This week’s top real estate news in Ontario and how your real estate business could be affected.
Home Prices Up Over 50% In GTA’s Hottest Neighbourhoods
Rural Markham tops the list at 77%, the top 5 neighbourhoods have appreciated more than 50% year over year while the bottom five have appreciated in the 44-47% range. Five out of the top ten neighbourhoods are in Markham, four are in Toronto and one is in Oshawa.
Ontario gives rebates to first-time buyers, penalizes wealthy and leaves out foreigners
First-time homebuyers’ break on the land transfer tax will double under a new proposal by the Ontario government, but wealthy purchasers will pay the price once new land transfer rules come into effect Jan. 1, 2017. Absent from changes announced Monday to land transfer fees in the country’s most populous province is any mention of an increase in the amount charged to foreign buyers, who now face an additional 15 per cent tax in Vancouver.
Toronto making a big push for more laneway housing
Ward 32 Councillor Mary-Margaret McMahon and Ward 18 Councillor Ana Bailão are working together on bringing laneway suites to Toronto. These are detached units located behind more traditional properties and help to transform empty or underused spaces, such as a garage, shed or parking pad.
Canadian Real Estate Association says home sales hit record last month
There were 42,473 residential properties sold last month through the association’s Multiple Listing Service, up two per cent year-over-year. Sales were up from October 2015 levels in about 60 per cent of all Canadian markets, with gains in the Greater Toronto Area and surrounding communities, though that was offset by declines in B.C.’s Lower Mainland. The actual national average price for a home sold in October was $481,994, up 5.9 per cent compared with a year ago. Excluding Greater Vancouver and Greater Toronto, the average price was $361,012.
Demand For Detached Homes In Toronto Up 27% From Last Year
Detached homes in Toronto got a little bit further out of reach in October. According to the Toronto Real Estate Board (TREB)’s latest numbers, prices rose, they’re selling above ask, and demand for them was much higher than last year at this time.
What economists say about Ontario offering bigger tax rebates to first-time homebuyers
Prominent economists are weighing in on Ontario Finance Minister Charles Sousa’s announcement today that the province plans to rise the maximum land transfer tax rebate for first-time homebuyers to $4,000, up from its current $2,000 level.
What’s in store for Canadian real estate in 2017?
We have the answers to all your investment questions in our Property Forecast Guide — the industry’s very own crystal ball, which will appear in the January issue of CREW.
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Upcoming Realty Point Seminars
- Realty Point Annual Celebration
Sunday, December 11, 2016 at the Capitol Banquet Centre in Mississauga (6435 Dixie Road, Mississauga, ON, L5T1X4)
All Realty Point agents are invited. Please contact your brokerage office for information- Buffet dinner
- Entertainment & Music
- Realty Point Sales Award Presentation
- Networking & Mini-trade show
- Prizes, prizes prizes and a grand prize of an all-inclusive trip for two to the Dominican Republic
Login to your Agent Dashboard to register now. Tickets are extremely limited. Guaranteed registration ends Friday November 18 at 3:00pm.
Please ensure the office has your up-to-date sales to be considered for the Realty Point Sales Awards by November 15th, 2016. - Agent Training Webinars
New Agent training courses have been added and scheduled for you on Tuesdays at 11:00am and Thursdays at 7:00pm. Regular topics include using the Agent CRM and learning how to create a website in your Agent Dashboard. These webinars are available online only, for more information and to register please login to your Agent Dashboard and visit the Office Events Section.
More information about upcoming seminars and to register visit this page.
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