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

Foreign ownership of condos down in big cities: CMHC
A report by CMHC says foreign ownership of condominiums in some of Canada’s largest cities has moved lower compared with last year. Foreign ownership was the highest in Vancouver and Toronto at 2.2 per cent and 2.3 per cent, respectively. However, that was down from 3.5 per cent in Vancouver and 3.3 per cent in Toronto in 2015.

Ontario to increase land transfer tax rates
Ontario is increasing land transfer tax (LTT) rates on all types of real property for the first time since 1989. This change would be effective January 2017. Recently, the province’s Bill 70, The Building Ontario Up for Everyone Act (Budget Measures), 2016, received first reading on November 16, and highlights several changes to the Land Transfer Act (LTTA). For commercial, industrial and multi-residential properties, the tax rate will increase from 1.5 per cent to 2 per cent, for the portion of the consideration above $400,000. Due to a grandfathering clause, this hike would not apply to agreements of purchase and sale on or before November 14, 2016. For one or two single-family residences, a tax rate would increase from 2 per cent to 2.5 per cent on the portion of the value of consideration above $2 million.

Toronto Condo Inventory Disappearing Over 60% Faster Than Last Year
TREB recorded an average selling price of $359,451 for a suburban condo. In the 416, the average price was $459,199. Both areas appreciated at an annual rate of 12.9%.

Why new GTA low-rise home prices fell $54,702 in October
The drop is a result of the mix of new homes that builders made available for buyers, says the Building Industry and Land Development Association (BILD), a development industry group that releases monthly data from Altus Group. “Builders brought more semi-detached homes and townhomes to market in October than in previous months, and they are smaller and more affordable than single-detached homes,” says Bryan Tuckey, president and CEO of BILD, in a news release.

Here are the top buyer’s and seller’s real estate markets in Canada
At 103.73 per cent, Cambridge — about an hour and a half from Toronto via Highway 401 — boasts Canada’s highest sales-to-new listings ratio, widely considered a gauge of whether a market is balanced, or is in either buyer’s or seller’s territory. The ratio, expressed as a percentage, is calculated by dividing the number of sales in a given month by the number of listings that appeared on the market during that same period. A ratio between 40 and 60 per cent suggests a balanced market, while anything above indicates a seller’s market. Last month, the 10 highest ratios (including Cambridge’s) were in Ontario. The others were Guelph and Woodstock-Ingersoll, both with ratios in the low 90s, as well as Northhumberland Hills, Kitchener-Waterloo, Kawartha Lakes, Oakville-Milton, Hamilton Burlington, Niagara Falls-Fort Erie, and Welland, which ranged from the high to low 80s.

Vancouver approves empty homes tax
Most Vancouver homeowners, including snowbirds, will not have to pay the Empty Homes Tax. Principal residences — whether of the registered owner or his/her family member— are not subject to the tax, nor are properties that are rented for six months of the year or more, in periods of at least 30 consecutive days.

Going to extremes to sell a house: How far is too far?
Forget the Tim’s gift cards, Air Miles and freshly baked cookies at open houses. Real estate agents are going to extreme lengths to sell homes. Sleepovers are becoming a popular trend. Giving a prospective buyer the chance to spend a night in a house they are debating purchasing gives them an authentic feel for what it would be like to live there. A bottle of wine and a box of snacks make the night even better. Touring a home for an hour or two and taking photos is great but nothing beats sleeping in a place to get a true picture. This is the ultimate “try before you buy” example.

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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.
  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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