The latest mortgage rule changes have failed to slow the blistering pace of home sales, according to numbers released Friday and they may have actually pushed prices higher in parts of the GTA that are still considered affordable, realtors say.
On November 14, 2016, as part of its fall fiscal update, the Government of Ontario announced a number of changes to the Land Transfer Tax ("LTT"). These changes are intended to modernize the LTT and to make housing more affordable for new home buyers. As discussed in greater detail below, the changes involve increases in the LTT rates on transfers of certain categories of property, and an enhanced first-time homebuyer's refund for eligible first-time homebuyers.
End of year usually means gathering up all of your receipts and making sure you take all of your permitted tax deductions. If you or your clients have purchased a new home or condominium in the past two years, you may have an HST rebate coming to you.
Earlier this month the Toronto Real Estate Board announced that the average price of a detached home in the 905 region was up 29.4% year over year. But as any good math student knows, if the average in the GTA is up 29.4% that means there must be quite a few neighbourhoods that are appreciating at a much faster rate than this.
Trying to become a first-time homebuyer in the Greater Toronto Area's red-hot real estate market has been one of the most challenging experiences of my life. It's become clear to us that getting a house in this market requires a lot of patience and a bit of luck.
Canadian households' debt load has surpassed the nation's economic output for the first time in history, as credit-market debt (including mortgages) swelled to 167.6 per cent of income during the second quarter of the year.
The cost of owning a home goes well beyond the price you paid for the house itself. When something breaks, you have to fix it, and those repairs can be costly. You can’t foresee or avoid every home repair, but some regular maintenance can save you hundreds—maybe thousands—on some of these big ones.
Legal fees, disbursements, discharging the current mortgage, capital gains taxes… selling a home often comes with an abundance of seemingly never-ending costs that can send your stress levels soaring, lighten up your wallet and often make you wonder why you thought selling was even a good idea in the first place. It’s no wonder more and more people are looking to save a few bucks when it comes to one of the most expensive costs—realtor fees.
Ontario may be home to one of the hottest real estate markets in the country, but that doesn’t mean residents are particularly real estate-savvy. If you’re not well-informed, you could end up with some serious regret when buying or selling your home.
During the financial crisis in 2008, Canadian banks were the envy of the world. So well regulated, our schedule A banks steered clear of the sub-prime mortgage crisis that led to the collapse of Lehman Brothers and almost took down the American economy. Others did much of the same. The U.K. had a similar meltdown with giant Bank of Scotland needing government bailout funds to stay in business.
Soaring housing prices in Toronto have forced some home buyers to look for more affordable alternatives to the conventional detached home, but prices for one type of dwelling may be on the same boat.
RE/MAX Hallmark York Group Realty Ltd., Brokerage
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