REALTORS® Call For Home Buying Tax Relief for Everyone as Toronto Budget Committee Begins to Wrap-Up Review of 2014 Budget

Author: Toronto Real Estate Admin / Category: Toronto Realtor


 

 


REALTORS Call For Home Buying Tax Relief for Everyone as Toronto Budget Committee Begins to Wrap-Up Review of 2014 Budget

 

 

TORONTO, December 19, 2013 With the City of Toronto Budget Committee beginning to wrap-up its
review of the City’s 2014 Budget today, the Toronto Real Estate Board (TREB) is
calling for City Council to move forward with providing relief from the Toronto
Home Buying Tax (Land Transfer Tax) for all home buyers, and to continue providing
dedicated relief for first-time home buyers.  TREB’s views are being echoed by thousands of Torontonians who have been
contacting City Councillors by email and other
means. 

 

“The Home Buying Tax hurts people when they can least afford
it. It penalizes people like growing families or retirees. City Council should
do its part in keeping Toronto affordable by providing relief from the Home
Buying Tax for all home buyers,” said Dianne Usher, President, Toronto Real Estate Board.

 

In recent days, published comments suggested that the City’s
Budget Committee may consider a proposal to eliminate the Land Transfer Tax on
the first $200,000-$300,000 value of a property, for all home buyers, but to
also eliminate the existing rebate that provides relief for first time home
buyers on the amount of Land Transfer Tax payable up to a $400,000 home.   If implemented, such a proposal would result
in first-time home buyers paying more Land Transfer Tax than what they
currently pay.  TREB has spoken out
against this proposal, telling the Budget Committee that all home buyers,
including first time buyers, deserve relief from the Land Transfer Tax.  In addition, TREB pointed out that first-time home buyers deserve more relief, not less,
because the current first-time buyer rebate caps out on a $400,000 home, but
the current average price of a Toronto home is approximately $570,000 and
rising.

 

“Even first-time home buyers purchasing below average
–priced properties are currently being forced to pay thousands of dollars in
Toronto Home Buying Tax.  Any proposal to
eliminate the first-time buyer rebate would make this situation worse.
First-time home buyers deserve more relief, not less,” said Von Palmer, TREB’s
Chief Government and Public Affairs Officer.

 

TREB has also pointed out to the City’s Budget Committee
that the current tax rates of the Home Buying Tax are regressive because they
force people purchasing below-average priced homes to pay the highest tax
rate.  Currently, the highest Land
Transfer Tax rate kicks in on homes priced over $400,000, considerably lower
than the City’s current average price of approximately $570,000 and rising.

 

“The Home Buying Tax has become more and more regressive as
home prices have increased, because its tax rates have not been adjusted with
inflation.  Someone purchasing a home
priced below the City’s average price is being charged the highest tax rate.
That’s not right,” said Palmer.

 

TREB is encouraging the public to visit www.LetsGetThisRightToronto.ca to tell City Council to do the right thing and phase out the Home Buying
Tax.  Thousands of Torontonians have
already done so.

Media Inquiries:

Mary Gallagher,
Senior Manager Public Affairs (416) 443-8158 maryg@trebnet.com

 

 

 

 

 

 
 

 

 

 
 
 
 

 

 

 
 

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_121913.htm

President’s Toronto SUN Column: Everyone Deserves Relief From Home Buying Tax

Author: Toronto Real Estate Admin / Category: Toronto Realtor

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

December 20, 2013
Not many good things can be said about Toronto’s Home Buying Tax, the Land Transfer Tax, but one thing that is worth mentioning is that City Hall gives first-time home buyers some relief from this unfair tax with a rebate of up to $3,725 (the amount payable on a $400,000 home).  Unfortunately, that could change if a potential proposal to eliminate this rebate is approved by City Council. 

REALTORS® have been working hard to convince City Council to start phasing out the Toronto Home Buying Tax for all home buyers.   In fact, we recently made a presentation to the City’s Budget Committee to tell them that home buyers need to be a priority in the City’s 2014 budget, and that means starting to cut the Home Buying Tax.   The Budget Committee heard this message and recently it was announced that the City’s Budget Chief intends to bring forward a proposal to cut this tax by five percent for all home buyers.  That is good news. Unfortunately, the Budget Chief also suggested that he may consider a proposal to eliminate the rebate for first-time home buyers at the same time.  That means that first-time home buyers would pay more than what they do now, even with a five percent cut in the tax. 

REALTORS® are encouraged that the City’s Budget Chief and Budget Committee are actively considering options to provide relief to home buyers from the Home Buying Tax; however, we believe strongly that all Toronto home buyers deserve relief from this hurtful tax, including first-time home buyers.

Many first time home buyers are already being forced to pay thousands of dollars in Home Buying Tax because the first-time buyer rebate has not kept pace with inflation.  Currently, this rebate caps out on a $400,000 property, but the current average price of a home in Toronto is approximately $570,000 and rising.   As a result, approximately 40 percent of first-time buyers pay some Home Buying Tax to City Hall.  Even first-time home buyers purchasing below average-priced properties are being forced to pay thousands of dollars in Toronto Home Buying Tax.  Any proposal to eliminate or reduce the first-time buyer rebate would make this situation worse. First-time home buyers deserve more relief, not less.

REALTORS® have told City Hall many times that the Home Buying Tax hurts people when they can least afford it. First-time home buyers are a perfect example of this.  Many first-time home buyers struggle to save for a down payment for that first home they are dreaming of. Every penny counts to them, and the Home Buying Tax makes that dream more difficult to achieve.

It is good news that the City’s Budget Chief is planning to bring forward a plan to cut the Home Buying Tax, but all home buyers, including first-time home buyers, should get relief. Expecting first-time home buyers to pay more tax when they can least afford it is the wrong approach. If you agree, go to www.LetsGetThisRightToronto.ca where it will take you less than a minute to make your voice heard at City Hall.

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

REALTORS® Raise Concerns Over Potential Proposals to Make First Time Home Buyers Pay More Toronto Home Buying Tax

Author: Toronto Real Estate Admin / Category: Toronto Realtor


 

 


REALTORS Raise
Concerns Over Potential Proposals to Make First Time Home Buyers Pay More Toronto
Home Buying Tax

 

TORONTO, December 11, 2013 — The Toronto Real
Estate Board(TREB) is sounding the alarm over a
potential proposal that would see first-time home buyers in Toronto paying more
Toronto Home Buying Tax (Land Transfer Tax).TREB is responding to published comments indicating that the City’s
Budget Committee may consider a proposal to eliminate the Toronto Home Buying
Tax on the first $200,000 value of a property, for all home buyers, but to also
eliminate the current rebate that relieves first-time home buyers from paying
Home Buying Tax on the first $400,000 value of a property. This potential proposal, if implemented,
would result in first-time home buyers paying more home buying tax than what
they currently pay.

 

“REALTORS are encouraged that the City’s
Budget Chief and Budget Committee are actively considering options to provide
relief, to home buyers, from the Home Buying Tax; however, we believe strongly
that all Toronto home buyers deserve relief from this hurtful tax, including
first-time home buyers,” said Dianne Usher, TREB President.

 

In a
letter to the City’s Budget Committee, TREB pointed out that many
first time
home buyers are already being forced to pay thousands of
dollars in Home Buying Tax because the first-time buyer rebate has not kept
pace with inflation. Currently, this
rebate caps out on a $400,000 property, but the current average price of a home
in Toronto is approximately $570,000, and rising. As a
result, approximately 40 percent of first-time buyers pay some Home Buying Tax
to City Hall, according to City staff reports.

 

“Even
first-time home buyers purchasing BELOW average-priced properties are being
forced to pay thousands of dollars in Toronto Home Buying tax. Any proposal to eliminate the first-time
buyer rebate would make this situation worse. First-time home buyers deserve more
relief, not less,” said
Von Palmer, TREB’s Chief Government and Public Affairs Officer.

 

“We have pointed out many times that the Home
Buying Tax hurts people when they can least afford it. First-time home buyers
are a perfect example of this. Many
first-time home buyers struggle to save for a down payment for that first home
they are dreaming of. Every penny counts to them, and the Home Buying Tax makes
that dream more difficult to achieve,” said Usher.

 

Media Inquiries:

Mary Gallagher, Senior Manager Public Affairs

(416) 443-8158 maryg@trebnet.com

 
 

 

 

 

 
 
 
 

 

 

 

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_homeBuyer_proposal_1213.htm

November 2013 Housing Starts in Toronto

Author: Toronto Real Estate Admin / Category: News Bulletin

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Article source: http://www.cmhc.ca/en/corp/nero/nere/2013/upload/2013_12_09_0815_EOT.pdf

Governments of Canada and Ontario Celebrate New Affordable Housing in Toronto

Author: Toronto Real Estate Admin / Category: News Bulletin

TORONTO, ON, November 29, 2013 — The official opening of 210 new affordable housing units for low-income seniors and people with disabilities was held today in Toronto. The project received $25.2 million in funding from the federal and provincial governments. The construction of this project created up to 525 jobs in the Toronto area.

John Carmichael, Member of Parliament for Don Valley West, on behalf of the Honourable Candice Bergen, Minister of State (Social Development); Soo Wong, Member of Provincial Parliament for Scarborough – Agincourt, on behalf of the Honourable Linda Jeffrey, Ontario’s Minister of Municipal Affairs and Housing; and Norm Kelly, Deputy Mayor and Councillor for Ward 40 – Scarborough – Agincourt made the announcement today.

“Our government remains committed to helping those who need it most. That’s why we invested in this project in Toronto, which will provide safe and affordable housing that meets the needs of seniors and persons with disabilities,” said MP Carmichael. “We remain focused on four priorities, as outlined by the Prime Minister, that Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and of course, their personal financial security.”

“The Ontario government is committed to creating a fair and prosperous society where everyone has the opportunity to connect, contribute and enjoy a high quality of life,” said MPP Wong. “Projects like Chichester Place provide residents with a beautiful, safe and secure home while at the same time creating jobs.”

“On behalf of City Council, I want to congratulate The Remington Group Inc. for developing these beautiful new affordable homes in my community for seniors and persons who are hearing impaired,” said Deputy Mayor Kelly. “This is a great example of the value of partnerships between government and the private sector.”

Located in Toronto, 8 Chichester Place is a 210 unit complex comprised of 104 one-bedroom and 85 two-bedroom apartments for low-income seniors; with 10 one-bedroom and 11 two-bedroom apartments for people with hearing disabilities. Twenty-one units have been outfitted with strobe lights to help signal fire alarms and incoming phone calls for the hearing impaired; these tenants were selected through the Bob Rumball Centre for the Deaf. The project, built by The Remington Group, received $25.2 million in funding through the Canada-Ontario Affordable Housing Program. The joint federal and provincial funding is complemented by $3 million in financial assistance from the City of Toronto.

“The Remington Group is proud to have been part of the team that created this wonderful building, with its special features for hearing impaired tenants,” said Rudy Bratty, Chair and CEO, The Remington Group Inc. “Working with the federal, provincial and municipal governments and the Bob Rumball Centre, we have been able to give something back to the community.”

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), will invest approximately $2 billion in housing. Of this amount, $1.7 billion will be spent in support of close to 594,000 households living in existing social housing. In Ontario, this represents an estimated 237,950 households. The remaining funding supports housing-related activities and affordable housing programs, including the Investment in Affordable Housing (IAH). These investments are improving the quality of life for low-income Canadians and households living in existing social housing, including individuals who are homeless or at risk of homelessness, seniors, persons with disabilities, recent immigrants and Aboriginal people. Economic Action Plan 2013 continues this commitment with a federal investment of more than $1.25 billion over five years to renew the Investment in Affordable Housing to 2019. The Government of Canada will ensure that funds provided to provinces and territories support the use of apprentices, which will support training of skilled labour. More than 146,769 households across Canada are no longer in housing need as a result of funding provided under the IAH from April 1, 2011 to June 30, 2013.

Ontario continues to build new affordable housing and repair existing units for Ontarians with housing needs. Since 2003, Ontario’s funding commitment of nearly $3 billion is the largest affordable housing program in the province’s history. Ontario is supporting the creation of over 17,000 affordable rental housing units; making more than 263,000 repairs and improvements to social and affordable housing units; and providing rental and downpayment assistance to over 81,000 households in need. The province’s Long-Term Affordable Housing Strategy sets a strong foundation for a more efficient, accessible affordable housing system in Ontario.

Affordable housing is a key component of Ontario’s Poverty Reduction Strategy. To find out more about affordable housing in Ontario, visit www.ontario.ca/housing. For more information about affordable housing in Toronto, visit www.toronto.ca/affordablehousing.

To find out more about how the Government of Canada and CMHC are working to build stronger homes and communities for all Canadians, call CMHC at 1-800-668-2642

Media inquiries:

Andrew McGrath
A/Director of Communications
Office of the Minister of State
(Social Development)
819-953-2350
andrew.mcgrath@hrsdc-rhdcc.gc.ca

Dean D’Souza
Canada Mortgage and Housing Corporation
416-250-2760
ddsouza@cmhc-schl.gc.ca

Mike Maka
Office of Minister Jeffrey
416-585-6842
Mike.maka@ontario.ca

Gil Hardy
City of Toronto
416-397-4701
ghardy@toronto.ca

Article source: http://www.cmhc.ca/en/corp/nero/nere/2013/2013-11-29-1030.cfm

GTA Commercial REALTORS® Release Monthly Figures

Author: Toronto Real Estate Admin / Category: Toronto Realtor


 

 


GTA Commercial REALTORS Release Monthly Figures

 

TORONTO, December 4, 2013In November 2013,
Toronto Real Estate Board Commercial Division Members reported an annual
increase in leased square feet in industrial, commercial/retail and office
properties.  There was a total of 630,466
square feet of space leased on a per square foot net basis in November 2013 –
up by approximately 23 per cent in comparison to 510,933 leased square feet in
November 2012.

 

Approximately 80 per cent of leased space, or
506,918 square feet, was accounted for by the industrial segment of the market
in November 2013.  This share was down
from 86 per cent in November 2012, suggesting that the mix of transactions
became slightly more diverse this year compared to last.

 

Average lease rates on a
per
square foot net basis were flat to down compared to November
2012.  Much of the change in the
commercial/retail sector was due to year-over-year differences in the location
and type of space leased, which is often the case when comparing monthly
transactions from one year to the next.

 

“In the third quarter of 2013, the Canadian
economy grew at its fastest pace since 2011.  While the rate of growth was still less than we would like to see, this
was still welcome news.  The uptick in
economic activity in the third quarter may have prompted some businesses to
lease more space,” said TREB Commercial Division Chair Cynthia Lai.

 

Combined industrial, commercial/retail and
office property sales were also up on a year-over-year basis in November
2013.  Total November sales amounted to
64 this year versus 58 in 2012.  The
industrial and commercial/retail market segments each accounted for 25 and 26
transactions respectively. The remaining 13 deals were accounted for by
the office segment.

 

Average selling prices were up considerably
on a per square foot basis compared to November 2012.  However, these increases, especially where
the commercial/retail and office segments are concerned, can almost entirely be
attributed to changes in the mix of properties sold in November 2013 compared
to November 2012.  Some relatively large
commercial/retail and office properties changed hands in the City of Toronto
last month at prices well-above the GTA norm.

 

“Looking forward, it appears that demand for
commercial real estate in the GTA remains strong.  This, coupled with the fact that interest
rates are expected to remain somewhat flat over the next year, suggests that
pricing for commercial real estate will be stable to up in 2014,” continued Ms.
Lai.

 

November 2013: Per Square Foot Net Commercial
Leasing Summary

Lease Transactions Completed on a Per
Square Foot Net Basis with Pricing Disclosed
on TorontoMLS*

Leased Square Feet

Average Lease Rate

 

Nov. 2013

Nov. 2012

% Change

 

Nov. 2013

Nov. 2012

% Change

Industrial

506,918

439,570

15.3%

Industrial

$5.25

$5.26

-0.1%

Commercial

75,834

44,662

69.8%

Commercial

$14.16

$18.65

-24.1%

Office

47,714

26,701

78.7%

Office

$14.20

$14.37

-1.2%

Total

630,466

510,933

23.4%

Source: TREB Commercial Division

November 2013: Commercial Sales Completed with
Pricing Disclosed on TorontoMLS*

Sales (Price Disclosed)

Avg. Sale Price Per Sq. Ft.
(Pricing Disclosed)

 

Nov. 2013

Nov. 2012

% Change

 

Nov. 2013

Nov. 2012

% Change

Industrial

25

23

8.7%

Industrial

$112.53

$90.57

24.2%

Commercial

26

23

13.0%

Commercial

$424.00

$236.76

79.1%

Office

13

12

8.3%

Office

$274.12

$167.86

63.3%

Total

64

58

10.3%

Source: TREB Commercial Division

 

 

 

 

 

 
 

 

 

 

 
 
 
 

 

 

 

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_comm_watch_1113.htm