Oct 25, 2017
Toronto Real Estate Market Update - Oct 26, 2017
Posted by: louisa
Louisa Baumander's Toronto Real Estate Market UpdateOctober 25, 2017
Where did the year go? Clocks fall back November 5th.
C04: 134 homes available. Since Monday 16th 11 sold, Average price: $2,354,730.00 105% of asking
C13: 79 homes available. Since Monday 16th 4 sold, Average price: $1,493,750.000. 100% of asking
C15: 97 homes available. Since Monday 16th 4 sold, Average price $1,611,500.00 96% of asking.
E03: 113 homes available. Since Monday 16th, 22 sold. Average price $949,173.00 106% of asking
W02: 94 homes available. Since Monday 16th, 16 homes sold Average price $1,109,306.00
W05: 177 homes available. Since Monday 16th, 9 homes sold.
In the news:The Office of the Superintendent of Financial Institutions (OSFI) is tightening buyer qualifications for a mortgage. Here is the link to help explain things.
I don’t think there is any longer a way around paying taxes if you have received a gift of money, or a property transfer if the person giving owes the government taxes!
The Canada Revenue Agency loves Real Estate as a means of collecting revenue. Transactions are invariably hefty now in Toronto, with HST/GST assessments proving to be hugely expensive to the person being assessed.
This informative article covers the following :
- Questionable source of funds, property flipping,
- GST/HST on the sale of new or substantially renovated homes
- GST/HST New Homes Rebate
- Unreported Capital Gains
- Unreported Worldwide income
September’s StatisticsThere were 6,379 sales inn the GTA during September 2017:35% less than September 2016.
New listings were up by 9.4% year-over-year.
The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis. A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.
If you have any questions, or just for a chat please do not hesitate to call.