By: Thomas Cook

URGENT - Important Costly Changes to Toronto LTT

URGENT - Important Costly Changes to Toronto LTT

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. Click here to see the detailed City of Toronto Notice on the "original" proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below). Status 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 ...Read More

By: Thomas Cook

Insights From A Recent 
Toronto Home Buyer's Survey

Insights From A Recent <br />
Toronto Home Buyer's Survey

IPSOS Surveyed 1000 Purchasers For Their Feelings And Opinions In November 2016, Ipsos undertook a survey of existing homeowners in the GTA on behalf of the Toronto Real Estate Board (TREB). Of the 2,500 households surveyed, 1,000 had purchased a home in the previous 12 months. These 1,000 households were considered the “recent buyers” for the purposes of producing a 2016 recent buyer profile for this report.    This profile is summarized in the following points:    • On average, recent home buyers reported a purchase price of $672,023, which falls within the range of a typical home price for 2016, as measured by the MLS® HPI Composite Benchmark Pri...Read More

By: Thomas Cook

Guess what condo sales did in January

Guess what condo sales did in January

Sales were up dramatically for January compared to last year with 5,188 houses and condominiums changing hands in all the districts. Sales were actually up 17% above the last 6-year monthly average. Condo townhouse and high-rise suites took a 38.4% share of the market with 1,992 units being sold.  This percentage of the overall market is a new record for January. The January average sale price for all GTA homes came in at a record breaking $770,745 – a significant 22.3% higher than last year. Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand. The active listing inventory is one of the strongest indicators of h...Read More

By: Thomas Cook

Federal Government Has Perks For First-Time Home Buyers

Federal Government Has Perks For First-Time Home Buyers

There's an excellent program from the Federal Government to help 1st-time buyers here in Toronto. The best news for first time buyers is the size of the withdrawal amount that you can make from an RRSP when buying a house or a condominium.   The federal budget has recently increased the withdrawal limit for first-time homebuyers using the Homebuyer's Plan to $25,000 per individual qualified 1st-time buyer. That means that a qualifying couple could use up to $50,000 total from their RRSP, tax-free, towards their down payment or closing costs. Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the y...Read More

By: Thomas Cook

Available Condo Rentals In Toronto Tightening

Available Condo Rentals In Toronto Tightening

There were 5.8 per cent fewer condominium rental transactions in the fourth quarter of 2016 compared to the same time in 2015 – but according to the Toronto Real Estate Board, this is due to a tightening supply and not a decline in demand.   “We have talked a lot over the past year about a lack of inventory for ownership housing,” said the president of the Toronto Real Estate Board, Larry Cerqua, in a press release. “What is less well known is the fact that rental market conditions also tightened over the past year. Competition between renters has increased, leading to very strong year-over-year growth in average rents.”   The average rent for a one-be...Read More

By: Thomas Cook

Ontario First Time Home Buyer Rebate Doubled

Ontario First Time Home Buyer Rebate Doubled

As of January 1, 2017, a first-time home buyer in Ontario will be eligible for an up to $4,000 Land Transfer Tax rebate – up from the previous $2,000.   This means that no Province of Ontario Land Transfer Tax is paid on the first $368,000 of the purchase price of a home.   Whether you’ll use the rebate to pay down your mortgage, renovate your bathroom, purchase new appliances or pay your closing costs, the rebate is sure to be great news for first-time home buyers.   To qualify:   You must be at least 18 years old You (and your spouse) are buying your first home  This home will be your principal residence You are a permanent resident of Canada or C...Read More

By: Thomas Cook

New Mortgage Rules Delaying First-Time Buyers In Ontario

New Mortgage Rules Delaying First-Time Buyers In Ontario

The Ontario Real Estate Association has released the results of its most recent semi-annual Home Ownership Index, finding that the new mortgage rules introduced in October that puts a higher mortgage interest rate on buyers who have a down payment under 20% will delay home ownership for almost half of the first-time buyers in Ontario.   “Our survey indicates that the new stress test will have a negative impact on first-time buyers’ ability to buy a home,” said the CEO of the Ontario Real Estate Association, Tim Hudak, in a press release. “It’s important to remember who’s being affected by measures that curb housing demand – a young family lookin...Read More

By: Thomas Cook

When (or how) will it end… or at least slow down?

When (or how) will it end… or at least slow down?

Sales were up dramatically for December compared to last year with 5,338 houses and condominiums changing hands in all the districts. Sales were actually up 23% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a 39.4% share of the market with 2,101 units being sold.  This percentage of the overall market is a bit above average for November.   The December average sale price for all GTA homes came in at a record breaking $730,472 – a significant 20% higher than last year.   Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.   The active listing inventory is one ...Read More

By: Thomas Cook

Moving To A New Home With Children

Moving To A New Home With Children

It’s easy, as an adult, to see all of the positive and exciting aspects of moving to a new house – maybe it’s bigger and you have more space - maybe you’ll finally have that home office you’ve always wanted. Perhaps it’s closer to work and you won’t have to endure a grueling commute any more, or it’s in a great neighbourhood close to many of the things you enjoy.   It’s also easy, as an adult, to not be as hung up on the downsides of moving away. You can keep in touch with friends on social media or pick up the phone, and you also have the freedom to drive wherever you’d like. It’s also likely that the people you see each...Read More

By: Thomas Cook

4 More Things To Think About When Buying A Home

4 More Things To Think About When Buying A Home

Buying a home can seem overwhelming if it’s your first time doing so. Here are four more things to consider before buying a home to help you familiarize yourself with the process, as a follow up to our previous article 4 Things to Consider When Buying A Home.   How Do Mortgages Work?   Doing a bit of extra research into mortgages and both the process of getting one and what it means to have a mortgage month-to-month is a good idea. There are different types of mortgages and multiple structures available, as well as various laws and regulations surrounding how they operate – which have changed over the last few years.   How Do You Find A Home?   Your agent will...Read More