E.B.Dungey Realty Ltd. Brokerage

TORONTO, November 25, 2016 — The Toronto Real Estate Board is raising concerns over proposed Toronto Land Transfer Tax changes. These proposed changes will increase costs for all Toronto home buyers, but impact first-time buyers the most.

This TLTT proposal comes at a time when housing affordability in Toronto is a serious concern for many, and contradicts recent Provincial government Land Transfer Tax changes intended to help make housing more affordable.

“In recent months, housing affordability in Toronto has received significant attention not only from the City’s residents and businesses, but also from senior levels of government, which have been actively considering policy options in this regard. The proposed changes to the City of Toronto’s Land Transfer Tax are a cash grab, and would make all Toronto home buyers pay more Toronto Land Transfer Tax, which means that the City is proposing to make home ownership in Toronto even more expensive,” said Larry Cerqua, President of the Toronto Real Estate Board.

A report that will be going to the City of Toronto’s Executive Committee next week is proposing that the City’s upcoming 2017 Budget process consider numerous changes to the way the Toronto Land Transfer Tax is implemented by harmonizing with the higher provincial Land Transfer Tax rates, including:

• Increasing the Land Transfer Tax rates by adding a new additional LTT rate on the portion of a property valued from $250,000 – $400,000.
• Harmonizing the Land Transfer Tax rebate for first-time home buyers with the Provincial Land Transfer Tax rebate threshold of $4,000, which would increase the City’s rebate for first-time buyers from $3,725, but not represent a big enough increase to offset the increase those buyers would experience from the new additional LTT rate on the portion of the property valued from $250,000 – $400,000. This means that first-time buyers would actually be losing ground because, with the new additional LTT rates, a $4,000 rebate equates to the LTT payable on a $368,000 home, whereas, currently without the additional LTT rates, the City’s maximum rebate of $3,725 equates to the LTT payable on a $400,000. The City proposal also considers the possibility of increasing the rebate to $4,475 instead of $4,000, which would represent the status-quo for homebuyers (i.e. first-time home buyers would be eligible for full refund if they purchase up to a $400,000 property).
• Eliminating the first-time buyer rebate entirely for home buyers purchasing a home above a particular price to be determined by City Council.
• Increasing the LTT rate on the value of a home over $2 million from 2% to 2.5%.

The purchaser of an average priced home already pays over $11,000 in Land Transfer Tax to the City.  The proposed changes, if implemented, would mean that a purchaser of an average-priced Toronto home, currently, would pay $750 more Land Transfer Tax to City Hall, representing a seven percent increase.  A first-time home buyer of an average-priced Toronto home would pay an extra $475 to City Hall, representing a 4% increase. This is in addition to the $75 Land Transfer Tax Administration Fee added through last year’s City budget process.

“These proposed changes would mean that the City’s budget relies even more heavily on a revenue source that has already been criticized by the City Manager for being unpredictable and unreliable.  City Hall should be focused on making home ownership in this great City more affordable, not less; and should be relying less on this tax, not more,” said Von Palmer, Chief Communications and Government Affairs Officer at TREB.  “TREB will be participating in the City’s upcoming budget consultations and will be raising concerns with these proposals if they move forward.”

Article source: http://www.trebhome.com/market_news/release_market_updates/news2016/nr_TLTT_changes_TREB_concerned.htm

LONDON, ONTARIO, November 10, 2016 — The Governments of Canada and Ontario, along with the City of London, celebrated the official opening of 18 new affordable housing initiatives in London and the surrounding area today.

Kate Young, Member of Parliament for London West on behalf of Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), along with Deb Matthews, Deputy Premier and Member of Provincial Parliament for London North Centre, on behalf of the Honourable Chris Ballard, Ontario’s Minister of Housing and the Minister Responsible for the Poverty Reduction Strategy, made the announcement.

Quick Facts:

• Housing initiatives, and their combined federal and provincial contributions, that were celebrated today include:
  • Hambleton Hall at 203 John Street in Simcoe received $2 million for 35 units of affordable housing
  • Woodfield Terrace at 380 Princess Avenue received $1.98 million for 33 units of affordable housing
  • 339 Commissioners Road West received $1.85 million for 29 affordable housing units, three of which are designated for residents with mental health challenges
  • 1166 Hamilton Road received $1.82 million for 26 units of affordable housing, with four of those units designated for persons with physical disabilities
  • Lido Place at 129 Riverside Drive received $1.62 million for 27 units of affordable housing
  • 534 Albert Street in Strathroy received $1.47 million for 21 units, 14 of which are for persons with physical disabilities and seven for seniors
  • 193 Clarke Road received $1.43 million for 14 units of affordable housing for persons with physical and developmental disabilities
  • 77 Tecumseh Avenue received $1.32 million for 22 units of affordable housing
  • 753 Dundas Street received $773,530 for 12 units of affordable housing, with three of those units designated for victims of domestic violence
  • 602 Albert in Strathroy received $720,000 for 12 affordable housing units
  • 189 Dundas Street received $660,000 for 11 affordable housing units
  • 115 Craig Street in Alisa Craig received $480,000 for eight affordable housing units
  • Four Feathers Housing Co-operative at 205 Commissioners Road West received $468,000 for eight units of First Nations, Métis and Inuit housing
  • 159 Main Street in Glencoe received $360,000 for five affordable housing units
  • 173 Main Street Phase 2 in Glencoe received $360,000 for six affordable housing units
  • DeafBlind Ontario at 1166 Sandbar Street received $240,000 for four units of housing for persons with hearing/vision challenges
  • 2514 Tokala Trail received $240,000 for four units for those with hearing and vision challenges
  • 668 Dundas Street received $141,750 for four affordable housing units
• Municipal contributions by London and Middlesex County for these developments were $9,306,546.
• Municipal contributions by Norfolk County for Hambleton Hall were $167,960.

Quotes:

“Our Government is dedicated to helping those in need, which is why we are proud to have invested in these projects in London and surrounding area. The 281 new housing units we are announcing today are more than just safe and affordable places to live, they are key to a better life for the residents who will call them home.”
— Kate Young, Member of Parliament for London West

“Our government is supporting initiatives that give families and individuals the safe and affordable housing they need. We know that once people have a roof over their heads, they can concentrate on other things in their lives, like having time to spend with their loved ones or securing long-term employment. These new initiatives in London and the surrounding area will help strengthen our community.”
— Deb Matthews, MPP London North Centre

“We know that housing is instrumental in raising people out of poverty. There is no better way to address poverty than to start with the foundation of safe, secure housing. I am so pleased to see all levels of government working together to address the housing crisis.”
— Matt Brown, Mayor of the City of London

“Our goal was to create a project that would blend with the neighbourhood while providing the much- needed affordable rental housing in this area and I think we have succeeded on all fronts. I would like to thank everyone involved in making this project happen – our Board of Directors, the architect responsible for this amazing design, the construction team and all levels of government for capital funding support. We are partners in making something important happen.”
— Carmen Sprovieri, Board Chair of Homes Unlimited (London) Inc.

Associated Links:

 
• Canada Mortgage and Housing Corporation (CMHC) has been helping Canadians meet their housing needs for more than 70 years. As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of CMHC’s operations. For more information, please call 1-800-668-2642.
• Investing in affordable housing programs is part of Ontario’s plan to create jobs, grow the economy and help people in their everyday lives.  Since 2003, the province has committed more than $5 billion in funding for affordable housing, which has helped support more than 20,000 new affordable rental housing units, more than 275,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 90,000 households in need. These investments complement the commitments made through Ontario’s recent Long-Term Affordable Housing Strategy update, and support the province’s goal of ending chronic homelessness in 10 years. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing.

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Media Contacts:

Wilbur McLean
Public Affairs
Canada Mortgage and Housing Corporation
416-218-3331
wmclean@cmhc-schl.gc.ca

Conrad Spezowka
Communications
Ministry of Housing
416-585-7066
conrad.spezowka@ontario.ca

Article source: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2016/2016-11-10-1030.cfm

TORONTO, November 8, 2016 — Housing starts in the Toronto Census Metropolitan Area (CMA) trended higher at 39,664 units in October 2016 compared to 37,948 in September 2016 according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“Toronto’s housing starts trend rebounded in October after two months of decline,” said Dana Senagama, CMHC Principal Market Analyst for the GTA. “Limited resale listings of single-detached homes continue to cause demand to spill over into the new home market, prompting a pick-up in home construction.”

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 47,972 units in October, up from 30,228 units in September. The increase was mainly a result of more apartment starts.

The City of Toronto recorded the highest number of starts within the Toronto CMA primarily due to a large number of apartment starts. This was followed by the City of Brampton, which had higher single-detached starts. Next was the Town of East Gwillimbury that saw construction begin on a number of low-rise homes.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, follow us on Twitter, YouTube, LinkedIn and Facebook.

Information on This Release:

Media Contact:
Angelina Ritacco
416-218-3320
Cell.: 647-210-7420
aritacco@cmhc-schl.gc.ca

Additional data is available upon request.

Source: CMHC

Source: CMHC
¹ Census Metropolitan Area
² The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR). By removing seasonal ups and downs, seasonal adjustment allows for comparison of adjacent months and quarters. The monthly and quarterly SAAR and trend figures indicate the annual level of starts that would be obtained if the same pace of monthly or quarterly construction activity was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
Detailed data available upon request

Source: CMHC

Source: CMHC

Article source: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2016/2016-11-08-0816c.cfm

TORONTO, November 3, 2016 — Toronto Real Estate Board President Larry Cerqua announced that TREB Commercial Network Members reported 365,659 combined square feet of industrial, commercial/retail and office space leased through TREB’s MLS® System in October 2016, on a per square foot net basis with pricing disclosed.  This result represented a 17.3 per cent decline compared to October 2015.

The industrial market segment accounted for approximately 85 per cent of space leased.  The average lease rate was $7.02 per square foot net, which represented an increase over the average from October 2015.  Average lease rates for commercial/retail and office space were also up year-over-year.

“Commercial leasing and sales activity can be volatile on a month-to-month basis.  Many deals are complex and can take a significant amount of time to go firm.  It is also important to note that businesses and investors continue to face a certain degree of economic uncertainty, which can influence the decision to purchase or lease space,” said Mr. Cerqua.

There were a combined 59 industrial, commercial/retail and office property sales reported through TREB’s MLS® System in October 2015.  This result was down from 69 transactions reported by Commercial Network Members in October 2015.

Annual changes in average sale prices, on a per square foot basis for transactions with pricing disclosed, were mixed.  Average industrial and office sale prices were down on a year-over-year basis, whereas the average commercial/retail price was up in comparison to October 2015.  Both changes in market conditions and changes in the mix of properties sold can influence average selling prices from one year to the next.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2016/nr_comm_watch_1016.htm