E.B.Dungey Realty Ltd. Brokerage

New Poll Shows Increasing Public Support for Phasing-Out Toronto Land Transfer Tax

TORONTO, November 25, 2013 — In light of the launch of the City of Toronto’s 2014 budget-setting process, the Toronto Real Estate Board (TREB) has released the results of new public opinion research that shows a strong majority of Torontonians, 69 percent, support a phase-out of the Toronto Land Transfer Tax, up four points from May 2013.

The poll was conducted by Ipsos Reid and found that:

• Seven in ten Torontonians, 69 percent, support a phase-out of the Toronto Land Transfer Tax.

• 30 percent of recent first-time home buyers, in Toronto, had to pay some Toronto Land Transfer because City Hall’s first-time buyer rebate is insufficient because it has not kept pace with inflation.

• 72 percent of Torontonians planning to purchase a home in the next two years are more likely to consider purchasing outside of Toronto to avoid paying the Toronto Land transfer tax.

“Torontonians overwhelmingly support a phase-out of the Toronto Land Transfer Tax. They have waited long enough. A phase-out of this unfair tax should start with the City’s 2014 budget,” said Dianne Usher, TREB President.

Toronto is the only municipality in Ontario where home buyers are forced to pay a municipal land transfer tax.  This tax costs the buyer of an average detached Toronto home $12,500, which has to be paid in full to City Hall, up front, as a closing cost, and cannot be tacked on to a mortgage. This is in addition to a similar amount payable to the Province.

“This tax penalizes growing families and retirees simply for changing their living arrangements to accommodate their new needs and priorities at a time when they can least afford it. It even forces many first-time buyers, who often struggle to save for a down payment, to pay thousands because the City’s first-time buyer rebate has not kept pace with inflation,” said Usher.  “Furthermore, because of the way the tax is structured, even someone purchasing a home priced below the City’s current average price of $564,000, is being charged the highest Land Transfer Tax rate, which kicks in on homes priced over $400,000.”

The amount that City Hall collects in Land Transfer Tax from each average re-sale home purchase has increased by 78 percent since the tax took effect in 2008, more than twice the rate of home price increases over the same time period.

“City Hall has been cashing in on the Land Transfer Tax at a rate that greatly outpaces inflation,” said Usher.

REALTORS® are also highlighting the surplus generated by the Toronto Land Transfer Tax.

“City Hall has collected over $300 million more than budgeted from the Land Transfer Tax, since it took effect in 2008. That means home buyers are being over-taxed,” said Von Palmer, TREB’s Chief Government and Public Affairs Officer.   

TREB will be participating in the City’s 2014 Budget process, and is encouraging the public to speak out against the Toronto Land Transfer Tax at www.LetsGetThisRightToronto.ca.

“We have been consistently, and loudly, speaking out on behalf of Torontonians on this issue and we will continue to do so because it is the right thing to do,” added Palmer.

These are some of the findings of an Ipsos Reid poll conducted from Oct 30^th to Nov 4^th on behalf of TREB.  For this survey a sample of 600 residents of the City of Toronto was interviewed online.  The results are accurate to within +/- 4.6 percentage points had all Torontonians been surveyed.

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 37,000 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_poll_2513.htm

GTA REALTORS® RESALE HOUSING MID-MONTH FIGURES

TORONTO, November 18, 2013 — Greater Toronto Area
REALTORS® reported 3,131 residential transactions through the TorontoMLS system
during the first two weeks of November 2013.  This result represented a 21 per cent year-over-year
increase compared to 2,582 sales reported during the same timeframe in
2012.  Over the same period, new
listings were down by more than four per cent.

“The
results for mid-November indicate that GTA households remain comfortable with
the costs of home ownership,” said Toronto Real Estate Board President
Dianne Usher.  “If not for the
persistent shortage of listings for most home types, we would likely be
experiencing an even higher level of sales as more buyers would be able to make
a deal on a home meeting their needs.”

The
average selling price for November 2013 mid-month transactions was $538,708,
representing an 11 per cent increase compared to $485,988 in 2012.

“More
buyers competing for a smaller number of listings has translated into an
accelerating pace of price growth.  This theme has been most prevalent in the low-rise market segment,
including single-detached and semi-detached houses and townhomes.  However, it is
important to note that the condominium apartment market has also become
tighter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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 37,000 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_mid_month_1113.htm

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

November 15, 2013 –
Owning a home is a good thing, not just for your financial well-being and quality of life, but also for the success of our City as a whole. It benefits our City through pride of ownership, a vibrant population, and the economic activity associated with home purchases. So, why, then, does Toronto City Hall make it tougher for you to own a home, in our great City, with its back-breaking Land Transfer Tax? Shouldn’t they be making it easier, instead of more difficult?

Toronto is the only municipality in Ontario where home buyers are forced to pay a municipal land transfer tax in addition to the provincial land transfer tax. That means that someone buying an average detached Toronto home has to pay over $25,820 in combined land transfer taxes. That’s the highest in North America. And the news gets worse: this tax has to be paid in full, up front, as a closing cost, and it can’t be tacked on to a mortgage.
What is most upsetting about the Land Transfer Tax is that it hurts people when they can least afford it. It affects people like growing families, who need to move to meet their changing needs and priorities; retirees who are making necessary changes to their living arrangements and have to sacrifice their savings; and even many first-time buyers, struggling to save for the dream of home ownership, have to pay. That’s not right.

It’s also not right that City Hall has been collecting more than budgeted from the Land Transfer Tax, every year since it has been in place. In fact, since this tax took effect, City Hall has collected over $300 million more than budgeted for it! Simply put, that means one thing: over-taxation. That surplus belongs to Toronto home buyers, including the growing families, retirees, and first-time buyers who are just trying to meet their needs. A recent poll found that, if home buyers had that money back, 56% of them would have put it towards their down payment so that they are not saddled with as much mortgage.

The amount that City Hall collects in Land Transfer Tax from each average re-sale home purchase has increased a shocking 78 percent since the tax took effect in 2008, more than twice the rate of home price increases! That means that City Hall has been milking the Land Transfer Tax at a rate that greatly outpaces inflation.

For all of these reasons, REALTORS® have consistently and loudly called for City Hall to phase-out the Toronto Land Transfer Tax. We will continue to do so, and encourage you to join us. It is expected that City Council will debate an initial cut to this unfair tax soon, but they need to hear from you to make that happen. Your voice counts! Tell City Council to do the right thing and phase out the Toronto Land Transfer Tax. You can do so quickly and easily at www.LetsGetThisRightToronto.ca.

Dianne Usher is President of the Toronto Real Estate Board, a professional association that represents 37,000 REALTORS® in the Greater Toronto Area.

Dianne Usher is President of the Toronto Real Estate Board,
a professional association that represents 37,000 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/2013/upload/2013_11_08_0815_EOT.pdf

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

November 1, 2013 –
As many analysts anticipated, 2013 has seen more moderate activity in the Greater Toronto Area resale housing market compared to the previous year, and although home values remain robust, the amount of time it takes to sell a property has increased in accordance with this year’s calmer conditions.

If you are considering selling your home in the coming months, one approach you may wish to consider prior to listing, which can help you achieve a quick and profitable outcome, is professional home staging.

While home staging does involve some upfront expenses, those who opt for this route regard the investment as preferable to undertaking a price reduction, which can come at a considerably higher cost.

One of the most significant benefits of enlisting a professional home stager is gaining an objective perspective on your space, which results in adjustments that allow potential buyers to visualize your home as their own.

If you don’t have the resources to engage professional help you can at least follow the tenets of successful home staging, the first of which involves decluttering.  Since you’ll need to pack anyway, doing so in advance is a wise step to achieve a larger, more organized looking space. While depersonalizing your home will allow others to envision it as their space, beware of a result that is too stark. 

Although neutral paint colours are preferable, a muted palate should be balanced with a pop of colour in cushions, fresh flowers or other accessories. Doing so also helps create a necessary focal point in each room. 

Be sure to dress rooms for their intended uses and keep all traffic areas clear.  If you can only undertake one task, ensure that you clean, clean and clean again.  It’s particularly important to ensure that kitchens and bathrooms sparkle, and to achieve a crisp look, invest in new towels and linens that you can enjoy at your next home as well.

Since first impressions are made before buyers even walk through the door, give some thought to enhancing your home’s curb appeal by trimming shrubs, cleaning windows and clearing the entranceway.

Remember to turn a critical eye toward imperfections that can be easily addressed such as leaky faucets, squeaky hinges and burned out bulbs.

Finally, keep in mind that more than just visual impressions factor into the decision-making process – ensure your home smells great, is well lit and has enjoyable background music during a showing, all of which help it to serve as a representation of a better lifestyle for buyers.

For more advice on how to achieve the most profitable outcome in your transaction, talk to a Greater Toronto REALTOR® and be sure to visit TorontoRealEstateBoard.com where you will find updates on market conditions, plain language explanations of commonly used real estate forms, information on government programs that may benefit you, and more.

Dianne Usher is President of the Toronto Real Estate Board,
a professional association that represents 37,000 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