E.B.Dungey Realty Ltd. Brokerage

REALTORS Tell City Council that Proposed 2014 Budget Reliance on Land Transfer Tax Poses Risks and Call for Relief for Home Buyers

TORONTO, January 28, 2014 — With Toronto City Council meeting tomorrow to give final approval to
the City’s 2014 Budget, the Toronto Real Estate Board (TREB) is telling
Councillors that the proposed budget’s reliance on the Toronto Land Transfer
Tax poses risks and that City Council should begin cutting this tax instead.
TREB’s views are being echoed by thousands of Torontonians who have been
contacting City Councillors by email and other means. 

“Relying on an unpredictable revenue source like the Land
Transfer Tax, which fluctuates with the City’s real estate market, poses risks.  The proposed budget that City Council will be
debating relies on this unpredictable revenue more than ever before.  Torontonians deserve better than that and
City Council should be focusing on predictable budgeting options and cutting
the Land Transfer Tax, instead,” said Dianne Usher, President, Toronto Real Estate Board.

When the City’s 2014 budget process began last November,
City staff recommended budgeting $335 million in revenue from the Land Transfer
Tax for 2014, which allowed for a buffer in revenue expectations to account for
potential fluctuations in the real estate market.  Since then, the City’s Budget Committee and
Executive Committee made amendments to the proposed Budget to increase the
budgeted revenue from the Land Transfer Tax by over $20 million, exposing the
City’s budget to greater risk if real estate market trends change. In a letter
sent to City Council, TREB has warned City Councillors of this risk, and called
for City Council to cut the Land Transfer Tax instead, and focus on predictable
budgeting options.

 “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.

TREB has told Councillors that eliminating the Land Transfer
Tax on the first $400,000 value of a property, at a minimum, for all home
buyers, would be a good first step in providing relief from this tax.  Setting this threshold at $400,000 would
ensure that first-time home buyers would be no worse off (Currently, first-time
home buyers are eligible for a rebate on the Land Transfer Tax payable up to a
$400,000 property).  TREB also told
Councillors that if a lower threshold is preferred, then the current rebate for
first-time home buyers should be maintained, and potentially expanded, and
indexed to inflation going forward.   With the current average price in Toronto at approximately $570,000,
TREB believes that the current first-time home buyer rebate is inadequate
because it has not kept pace with inflation.

“Even first-time home buyers purchasing below average–priced
properties are currently being forced to pay thousands of dollars in Toronto
Home Buying Tax, because the City’s first-time home buyer rebate has not kept
pace with inflation,” said Von Palmer, TREB’s Chief Government and Public
Affairs Officer.

TREB has also pointed out to City Council that the current
Land Transfer Tax rates 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 for ALL home buyers, 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 also told City Council that potential new real estate
transactions resulting from a reduction in the Land Transfer Tax could help
off-set any impact to the City’s budget.

“Potential growth in home sales resulting from a Land
Transfer Tax rate reduction could help offset the impact to the City’s budget.
Research by the C.D. Howe Institute has shown that the Land Transfer Tax has
dampened home sales in Toronto by 16 percent annually.  If a Land Transfer Tax rate reduction helps
to reduce or reverse this effect, the resulting extra home sales, which may not
have occurred otherwise, could generate new off-setting revenue for the City,
while bringing more balance into the market,” said Usher.

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/news2014/nr_ltt_budget_012814.htm

KITCHENER, ONTARIO, January 24, 2014 — The governments of Canada and Ontario celebrated the official opening of 35 David Street in Kitchener today. The construction of this new rental housing property has helped stimulate the economy and create approximately 95 jobs in Ontario and will help meet the housing needs of low-income individuals and persons with disabilities in Kitchener.

Stephen Woodworth, Member of Parliament for Kitchener-Centre, on behalf of the Honourable Candice Bergen, Minister of State (Social Development); John Milloy, Member of Provincial Parliament for Kitchener Centre, on behalf of the Honourable Linda Jeffrey, Minister of Municipal Affairs and Housing; Ken Seiling, Chair for the Region of Waterloo and Carl Zehr, Mayor for the City of Kitchener, made the announcement today.

“Our Government’s investment in affordable housing here in Kitchener is helping to improve the quality of life of individuals and persons with disabilities, and is also contributing to the social well-being of the entire community,” said MP Woodworth.

“Our government is committed to improving access to affordable housing for people in need”, said MPP Milloy. “Projects like this make a meaningful difference in the lives of residents and help create safe, stable and healthy communities.”

“Since 2001, 2,064 affordable housing units have been created in the Region of Waterloo through partnerships the Region has forged with local municipalities, community housing proponents, both public and private, and the Province and the Federal governments”, said Ken Seiling, Regional Chair. “David Street is just another example of partnering to leverage financing and support for affordable housing for our growing community.”

The $4.9 million investment provided by the federal and provincial governments was used to create two new four-storey buildings. The new buildings replace 16 former units demolished in 2010 that were located at 31, 35, 39 and 43 David Street. The 39 new affordable housing units, including three that are fully accessible, provide tenants with standard appliances, shared laundry facilities, and a common room. The investment is complemented by $155,820 from the Region of Waterloo and $114,982 from the City of Kitchener in waived development charges.

“Investment in affordable housing is essential for meeting the needs of our most vulnerable citizens”, said Mayor Carl Zehr. “As the second largest housing provider in the region, Kitchener Housing Inc. plays an important role in providing safe and affordable housing for individuals and families with modest incomes.”

The $2.4 million funding for phase 1 of the project comes as a result of Canada’s Economic Action Plan and through the Social Housing Renovation and Retrofit Program. The $2.5 million funding for phase 2 of the project comes as a result of the $481 million Investment in Affordable Housing 2011-2014 Agreement between the governments of Canada and Ontario.

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), invests approximately $2 billion in housing. Of this amount, $1.7 billion in federal funding is provided in support of close to 600,000 individuals and families living in existing social housing both on- and off-reserve. 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. The commitment continues with Economic Action Plan 2013, which provides more than $1.25 billion over five years to renew the Investment in Affordable Housing. In the coming months, the Government will work with provinces and territories to confirm the implementation details of this investment. 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 down payment 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 Kitchener, visit www.kitchenerhousinginc.ca.

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 contacts:

Andrew McGrath
Press Secretary
Office of the Minister of State (Social Development)
819-953-2350
andrew.mcgrath@hrsdc-rhdcc.gc.ca

Dean D’Souza
Communications and Marketing
Canada Mortgage and Housing Corporation
416-250-2760

Deb Schlichter
Director of Housing
Region of Waterloo
519-575-4521

Yanni Dagonas
Office of the Minister of Municipal Affairs and Housing
416-585-6853

May Nazar
Communications
Ministry of Municipal Affairs and Housing
416-585-7066

See related speech

Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/2014-01-24-0900.cfm

GTA REALTORS® RELEASE Q4 CONDOMINIUM REPORT

January 22, 2014 — Greater Toronto Area
REALTORS® reported the sale of 4,586 condominium apartments through the TorontoMLS system in the fourth quarter of 2013.  This
result was up by 21 per cent in comparison to Q4 2012 when 3,789 condominium
apartments changed hands.  Both new
listings of this home type during the quarter and active listings at the end of
the quarter were down on a year-over-year basis.

“This time last year many were
predicting that the condo apartment market would experience a downturn, both in
terms of sales and selling prices.  While
there was a temporary lull in sales and price growth in the first half of 2013,
we saw an about face in the second half of the year,
as buyers realized home ownership remained affordable.  As the demand for condos rebounded,
competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President
Dianne Usher.

The average selling price for condominium apartments in the fourth
quarter was $353,665 – up 6.5 per cent compared to Q4 2012. In the City of
Toronto, where condo apartments account for approximately half of sales, the
average selling price was up by 8.3 per cent to
$381,008.

“If market conditions in 2014 remain similar to what we experienced
in the last six months of 2013, we will continue to experience year-over-year
average price growth for condominium apartments above the rate of inflation.  However,
there was an increase in condo completions last year.  The degree to which investors list their
newly completed units for sale and the degree to which these units are absorbed
will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market
Analysis.

Condominium Apartment
Market Summary

Fourth Quarter 2013

2013

2012

Sales

Average Price

Sales

Average Price

Total TREB

4,586

$353,665

3,789

$332,129

Halton
Region

140

$328,846

76

$351,161

Peel Region

654

$259,669

532

$252,143

City of Toronto

3,227

$381,008

2,740

$351,762

York Region

446

$332,440

332

$328,189

Durham Region

111

$236,527

104

$223,973

Other Areas

8

$251,250

5

$305,800

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/news2014/nr_condo_report_Q4-2013.htm

LONDON, ONTARIO, January 20, 2014 — The governments of Canada and Ontario celebrated the official opening of Gethsemane Gardens in London today. The construction of this new rental housing property has helped stimulate the economy and create 62 jobs in Ontario while helping meet the housing needs of low-income individuals in London.

Susan Truppe, Parliamentary Secretary for Status of Women and Member of Parliament for London North Centre, on behalf of the Honourable Candice Bergen, Minister of State (Social Development); Deb Matthews, Member of Provincial Parliament for London North Centre, on behalf of the Honourable Linda Jeffrey, Minister of Municipal Affairs and Housing; and Joe Fontana, Mayor for the City of London, made the announcement today.

“Gethsemane Gardens will ensure that persons with disabilities and families living on low-income in London have better access to affordable housing while also supporting the local economy and creating jobs,” said Parliamentary Secretary Truppe. “We are taking concrete action to create jobs, growth and long-term prosperity across Canada and right here in London.”

“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 Minister Matthews. “Projects like Gethsemane Gardens provide London residents with beautiful, safe and secure homes and created jobs in our community.”

“Affordable housing is about much more than bricks and mortar; it’s about people,” said Mayor Fontana.  “Having a place to call home is about dignity, security and independence. Londoners need affordable housing and Gethsemane Gardens is a fine example of the great outcomes that happen in our community when all three levels of government work together.”

The $1.5 million investment provided by the federal and provincial governments has been used to create 25 new rental housing units located at Gethsemane Gardens, the former site of Gethsemane United Church. Each unit is designed with a living and dining area, a bedroom, a bathroom and a balcony, as well as two appliances. Space was also created for the United Church to continue their Food Cupboard program. The investment is complemented by $1.395 million in municipal funding from the City of London.

“The London Affordable Housing Foundation (LAHF) aims to produce safe, affordable housing for families and individuals in need; Gethsemane Gardens has accomplished this, and more,” said Rev. Doug MacKenzie, Past Chair, LAHF. “We were pleased to have the support of the three levels of government and many of our faith communities. Gethsemane Gardens is the regeneration of a former Church site and the attractive new building will continue to serve a community need for many years.”

This funding comes as a result of the $481 million Investment in Affordable Housing 2011-2014 Agreement between the governments of Canada and Ontario.

Annually, the Government of Canada, through Canada Mortgage and Housing Corporation (CMHC), invests approximately $2 billion in housing. Of this amount, $1.7 billion in federal funding is provided in support of close to 600,000 individuals and families living in existing social housing both on- and off-reserve. 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. The commitment continues with Economic Action Plan 2013, which provides more than $1.25 billion over five years to renew the Investment in Affordable Housing. In the coming months, the Government will work with provinces and territories to confirm the implementation details of this investment. 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 down payment 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 London, visit www.london.ca/residents/Housing.

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 contacts:

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
Communications and Marketing
Canada Mortgage and Housing Corporation
416-250-2760

Glynis Tucker
City of London
519-661-2500 ext: 8436

Yanni Dagonas
Office of the Minister of Municipal Affairs and Housing
416-585-6842

May Nasar
Communications
Ministry of Municipal Affairs and Housing
416-585-7066

See related speech

Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/2014-01-20-1230.cfm

The Toronto Real Estate Boards Annual Past President’s Scholarship Awards

TORONTO, January 17, 2014 — Now in its eighth year, the Toronto Real
Estate Board’s annual Past President’s Scholarship offers two $5,000 awards and
two $2,500 awards on behalf of REALTORS® to graduating high school students
pursuing any form of post-secondary education whether that is university,
college, or trade school.

Based on community involvement and a 1,000-word essay, the awards will
be presented to the four winners in the spring.

This year’s essay topic choices are:

1.     

Share your vision for the optimization of the GTA’s
infrastructure, and include observations from other major international cities.

2.     

What programs or policies would you advocate to make
home ownership more attainable?

The deadline for application is March
14, 2014.

The application is available on www.TorontoRealEstateBoard.com

The Toronto Real Estate Board is asking the media to help spread the word
in an effort to provide students pursuing their educational goals with the opportunity
to apply for these Scholarship Awards.

If you have any questions regarding the scholarship details, please contact
Christine Shallhorn in the Education Department of the Toronto Real Estate
Board at (416) 443-8000 x8030 or cshallhorn@trebnet.com

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/news2014/nr_scholarship_0114.htm

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Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/upload/2014_01_09_0815_EOT.pdf

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

TORONTO, January 7, 2014 – With the City of Toronto Budget
Committee wrapping-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.

The City’s Budget Committee will be considering a motion to
almost eliminate the Land Transfer Tax on the first $250,000 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 mean that repeat home buyers would pay about
$2,000 less Land Transfer Tax, which TREB believes is a good step in the right
direction.  However, the proposal would
also result in first-time home buyers paying an additional $1,695 in Land
Transfer Tax.  TREB has spoken out
against the proposal to make first-time home buyers pay more Land Transfer Tax,
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 for ALL home buyers,
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_010714.htm