E.B.Dungey Realty Ltd. Brokerage

GTA REALTORS® REPORT LATEST MID-MONTH RESALE MARKET FIGURES

TORONTO, February 19, 2014 — Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January.  While new listings were still down in comparison to last year, the annual rate of decline was less than experienced
last month.  This may point to an improvement in the listings situation moving
forward, which would help alleviate some of the pent-up demand that currently
exists in the marketplace.”

Greater
Toronto Area REALTORS® reported 2,767 sales through the TorontoMLS system during the first 14 days of
February.  This result was up by 1.3 per cent in comparison to 2,731
transactions reported during the same period in 2013.  New listings were down by 6.1 per cent on
a year-over-year basis.

“Price
growth well above the rate of inflation will be the norm for the remainder of
the year.  Over the same period, mortgage
rates are expected to remain low, thereby keeping
home ownership affordable in the GTA,” said Jason Mercer, TREB’s
Senior Manager of Market Analysis.

The
average selling price during the first two weeks of
February 2014 was $547,107 – up 7.8 per cent compared
to the average of $507,474 for the first 14 days of
February 2013.

Summary
of TorontoMLS Sales and Average Price February 1 – 14, 2014

2014

2013

Sales

Average
Price

New
Listings

Sales

Average
Price

New
Listings

City of Toronto (“416″)

1,038

594,129

2,084

1,060

554,294

2,202

Rest of GTA (“905″)

1,729

518,877

3,111

1,671

477,774

3,331

GTA

2,767

547,107

5,195

2,731

507,474

5,533

TorontoMLS Sales Average Price By Home Type February 1 – 14, 2014

Sales

Average
Price

416

905

Total

416

905

Total

Detached

325

978

1,303

$942,066

$634,146

$710,949

Yr./Yr.
% Change

-12.4%

4.7%

-0.2%

15.2%

10.2%

10.4%

Semi-Detached

84

197

281

$685,111

$419,972

$499,230

Yr./Yr.
% Change

-23.6%

15.2%

0.0%

9.6%

4.7%

2.1%

Townhouse

96

300

396

$568,894

$384,468

$429,177

Yr./Yr.
% Change

-15.0%

-6.8%

-9.0%

27.4%

2.2%

8.8%

Condo Apartment

521

219

740

$373,576

$287,433

$348,082

Yr./Yr.
% Change

15.8%

5.8%

12.6%

5.0%

4.2%

5.3%

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_mid_month_0214.htm

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Article source: http://www.cmhc.ca/en/corp/nero/nere/2014/upload/2014_02_10_0815_EOT.pdf

REALTORS Look Forward to Joining Torontonians in Speaking Out against Home Buying Tax during Municipal Election Campaign

TORONTO, February 5, 2014 — On the heels of Toronto City Council’s recent decision not to cut
the Toronto Home Buying Tax (Land Transfer Tax) in its 2014 Budget, Toronto’s
REALTORS® are looking forward to joining Torontonians in speaking out about
this issue during the upcoming municipal election.  REALTORS® are also calling on municipal
election candidates to support home buyers and owners by committing to provide
relief from the Land Transfer Tax.

“Torontonians have made it clear that they want the Land
Transfer Tax cut, but, unfortunately, City Council chose not to.  This was a central issue for Torontonians in
the last municipal election and they gave City Council a strong mandate to cut
this tax. Torontonians continue to feel strongly about this unfair and hurtful
tax and thousands of them made their voices heard to City Council, in recent
months, during the City’s budget debates.  REALTORS® look forward to continuing to raise this issue, along with the
public, during the municipal election campaign.  We believe that Torontonians will, once again, expect City Council to
take action on this issue,” said Dianne Usher, President, Toronto Real Estate Board.

A recent poll, conducted by Ipsos Reid, found that 69% of
Torontonians support a phase-out of the Toronto Land Transfer Tax.

“It’s no surprise that a strong majority of Torontonians
want the Home Buying Tax cut.  They believe
that this is the wrong way for City Council to fund City services because this
tax hurts people when they can least afford it. It penalizes people like
growing families, down-sizing retirees, and even first-time home buyers saving
for a down payment,” said Usher.

In addition to hurting people when they are most vulnerable,
REALTORS® have pointed out numerous other concerns with the Toronto Land
Transfer Tax.  In particular, REALTORS®,
and the public, have told
City Council that this tax:

·        

has become more and more regressive as time has
gone by because its rebate for first-time home buyers and its tax rates have
not been adjusted with inflation, resulting in about 40% of first-time home buyers
paying some LTT to City Hall and the highest land transfer tax rate being
levied on home buyers purchasing below average-priced homes;

·        

makes Toronto less affordable by significantly
increasing upfront costs for home buyers ($12,000 for the purchaser of an
average detached home, in addition to a similar amount for the provincial land
transfer tax);

·        

impacts the economy by dampening home sales by
16% annually, according to a study by the C.D. Howe Institute, thereby risking
jobs that depend on spin-off spending (averages approximately $53,000 for every
re-sale housing transaction, according to a study conducted by the Altus Group)
generated when people move;

·        

makes Toronto less competitive, as the only
municipality in Ontario with two land transfer taxes;

·        

poses risks for funding City services because
the revenue that it generates fluctuates with the City’s real estate market,
and is unpredictable; and,

·        

is unfair because it
forces people who have to move, like downsizing seniors or growing families, to
pay thousands of dollars more than their fair share, for the same level of
municipal services as those who don’t move.

“Home ownership is a worthy goal, which benefits our City in
many ways. City Council should not be making home ownership more difficult to
achieve, and it should be focused on eliminating risks to Toronto’s economy and
competitiveness, funding services in a predictable way,
and fair taxation policies,” said Von Palmer, Chief Government and Public
Affairs Officer. “TREB has consistently, and loudly, spoken out on this issue
and we will continue to do so during the municipal election campaign because it
is the right thing to do.”

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_election_issue_020514.htm

GTA Commercial REALTORS Report Latest Commercial Market Figures

TORONTO, February 5, 2014 – Toronto Real Estate Board Commercial Network Members reported 427,926 square
feet of leased industrial, commercial/retail and office space on a per square
foot net basis through the TorontoMLS system in
January 2014 (for properties where pricing was disclosed).  This result was virtually unchanged compared
to 428,513 square feet of space leased in January 2013.

The amount of industrial
space leased was up by almost 11 per cent on a year-over-year basis to 356,440
and accounted for 83 per cent of total leased space.  The average industrial lease rate was similar
to last year, with an average $5.21 per square foot net in January 2014
compared to $5.31 per square foot net a year earlier.  Average lease rates were down for the
commercial/retail and office segments of the market.  These declines were largely due to a
year-over-year change in the mix of office and commercial properties sold.

“The industrial segment of
the market is important in the context of the southern Ontario economy,
including the manufacturing sector.  If
we continue to see an increase in leased industrial space this year, this could
indicate that industrial firms are anticipating an increase in demand for their
products and therefore are looking to take on more space to help accommodate
increased production,” said Commercial Committee Chair Cynthia Lai.

There were 42 combined
industrial, commercial/retail and office sales in January
2014, for which pricing was disclosed.  This result was in line with 43 transactions in January 2013.  The year-over-year change in average selling
prices was mixed on a per square foot basis.  The average selling price for industrial properties was much higher this
past January compared to 2013, because this year’s transactions involved
smaller properties compared to last year..  Smaller properties tend to sell for more on a
per square foot net basis.

Commercial/retail pricing
was basically unchanged compared to January 2013 and office pricing was down by
about nine per cent year-over-year.

“The consensus view is that
the Canadian economy is expected to grow at a faster pace in 2014 compared to
2013.  The increased rate of growth
should be driven by an improvement in exports, due to a strengthening US
economy and weaker Canadian dollar vis-à-vis the US.  This should bode well for the commercial real
estate market, and in particular the industrial sector,” added Ms. Lai.

January
2014: 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

Jan. 2014

Jan. 2013

% Change

Jan. 2014

Jan. 2013

% Change

Industrial

356,440

321,682

10.8%

Industrial

$5.21

$5.31

-1.9%

Commercial

33,023

61,648

-46.4%

Commercial

$15.90

$17.05

-6.8%

Office

38,463

45,183

-14.9%

Office

$10.31

$14.47

-28.7%

Total

427,926

428,513

-0.1%

Source: TREB Commercial
Division

January
2014: Commercial Sales Completed with Pricing Disclosed on TorontoMLS

Sales (Price Disclosed)

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

Jan. 2014

Jan. 2013

% Change

Jan. 2014

Jan. 2013

% Change

Industrial

16

22

-27.3%

Industrial

$135.84

$74.53

82.3%

Commercial

21

15

40.0%

Commercial

$250.43

$252.81

-0.9%

Office

5

6

-16.7%

Office

$296.88

$325.25

-8.7%

Total

42

43

-2.3%

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_comm_watch_0114.htm

GTA REALTORS Report Latest Monthly Resale Market Figures

TORONTO, February 5, 2014 – Home ownership in the
Greater Toronto Area remains affordable and there are many people looking to
purchase a home.  In January, the number
of homes listed for sale was down quite strongly compared to last year, which
means that it was difficult for some buyers to find a home.

Greater Toronto Area REALTORS® reported 4,135 sales
through the TorontoMLS system in January 2014.  This result was down by 2.2 per cent in
comparison to January 2013.  New listings
entered into the system were down over the same period by 16.6 per cent to
8,822.

“Looking forward, it is possible that strong price
growth, and therefore an increase in home equity, will act as a trigger for
more households to list their homes for sale.  This is especially the case for households whose life styles are
changing, including those with an expanding family looking for a larger home or
empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.

The average selling price for January 2014 sales was
$526,528 – up by more than nine per cent compared to $482,080 in January 2013.

“The pace of price growth will remain strong in
2014.  Similar to last year, competition
between buyers for singles, semis and town homes in the City of Toronto and
surrounding regions will continue to exert upward pressure on selling
prices.  At the same time, mortgage rates
will remain near historic lows, so despite strong price growth, home ownership
will remain affordable for the average household in the GTA,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis.

 Summary of TorontoMLS
Sales and Average Price January 1 – 31

2014

2013

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto (“416″)

1,551

$552,395

3,610

1,515

$509,502

4,189

Rest of GTA (“905″)

2,584

$511,001

5,212

2,714

$466,772

6,388

GTA

4,135

$526,528

8,822

4,229

$482,080

10,577

TorontoMLS Sales Average
Price By Home Type January 1 – 31,
2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

463

1,413

1,876

888,210

620,654

686,688

Yr./Yr. % Change

-4.3%

-6.5%

-6.0%

14.8%

10.5%

12.0%

Semi-Detached

134

287

421

622,319

416,441

481,970

Yr./Yr. % Change

-5.0%

-8.9%

-7.7%

6.1%

6.3%

6.6%

Townhouse

174

503

677

439,401

396,320

407,393

Yr./Yr. % Change

7.4%

0.0%

1.8%

4.6%

10.4%

9.0%

Condo Apartment

767

319

1,086

366,020

299,118

346,369

Yr./Yr. % Change

7.4%

1.6%

5.6%

7.6%

11.2%

8.7%

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_market_watch_0114.htm

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

January 31, 2014 –
With Toronto City Council debating 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.

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.

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.

I asked Von Palmer, TREB’s Chief Government and Public Affairs Officer to share his thoughts on the issue.

“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 Mr. Palmer.

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.

We are 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.

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