REALTORS® Encouraged by Mayor Ford’s Re-Affirmation of Commitment to Repeal Land Transfer Tax.
Toronto, December 15, 2011 – REALTORS® are applauding Mayor Rob Ford for re-affirming his commitment to repeal the Toronto Land Transfer Tax beginning in 2012, as reported by CP24.
Mayor Ford’s comments were made during a televised interview with Stephen LeDrew, Political Specialist for CP24, which quoted the Mayor as saying that Torontonians will see “a portion of the land transfer tax gone by next year.”
“Mayor Ford deserves to be applauded for sticking to his convictions and delivering on campaign commitments. That is what Torontonians elected him to do. The Land Transfer Tax is not good for Torontonians or the City. We look forward to working with the Mayor and Council to get rid of this unfair tax,” said Richard Silver, President of the Toronto Real Estate Board (TREB).
A recent poll conducted by Ipsos Reid, for TREB, indicated that 65 per cent of Torontonians continue to support Mayor Ford’s commitment to repeal the Toronto Land Transfer Tax.
“Torontonians understand that the Land Transfer Tax is not part of the solution to the City’s financial challenges; it is part of the problem. It unfairly forces home buyers and business owners to pay more than their fair share, costing the average Toronto home buyer more than $6,000 every time they move; it is an unpredictable revenue stream that goes up and down with the real estate market; and it makes the City less competitive than other GTA municipalities,” said Silver.
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Media Inquiries: Mary Gallagher, Senior Manager Public Affairs (416) 443-8158 maryg@trebnet.com
30 - 1400 Don Mills Road Toronto ON M3B 3N1
NEWS RELEASE
Sunday, December 18, 2011
Thursday, December 15, 2011
Toronto House Prices Hit New Record!
Toronto house prices hit new record
December 15, 2011
Susan Pigg
A sold sign sits on the corner of Toronto's Manning Ave. and Ulster St.
Tara Walton/Toronto Star
The Toronto housing market slipped back into sellers’ territory in November, helping propel prices even higher to a record average of $481,305.
That’s a 2.1 per cent increase from October and, when adjusted for seasonal fluctuations, almost 10 per cent more than the average GTA home was worth a year ago, according to figures released Thursday by the Canadian Real Estate Association.
In fact, November sales across Canada were 7 per cent above the 10-year average for the month, resulting in the fourth highest level of sales on record for what’s typically the slow season, CREA noted.
While no one is uttering the dreaded B-word — bubble — as did Britain’s venerable magazine The Economist when it recently warned Canada’s housing market may be 25 per cent overvalued, the warning is clearly of concern among the country’s housing experts.
“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” say CREA’s chief economist Gregory Klump.
“That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”
A record November of sales in Halifax-Dartmouth, up a seasonally adjusted 34.7 per cent, helped offset a 10.5 per cent decline in sales in Toronto where 7,773 homes changed homes.
New listings across the GTA were down 4.4 in November while prices climbed by 9.7 per cent.
Despite economic turmoil in the rest of the world, Canadians continue to see real estate as a sure thing: A total of 432,048 homes have traded hands across Canada between January and the end of November, up 2.1 per cent from the same period last year, CREA says.
December 15, 2011
Susan Pigg
A sold sign sits on the corner of Toronto's Manning Ave. and Ulster St.
Tara Walton/Toronto Star
The Toronto housing market slipped back into sellers’ territory in November, helping propel prices even higher to a record average of $481,305.
That’s a 2.1 per cent increase from October and, when adjusted for seasonal fluctuations, almost 10 per cent more than the average GTA home was worth a year ago, according to figures released Thursday by the Canadian Real Estate Association.
In fact, November sales across Canada were 7 per cent above the 10-year average for the month, resulting in the fourth highest level of sales on record for what’s typically the slow season, CREA noted.
While no one is uttering the dreaded B-word — bubble — as did Britain’s venerable magazine The Economist when it recently warned Canada’s housing market may be 25 per cent overvalued, the warning is clearly of concern among the country’s housing experts.
“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” say CREA’s chief economist Gregory Klump.
“That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”
A record November of sales in Halifax-Dartmouth, up a seasonally adjusted 34.7 per cent, helped offset a 10.5 per cent decline in sales in Toronto where 7,773 homes changed homes.
New listings across the GTA were down 4.4 in November while prices climbed by 9.7 per cent.
Despite economic turmoil in the rest of the world, Canadians continue to see real estate as a sure thing: A total of 432,048 homes have traded hands across Canada between January and the end of November, up 2.1 per cent from the same period last year, CREA says.
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