E.B.Dungey Realty Ltd. Brokerage

TORONTO, December 14, 2016 — The Toronto Real Estate Board is urging Toronto City Council to act early to stop a potential significant Land Transfer Tax increase, a proposal that is currently working its way through the City’s approval and budget process.

Yesterday, City Council formally asked the City’s budget Committee to consider changes in LTT policy that could see home buyers of average-priced properties pay another $750 to City Hall, on top of the $11,000 in LTT that they already pay City Hall as an upfront closing cost, a seven percent increase.  This is in addition to another upfront $12,000 in LTT they pay to the Province. The proposed changes would also see first-time home buyers either paying up to $475 more, or, at best, being no better off than they are now, even though the Province recently doubled their rebate in recognition of the needs of first-time buyers. 

“Toronto’s housing prices are top of mind for many Torontonians.  Simply put, housing affordability is water-cooler talk in Toronto.  The last thing people want to hear is that City Hall wants them to dish out another $750, on top of the $11,000 that they already pay.  City Hall should be looking for ways to make housing affordability in Toronto better, not worse; especially for first-time buyers who, under these proposals, will be going backwards, or at best be no better off,” said Larry Cerqua, President of the Toronto Real Estate Board.

The proposed changes would have the following effects:

• Increase the LTT rates by adding a new additional LTT rate on the portion of a property valued from $250,000 – $400,000.
• Changing the maximum allowed rebate for first-time buyers.  The proposal considers two options:
  1.   A maximum rebate of $4,000, which would increase the City’s rebate for first-time buyers from $3,725, but would not represent a big enough increase to offset the tax increase those buyers would see from the new additional tax levied on the value from $250,000 – $400,000.  Under this scenario, first-time home buyers in Toronto would actually lose ground, with the new maximum rebate equating to the tax payable on a $368,000 home, whereas the existing rebate, under existing tax rates, equates to the tax payable on a $400,000 home and hasn’t been adjusted for inflation in housing prices since 2008; or,
  2.   A maximum rebate of $4,475, which would represent the status-quo for first-time homebuyers (i.e. equate to the tax payable on a $400,000 home). Under this scenario, first-time buyers would be no better off than they are today. Interestingly, the provincial government recently doubled the provincial first-time buyer rebate in recognition of the assistance that many first-time buyers need.  City Hall’s current proposals do not offer first-time buyers any new assistance.
• Eliminating the first-time buyer rebate, entirely, for first-time home buyers

  purchasing a home above a particular price to be determined by Council (the proposal contemplates a $700,000 threshold, which is well below the current Toronto average price of $770,000).

•      Increasing the LTT rate on the value of a home over $2 million from 2% to 2.5%.

“Time and time again, we have heard City Hall talk about the importance of housing affordability, and yet here is another proposal that will make this great City less affordable.  It simply doesn’t make sense,” said Von Palmer, Chief Communications and Government Affairs Officer at TREB. “City Council should stop this proposal in its tracks and refuse to refer it for consideration during the upcoming budget process.”

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

TORONTO, December 8, 2016 — Housing starts in the Toronto Census Metropolitan Area (CMA) trended at 39,195 units in November 2016 compared to 39,689 in October 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 start trend declined slightly in November due to a slowdown in new apartment construction,” said Dana Senagama, CMHC Principal Market Analyst for the GTA. “However, single-detached home starts picked up pace as limited resale listings for low-rise homes continue to cause demand to spill over into the new home market.”

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 30,425 units in November, down from 48,035 units in October. The decrease 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 higher apartment starts. Milton Township had the highest number of low rise starts followed by the City of Brampton, where a number of single-detached homes started construction.

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.

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Information on This Release:

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/2016/2016-12-08-0816c.cfm

BRAMPTON, ON, December 9, 2016 — A grand opening for the Hansen affordable housing development was held on Friday, December 9, 2016, celebrating new homes for hundreds of people in Brampton.

Hansen is a 15-storey, 205-unit affordable housing complex located along a major commercial corridor in Brampton with easy access to schools, shopping, transit and other community amenities.

The 33,000 square foot facility includes one, two and three bedroom units with 40 units designated for seniors, 30 units for victims of domestic violence and 20 units for persons with disabilities.

Ramesh Sangha, Member of Parliament for Brampton Centre, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation, along with Harinder Malhi, MPP for Brampton-Springdale 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:

• The Hansen development received $15.9 million federal funding and $14.9 million in provincial funding through the Canada-Ontario agreement of the Investment in Affordable Housing program.
• The development also includes an indoor playground, one floor of retail space, one floor of commercial space, and underground parking.
• Construction began in December 2013. Occupancy began in Fall 2016 and is ongoing.
• Common amenity areas for residents are located on the 15th floor and provide access to shared landscaped rooftop terraces.
• Brampton has a rental apartment vacancy rate of 1.2 per cent with an average cost of $1,186 per month for a two-bedroom apartment according to the 2016 CMHC Rental Market.

Quotes:

“Through investments in affordable housing, our Government is providing assistance to those who need it most here in Ontario and in all corners of the country. We are committed to making communities stronger through projects like these. These investments help create new jobs and stimulate the local economy, while providing access to safe, affordable homes for Canadian seniors, families and individuals.”
— Ramesh Sangha, Member of Parliament for Brampton Centre

“Working with our federal and municipal partners, we are pleased to be able to make modern facilities like Hansen a reality. Giving people in our community access to housing allows them to have a safe and affordable place to live, no matter what their age or circumstance.”
— Harinder Malhi, MPP Brampton-Springdale

“The Region of Peel would like to thank the Province of Ontario and the Federal Government for this contribution and commitment to our community. This investment in addition to the recent budget announcements, provides us with an optimistic outlook towards inclusive, long-term and sustainable affordable housing in Peel and its positive impacts on our housing providers.”
—
Peel Regional Councillor Martin Medeiros

“Supportive Housing In Peel (SHIP) would like to thank the Province of Ontario and the Federal Government for their continued support to our community. The Hansen Project is an example of how great collaboration will continue to increase Affordable Housing rental units in Peel.”
—
Ron Ramjitsingh, Chairman of Supportive Housing in Peel

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 by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing

Stay Connected:

• Follow us on Twitter, YouTube, LinkedIn and Facebook.
• Follow Ontario’s Ministry of Housing on Twitter.

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/2016/2016-12-09-1315.cfm

TORONTO, ONTARIO, December 7, 2016 — The Governments of Canada and Ontario announced today federal and provincial program funding that will assist low-income Toronto residents in purchasing a home.

The up to $865,000 in funding, allocated through the Canada-Ontario agreement for Investment in Affordable Housing, will assist lower-income residents in purchasing a condominium at The Village by Main Station, a project by non-profit housing developer Options for Homes.

Options for Homes strives to make home ownership available to those in the Greater Toronto Area and Southern Ontario by providing affordable, quality housing. As part of the purchasing requirement, eligible families will require a down payment that will range from zero to five per cent of the purchase price of the condominiums which will be at or lower than the market price of similar condominiums.

Occupancy for The Village by Main Station is slated to begin in Fall 2018.

Quick Facts:

• Since 2003, more than $1.2 billion has been provided by the Governments of Canada and Ontario in total assistance for affordable housing in Toronto.
• In September 2016, the Governments of Canada and Ontario announced the City of Toronto will be receiving more than $154 million in social infrastructure funding, which doubles the City’s allocation from the Investment in Affordable Housing agreement and provides targeted support to housing programs for those who need it most in the City of Toronto.
• The Village by Main Station will be located on Trent Ave., just east of Danforth Ave. and Main St.
• The Village by Main Station will be located in a neighbourhood with a number of public recreation spaces, schools, places of worship and other community amenities.

Quotes:

“Our Government is committed to developing and implementing smart solutions to housing. The Options for Homes model is a creative way to help low-income families realize home ownership, this investment demonstrate our commitment to affordable housing for Canadians in need.”
— Nathaniel Erskine-Smith, Member of Parliament for Beaches — East York, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development

“Options for Homes is bringing an innovative and proven ownership model to Beaches-East York, and I’m very pleased that the Province is able to provide additional funding in support of their affordable housing development near the Danforth. As Toronto continues to grow, the Options program will help more Ontarians make that initial purchase and enjoy the financial and personal stability of owning their own home. I’m proud to have these new residents as neighbours, and I welcome them to our community.”
— Arthur Potts MPP, Beaches-East York

“This is a great example of how the partnership between the federal, provincial and municipal governments produces much-needed affordable housing in Toronto. I also want to congratulate Options for Homes for its commitment to creating affordable ownership opportunities for people.”
— Ana Bailão, Chair, City of Toronto Affordable Housing Committee

“Options is grateful for this support that helps deepen the affordability of some units at this development. This will ensure that more families are able to afford homes appropriately sized for their needs. The creation of inter-generational wealth through real estate investments makes this both a virtuous investment as well as one that will pay dividends over time through better health, educational, civic engagement and employment outcomes”
— Heather Tremain, Options for Homes CEO

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 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 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 by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing.

Stay Connected:

Follow us on Twitter, YouTube, LinkedIn and Facebook.

Follow Ontario’s Ministry of Housing on Twitter.

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

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

Mary Pattison
Director, Sales and Marketing
Options for Homes
416-867-1501 ext. 225
maryp@optionsforhomes.ca

Article source: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2016/2016-12-07-1100.cfm