E.B.Dungey Realty Ltd. Brokerage

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

March 22, 2013 –
The ancient Chinese philosopher Confucius once said, “Choose a job you love, and you will never have to work a day in your life” and for the men and women who have built careers guiding you through one of life’s most important transactions, truer words were never spoken.

Many of our city’s more than 36,000 REALTORS® set out on different career paths however, before transitioning into the real estate profession. It is so widely recognized as an attractive second career option in fact, that provincial funding is available through the Ministry of Training, Colleges and Universities to those who wish to pursue the profession’s educational requirements.

Greater Toronto REALTORs’® varied backgrounds mean that diverse skill sets are available for you to tap into throughout the course of your transaction. It is not uncommon for example, for those from the legal, information technology and financial services sectors to cross over into the real estate profession. Entrepreneurs and creative types, like home stagers and marketing executives often forge a path in real estate as well.  These professional pasts translate into specific strengths in areas like analysis, negotiation and presentation.

In a 2010 survey of Greater Toronto REALTORS® 52 per cent of respondents indicated they had achieved a university degree while a further 27 per cent had earned a college diploma. Although many such areas of study may represent steps in previous career trajectories, real estate is also increasingly being offered as a course of study at post secondary educational institutions – a reflection of the fact that the business demands a vast body of skills and knowledge.

You will find real estate related courses and programs at York University, the University of Guelph, the University of Western Ontario, Queens University, Ryerson University, and the University of Toronto. Community colleges like Seneca, Humber, Centennial, George Brown and Durham now offer courses and programs as well.

Regardless of their past academic and career accomplishments though, every person who practices real estate in Ontario is required to complete a challenging course of study set out by the profession’s regulatory body, the Real Estate Council of Ontario. Thereafter, they must also get up to speed with the many tools of the trade like the Multiple Listing Service®, the Buyer Registry Service® and office communication systems, all of which are in place to help your transaction proceed as efficiently as possible.

If you are planning on buying or selling a home in the coming months consult with family, friends and colleagues for referrals to their preferred REALTORS® and take the time to ensure that your REALTOR’s® strengths correspond with your priorities. By sharing your values and goals with the REALTOR® you choose, you will lay the foundation for a successful outcome.

As a first step, be sure to visit TorontoRealEstateBoard.com where you will find a wealth of information including market updates, plain language explanations of commonly used real estate forms and details of government programs that may benefit you.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 36,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

Toronto Real Estate Board Says Land Transfer Tax Should Be Scrapped, Not Capped

TORONTO, March 20, 2013 – In light of a
proposal to cap the Toronto Land Transfer Tax, being considered by the City of
Toronto’s Executive Committee today, the Toronto Real Estate Board (TREB) is
restating its strong belief that this tax should be phased-out.

“The Toronto Land Transfer Tax should be
scrapped, not capped.  We are encouraged
that the Executive Committee is considering action on the Land Transfer Tax,
but, not only is capping not enough to correct the problems that this tax is
creating for our City, it could make this bad tax even worse,” said Ann Hannah,
President of the Toronto Real Estate Board.

In a letter to the Executive Committee, TREB
has pointed out that, based on reported details, the proposed capping scheme
could create considerable uncertainty for home buyers, if, as proposed,
surpluses in Land Transfer Tax revenue are dedicated for reducing the tax in
the subsequent year.  Under this
scenario, home buyers could be artificially encouraged to delay home purchases,
thus interfering with the natural operation of the real estate market.   This concern has also been articulated by
renowned municipal finance expert, Enid Slack of the University of Toronto, who
was recently quoted by the media as saying “If you want to reduce the land
transfer tax, why would you not just reduce the tax rate, and say the tax rates
are going down, so there is some certainty for taxpayers going forward? With
this method (capping), they’re not going to know what the tax rate is next
year.”

“The best approach is a phased elimination of
this tax.  The only way to truly solve
the problems that this tax is creating for our City is to get rid of it; and
with a predictable phase-out strategy, home buyers could make informed
decisions and City Council could set a reasonable schedule, which would make
market distortions unlikely, ” said Von Palmer, TREB’s Chief Government and
Public Affairs Officer.

Research has proven that municipal land
transfer taxes have a negative impact on home sales. The C.D. Howe Institute
recently released an analysis of the Toronto Land Transfer Tax, which shows
that this tax has hurt Toronto’s economy by dampening home sales by 16 per
cent.  This is supported by a recent poll
conducted by Ipsos Reid, which found that 77 per cent of GTA residents planning
to purchase a home in the next two years are more likely to purchase outside
Toronto specifically to avoid paying the Toronto Land Transfer Tax.  This poll also found that nearly seven in ten
Torontonians, 68 per cent, support plans to eliminate the Toronto Land Transfer
Tax.  

“Capping equals keeping. That’s not good
enough for our City and it’s not what Torontonians want. The public has
repeatedly made it clear that they want the Land Transfer Tax scrapped,” said
Palmer.

For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca

For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.

Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com

Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 36,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com

Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2013/nr_LTT_no_capp_0313.htm

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

March 8, 2013 –
Perhaps you are feeling insecure about your knowledge of the financial implications of homeownership.

Homes are a major asset, and for most Canadians, represent the single largest financial investment of their lives – and most buyers must finance their purchase using some form of credit. While homeownership can be a significant source of equity over the long term, Canadians need to remain vigilant about their finances at this critical decision point in their lives.

In a recent survey commissioned by The Canadian Real Estate Association (CREA), 70 percent of young Canadians between 18 and 29 indicated a “major need” for more information about the financial implications of buying a home. This figure is particularly meaningful as many in this age group are on the cusp of buying a home for the first time, and need to make informed financial decisions about their future.

Many homeowners with locked-in rates may not feel the impact of market fluctuations until their mortgage comes due for renewal. Buying a home is always a big decision. Whether it is your first time, or your third or fourth home, it is a big investment that warrants careful financial planning and consideration.

Representing 35,000 REALTORS®, TREB recognizes members of organized real estate have an important role to play. We are homebuyers’ first line of contact, and as such, we need to continue using our knowledge and expertise of the home buying process to empower Canadians to make informed financial decisions. 

REALTORS®, and their national association CREA, have collaborated with the Financial Consumer Agency of Canada (FCAC) to develop and provide a resource for Canadians to help them more easily understand and navigate the home buying process. The Homebuyers’ Road Map* outlines the financial aspects of the home buying process as well as the importance of negotiating with lenders and utilizing government programs. Our industry’s goal is to empower Canadians with knowledge, skills and confidence to make responsible financial decisions about homeownership, one of the most significant financial and lifestyle decisions most will ever make.

*The Homebuyers’ Road Map is available free of charge on www.CREA.ca/resources.

Ann Hannah is President of the Toronto Real Estate Board,
a professional association that represents 36,000 REALTORS®
in the Greater Toronto Area.

Follow TREB on www.twitter.com/TREBhome, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel

Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

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Article source: http://www.cmhc.ca/en/corp/nero/nere/loader.cfm?csModule=security/getfile&pageid=275451