E.B.Dungey Realty Ltd. Brokerage

TORONTO, September 28, 2018 — Amid new polling results showing continued strong public opposition to municipal land transfer taxes, the Toronto Real Estate Board (TREB) has released a policy paper calling for reform of the Toronto Land Transfer Tax and for no new municipal land transfer taxes in other Greater Toronto Area (GTA) municipalities. The paper, which is the first in a series of TREB municipal election policy briefs on issues related to housing supply in the GTA, as well as the poll results, were released to draw the attention of current municipal election candidates to this important issue.

 The poll, conducted by Ipsos Public Affairs, found that,

• 79% of Torontonians support changes to reduce the Toronto Land Transfer Tax, and 70% support repealing it completely;
• 75% of GTA residents outside of Toronto oppose the implementation of a municipal land transfer tax in their municipality, with the highest opposition in Durham Region, with 83% opposed, followed by Peel and Halton Regions with 74% opposed, and York Region with 72% opposed.

“Housing supply and choice is the key housing issue that municipal candidates should be addressing during this municipal election campaign. It’s a complex issue with many factors influencing it, not the least of which are land transfer taxes. The policy paper we are releasing today points out that the impact of these taxes isn’t just the substantial sum that it adds to the upfront closing costs for home buyers; perhaps even more significantly, it impacts the availability of homes for sale that purchasers can choose from because many current homeowners choose to stay put instead of moving when they consider their transaction costs, of which land transfer taxes are often the biggest part,” said Garry Bhaura, President of the Toronto Real Estate Board.

A separate study by the C.D. Howe Institute, titled “Stuck in Place,” found that the Toronto Land Transfer Tax is directly responsible for reducing housing supply by 16% every year, which can be attributed to reduced mobility because of the tax.

The TREB policy paper is calling for

• reforms to the Toronto Land Transfer Tax to adjust it for inflation so that first-time buyer rebates and the tax rates reflect current market realities. See Policy Paper for details.
• no new municipal land transfer taxes in other GTA municipalities. See Policy Paper for details.

“We want municipal candidates in Toronto and the GTA to understand the full impact of land transfer taxes on the real estate market. During the 2017 Toronto budget process, under the leadership of the Mayor’s office, an important adjustment was made to the first-time buyer rebate to ensure that it kept pace with proposed changes. We applaud the Mayor for recognizing that need, and we hope to work with the new City Council on further adjustments to limit the negative effects of this tax on housing supply and choice,” said John DiMichele, Chief Executive Officer of TREB.

About the GTA Municipal Elections Poll

For this survey, a sample of 1,503 GTA residents from the Ipsos i-Say panel were interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2.9 percentage points, 19 times out of 20, of what the results would have been had all adults in the GTA been polled. Credibility intervals are wider among subsets of the population.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_treb_ipsos_poll.htm

TORONTO, September 18, 2018 — The Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) have come together to shed light on voters’ priorities and issues for the upcoming municipal elections. Together, BILD and TREB represent all facets of the real estate industry. This is the second joint release of municipal election related poll results by the organizations.

“Last week’s poll data clearly showed that housing affordability and supply are key issues for GTA residents. Residents expect municipal politicians to tackle these issues in the upcoming election,” said Garry Bhaura, TREB President. 

“This week’s results show that building more new homes is seen, overwhelmingly, as a critical part of the solution to housing affordability. However, overcoming resistance to change and ‘not in my backyard’ sentiment in existing neighbourhoods is a huge barrier that municipal leaders can help overcome by taking a leadership role,” continued Mr. Bhaura.

Some of the key results from the poll are as follows:

• There was a clear consensus on the role of new builds as a means of addressing the issue of housing affordability in the GTA:
• 87 per cent of respondents indicated that it is important to build new homes in the Greater Toronto Area (GTA) as a means toward addressing the issue of housing affordability.
• Notably, GTA residents across all areas expressed this importance, including those living in York Region (87 per cent), Toronto (88 per cent), Peel Region (87 per cent), Durham Region (88 per cent), and Halton Region (81 per cent).
• Those living in the 416 (88 per cent) feel slightly more strongly about the importance of new builds versus those in the 905 (86 per cent).
• Nearly nine out of ten agree that municipal zoning by-laws should be reviewed, and changes considered, to allow for greater flexibility in creating middle-density housing types.
• Those living in Toronto (89 per cent) are more likely to hold this view than those in living in the surrounding municipalities (85 per cent)

• Opposition to new build construction increases with proximity and density.
• 30 per cent say they oppose the building of a new single family detached home within a half kilometer of their home;
• 37 per cent say they oppose the building of a new townhouse development within a half kilometer of their home;
• 44 per cent say they oppose the building of a stacked townhouse development (defined as middle-density housing) within a half kilometer of their home;
• 49 per cent say they oppose the building of a small condo apartment building (defined as middle-density housing) within a half kilometer of their home;
• 52 per cent say they oppose the building of a mid-rise condo apartment building (defined as middle-density housing) within a half kilometer of their home;
• 59 per cent say they oppose the building of a high-rise condo apartment within a half kilometer of their home.

In order to accommodate the tremendous growth that the GTA has experienced in recent years, and the continued anticipated growth to 2041, policies of urban intensification and increased density of housing have been implemented by various levels of government. Resistance to new developments slows construction of new housing, negatively impacting supply and increasing housing prices.

“In order to build a livable GTA for the future, we need to be able to build more homes, faster. Clearly we need to have a broader discussion on how to accommodate growth, particularly in established neighbourhoods. I encourage citizens and municipal candidates to learn more about this at  www.buildforgrowth.ca,” said Dave Wilkes, President and CEO, BILD.

“If we want to truly address housing issues in the GTA, we need to take a comprehensive approach and that means being open to innovative ideas and change.  Outdated zoning rules and other obstacles need to be reconsidered.  The same policies will get us the same results, and that’s just not good enough any more,” said John DiMichele, TREB Chief Executive Officer.

“We are encouraging home buyers and renters to let municipal election candidates know their views through UnLockMyHousingOptions.ca that clearly outlines the problem, the reason and the solution to some of the challenges we face. Getting involved and sharing your concerns is easy, as the website does all the work for you,” said DiMichele.

It is noteworthy that the Home Building Industry and REALTORS® have joined forces on this issue.

“With housing issues front and center in this municipal election, we are pleased to partner with TREB to bring these issues to light and encourage a dialogue on how we can collectively address housing supply and affordability,” added Wilkes.

About the GTA Municipal Elections Poll

For this survey, a sample of 1,503 GTA residents from the Ipsos I-Say panel was interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2 percentage points, 19 times out of 20, of what the results would have been had all Canadian adults been polled. Credibility intervals are wider among subsets of the population.

About the Toronto Real Estate Board (TREB)

TREB is Canada’s largest real estate board. Over 50,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.

About the Building Industry and Land Development Association (BILD)

With 1,500 members, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_treb_bild_poll_2.htm

TORONTO, September 12, 2018 — The Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) have come together to shed light on voters’ priorities in the upcoming municipal elections. Together, BILD and TREB represent all facets of the real estate industry.

“Residents of the GTA are concerned about housing affordability and availability,” said Dave Wilkes, President and CEO, BILD GTA. “People are concerned about where young families and first-time home buyers will live, or if they will be able to afford to live in the GTA at all.”

Some of the key results from the poll are as follows:

• When considering the issues in the upcoming municipal elections, 4 in 10 Greater Toronto Area (GTA) residents say that the cost of housing and infrastructure are just as important as addressing crime.
• Almost 40 per cent say that the cost of housing is among their top-three election issues, statistically tied with crime and infrastructure.
• Notably, GTA residents across all areas express this to be a priority of theirs, including those living in York (42 per cent), Toronto (39 per cent), Peel (39 per cent), Durham (31 per cent), and Halton (29 per cent).  
• The cost of housing is an especially important issue among certain groups of GTA residents, including:
• Millennials (48 per cent of millenials vs 42 per cent of those aged 35-54 and 25 per cent of those aged 55 and over);
• Renters (62 per cent of renters vs 26 per cent of home owners), those living with relatives or parents (50 per cent) and;
• Women (43 per cent of women vs 32 per cent of men).

• 68 per cent of GTA voters say the cost of housing has impacted them directly in some way.
• 40 per cent say it has affected their ability to save enough for retirement;
• 34 per cent say it has affected their ability to afford a major purchase or a vacation;
• 24 per cent say it has affected their ability to buy a home;
• 20 per cent say it has affected their ability to make upgrades to their home
• 12 per cent say it has impacted their ability to save for their children’s education and 11 per cent say they have put off having a child or another child.

It is estimated that 115,000 new residents call the GTA home every year. By 2041 the population of the GTA is expected to swell to 9.7 million putting increased pressure on the housing supply in the region. Only 33 per cent of respondents feel that the GTA is prepared to provide housing for this influx of people over the next 23 years, while the balance feel that the GTA is ill prepared. Furthermore, 67 per cent of those polled feel that their children will be unable to afford a home in the community they grew up in.

“If we want to build more houses, faster, to increase affordability and availability, we should look at what can be done at the municipal level. It is important that housing affordability is part of every municipal candidate’s platform.  Voters and candidates can learn more about this at  www.buildforgrowth.com,” said Wilkes.

“One of the key issues facing home buyers and renters in the GTA is inadequate housing supply and choice, and one of the main reasons for this is municipal policy that unnecessarily locks up housing options.  We are encouraging home buyers and renters to let municipal election candidates know their views through TREB’s new election campaign web site: UnLockMyHousingOptions.ca; it is easy as the website does all the work for you,” said Garry Bhaura, TREB President.

It is noteworthy that the Home Building Industry and REALTORS® have joined forces on this issue.

“TREB is excited to be working with the BILD to ensure that important housing issues receive the attention that they deserve, from both candidates and voters, during this municipal election campaign.  As the poll shows, housing issues are top of mind for the electorate,” said John DiMichele, Chief Executive Officer for TREB.

About the GTA Municipal Elections Poll

For this survey, a sample of 1,503 GTA residents from the Ipsos I-Say panel was interviewed from August 20 to 23, 2018. Quotas and weighting were employed to ensure that the sample’s composition reflects the overall population according to census information. The precision of online polls is measured using credibility interval. In this case, the results are accurate to within +/- 2 percentage points, 19 times out of 20, of what the results would have been had all Canadian adults been polled. Credibility intervals are wider among subsets of the population.

About the Toronto Real Estate Board (TREB)

TREB is Canada’s largest real estate board. Over 50,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®.

About the Building Industry and Land Development Association (BILD)

With 1,500 members, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. BILD is proudly affiliated with the Ontario and Canadian Home Builders’ Associations.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2018/nr_treb_bild_poll.htm