emphasize here is that the growth of sales has overtaken the growth of new listings. This is good news to sellers who can be confident in putting and selling your property on the market since such a high demand exists. For buyers, it means you have to act fast!  

 

However, for both parties it is important to choose the right agent; For sellers:  choose someone who can help you take advantage of the current situation and  receive the full value of your property without leaving money on the table, and for buyers: find someone who knows to strike when the iron’s hot and is able to adapt to the situation and find the right house for you.

 

Steven Ho is the ideal realtor for any client, and here’s why: In a townhouse complex, Steven sold 30% of the 9 listings available, whilst 6 separate agents sold the remaining 6 listings. The average DOM for the 6 listings was 14 days, whilst for Steven’s listings the average DOM was only 9 days.

 

In terms of sold prices, the 6 other agents sold for roughly $489,000 while Steven Ho sold for $533,000, a difference of $44,000! A significant margin that is potentially lost with other realtors which could go to the payment of your next home. Here’s another reason to go with Steven: The other agents sold their listings for 102% of the asking price, which is a fair amount to gain no doubt. However Steven outperformed the other agents once again by selling his listings for 106% of the asking price. An additional 4% on a $500,000 home is $20,000!  

 

People think all agents are the same, but different agents yield different results; picking Steven Ho will help you get the best results.

 

Source: All statistics are taken from the Toronto Real Estate Board 2017.

February’s Home Checklist


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Prevent ice and snow build up: February is a cold month, and month typically bringing in lots of snow and ice. The first thing to do?  Remove snow quickly. Prevention is better than cure and here’s why: Once snow is stepped on it is compacted which makes it harder for removal, and then could turn to ice depending on temperatures. A good way of ensuring traction in your walkways and driveways is by sprinkling gravel or wood chips.Using salt is a popular method of getting rid of ice and snow, however it has harmful effects towards plants and pets.

 


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Replace and restore:  Various components in your house essential for a fully functioning home have a limited shelf life, and some falter without your knowledge. Check on smoke and carbon monoxide detector batteries, this is important all year round however during the cold months, since everything is closed up.  Next, your fireplace. Whether you’re using a gas or wood burning fireplace (emphasis on the latter), it’s important to hire a professional who is able to not only clean it up but check up on its functionality.  

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Boost light: This is an important step to take specifically in the winter season in a country where sunshine is severely lacking. Having more light in your home will change how you fee and lift your mood. Even incorporating white decor around your house will instantly brighten any room by reflecting any light that hits it, this is another way to cheer up your surroundings during those cold winter days.


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Organize physical files and digital documents: Not a fun chore to do, we know. But by taking care of it in the beginning of the year, you have all the important files right where you want them rather than having to sift through a pointless piles of papers. Living in the digital age, we overlook our digital clutter more often than not. Making this an annual habit will bring peace of mind, especially to those who rely heavily on digital storage. If you are one of these people, then backing up your valuable documents will definitely be a step in this process.

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2016 Real Estate Market Report

In this episode of Market Watch we’re going to talk stats and how these stats can help you. The Toronto Real Estate Board (TREB) released their market watch report for 2016, and we’ve seen a significant change in the market. The first important piece of information they reported was that 2016 showed a 11.8% increase in sales in comparison to 2015. This is a rapid growth when looking back at the market activity from previous years.

The strongest growth has been seen in the condominium apartment sector followed by detached homes. The number of new listings entering the market had been rapidly increased since last year, however by the end of 2016 new listings were down by 4%l.

In December 2016 alone the number of sales were 5338, which is a 8.6% increase from December 2015, and a 20% increase for the average sales price throughout the year.

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As shown in the graph above, 2016 has shown significant improvement in the percentage of sold listings, with a record high of 86% for the month of December.

The average selling price in 2016 was result of a 17.3% climb from 2015, ending with an average of $729,922.

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For those who are unaware or need a refresher as to what months of inventory are, it refers to the time it would take to sell all current listings with no new listings being added. As seen in the graph above, 2016 has had the lowest inventory we’ve seen in the past 5 years.

In Mississauga, the average day on market (DOM) was approximately 19 days, with 1.1 months of inventory. For the City of Toronto the DOM was 21 days with 1.4 months of inventory.

So what’s the point of all this information? As a buyer or a seller it’s important to understand the different steps to take when making a transaction this year. The main point to emphasize here is that the growth of sales has overtaken the growth of new listings. This is good news to sellers who can be confident in putting and selling your property on the market since such a high demand exists. For buyers, it means you have to act fast!  

However, for both parties it is important to choose the right agent; For sellers:  choose someone who can help you receive the full value of your property without leaving money on the table, and for buyers: find someone who knows to strike when the iron’s hot. The latter is especially important since many potential buyers were disappointed with the lack of listings available to them.

Steven Ho is the ideal realtor for any client, and here’s why: In a townhouse complex, Steven sold 30% of the 9 listings available, whilst 6 separate agents sold the remaining 6 listings. The average DOM for the 6 listings was 14 days, whilst for Steven’s listings the average DOM was only 9 days.

In terms of sold prices, the 6 other agents sold for roughly $489,000 while Steven Ho sold for $533,000, a difference of $44,000! A significant margin that is potentially lost with other realtors which could go to the payment of your next home. Here’s another reason to go with Steven: The other agents sold their listings for 102% of the asking price, which is a fair amount to gain no doubt. However Steven outperformed the other agents once again by selling his listings for 106% of the asking price. An additional 4% on a $500,000 home is $20,000!  

People think all agents are the same, but different agents yield different results; picking Steven Ho will help you get the best results.

Source: All statistics are taken from the Toronto Real Estate Board 2016.