Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

Why BC’s tax on foreign homebuyers may make Toronto’s market even hotter
Next month, foreign nationals and foreign corporations will be charged a 15 per cent property transfer tax on residential real estate purchases in Metro Vancouver, and this could drive Toronto home prices higher as these buyers turn to markets without such a levy, a new TD Bank report suggests.

Ontario looking ‘very closely’ at B.C. tax aimed at foreign homebuyers
It’s important to consider that any policies introduced to cool down Toronto’s hot real estate sector could have effects on other parts of the province that aren’t seeing the same problem. BMO chief economist Douglas Porter has urged the Ontario government to follow B.C.’s move, given that single detached houses in the Greater Toronto Area have jumped almost 20 per cent year-over-year. Also read “Details on B.C.’s proposed to new 15 per cent tax on foreign home buyers“.

Prices of new GTA low-rise homes have doubled since 2006, and builders are using this stat to show why
“The price of low-rise homes has grown exponentially as supply has dropped,” says Michelle Noble. “Supply of new low-rise homes has declined dramatically in the last 10 years due to government policy and lack of available serviced land.” Nowhere is supply more limited than in the detached-home category. Throughout the entire GTA, 1,002 new detached homes were available for an average price of $1,061,388. There were 10,823 a decade earlier, with average prices at the time running at $442,420.

B.C. to bring in a 15 per cent additional real estate tax on foreign buyers
The government says the additional tax will take effect Aug. 2 and will apply to foreign buyers registering the purchase of residential homes in Metro Vancouver, excluding treaty lands in the Tsawwassen First Nation. De Jong says the additional tax on a $2-million home would amount to $300,000.

Low-rise homes record impressive 10-year performance
The average price of a low-rise home in the Greater Toronto has more than doubled since 2006, according to the Building Industry and Land Development Association (BILD). The average price in June 2016 was $887,543, up from $393,398 ten years ago.

The Competition Tribunal decision: Much ado about nothing?
The long-awaited decision of the Competition Tribunal concerning the dispute between the Competition Bureau and the Toronto Real Estate Board was released early in June. Here’s what you need to know.

Disclosing a death prior to selling
Events such as suicide or murder – and even claims of hauntings – are considered stigmas and do not impact the actual value of a property. In these cases, sellers aren’t required to disclose the details. “It is the buyers’ responsibility to ask questions about any personal considerations that could affect their enjoyment of a property,” Clee wrote. “As stated in Summach v. Allen: … ‘to allow defects to be determined by individual preferences would open the floodgates of litigation by remorseful purchasers and create an impossible standard of disclosure for vendors.’”

Canada’s Hottest Housing Markets Still Skewing National Numbers
“While national sales activity remains strong, there are still significant differences in housing market trends across Canada,” says CREA President Cliff Iverson. “While home sales activity and price growth are running strong in B.C. and Ontario, they remain subdued in other markets where homebuyers are cautious and uncertain about the outlook for their local economy.”

TREB releases Q2 Condo Sales Numbers
The average selling price of a condominium apartment in Q2 2016 was $415,326 – up 7.1 per cent compared to Q2 2015. The MLS® Home Price Index apartment benchmark price was up by a similar 7.9 per cent at the end of June.

New housing price index shows largest monthly increase since July 2007
Statistics Canada says its new housing price index gained 0.7 per cent in May, its largest monthly increase since July 2007.

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