Ontario Land Transfer Tax

The Best and Worst Cities in Ontario for Land Transfer Tax

By: Zoocasa

As your home purchase closing draws nearer, most of the stress and anxiety dissipates as you take the final steps towards homeownership. The same can’t be said for your wallet, however, as you’re then faced with numerous closing costs that need to be paid before your transaction is complete, with the largest being land transfer tax.

This tax, which is charged by the province, (with the exception of Ontario where the City of Toronto has its own additional tax), is determined based on the total purchase price of the property, and unlike the mortgage, it must be paid in cash.
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Toronto October numbers

Housing Prices Set to Rise in Toronto, Reveals TREB’s October Report

By: Zoocasa

The shaky first half of 2018 is officially over, with home sales and prices both edging upwards for the fifth month in a row this October, according to the Toronto Real Estate Board (TREB).

TREB reported 7,492 sales through MLS in October 2018 in the Greater Toronto Area, a 6-per-cent increase year over year. At the same time. The average property price rose 3.5 per cent to $807,340.
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Toronto real estate September

GTA Housing Market Stabilizes this September

By: Zoocasa

Both home sales and prices are stable this September and slightly higher year over year in the Greater Toronto Housing market.

The Toronto Real Estate Board (TREB) recently announced that sales were up 1.9 per cent to 6,455 transactions while the average selling price for September 2018 was up 2.9 per cent year over year to $796,786.

“It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year’s lows,” said TREB president Garry Bhaura.
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Cheaper Ontario Rents

Where Are Ontario’s Most and Least Affordable Housing Markets?

By: Zoocasa

Ontario is often thought to be the most expensive province for real estate – a perception created from the fact that it’s home to the Toronto housing market, one of the hottest in the nation.

Interestingly enough, according to recent data compiled by Zoocasa, Toronto doesn’t hold the top spot for Ontario’s most unaffordable housing market. That would actually be Richmond Hill, a residential Greater Toronto Area suburb where locals earning the median household income of $88,535—$47,962 short of the income required—would have some difficulty purchasing a home at the average price of $999,311. Comparably, a Torontonian earning the median household income of $ 65,829 would find themselves $41,282 short of the income required to purchase a home in 416.
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Toronto Property Tax

Property Tax Across Canadian Markets: How Toronto Compares

By: Zoocasa

The Canadian housing market tells different tales depending on the city; property values, and the economic fundamentals that support them, vary based on the municipality or the province in question.

While housing prices can be very diverse, so too can home ownership costs. For instance, the land transfer tax home buyers pay when they close on a property can range by as much as $20,000 depending on the market. An interesting thing to note is that the disparity can similarly be found across the nation according to a study done by Zoocasa, which compared the property tax rates in 25 major municipalities across Canada.
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Real estate taxes

August Home Sales and Prices Improve, Raising Overheating Fears

By: Zoocasa

The Toronto Real Estate Board reports that the housing market is finally starting to recover from the storm caused by last year’s policy and mortgage changes – to the extent that it has prompted concerns of overheating demand.

Compared to August 2017, data from this August reports slight improvement across all TREB regions. At an average price of $765,270, 6,839 homes for sale in Toronto have exchanged hands, a year-over-year increase of 4.7% and 8.5%, respectively. The MLS Home Price Index, used to keep track of the overall value of the market, rose 1.5%, reflecting a greater proportion of higher-priced detached home sales.

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TREB Data appeal comes to an end

Supreme Court of Canada Won’t Hear TREB’s Appeal to Keep Sold Data Private

By: Zoocasa

The Supreme Court of Canada announced this August that it will not hear the Toronto Real Estate Board’s (TREB) appeal to keep past sold data for Toronto homes for sale proprietary.

TREB fought a lengthy battle to keep such information private, losing two other court battles in 2011 and 2016, and now, finally, has no choice but to share information which includes past asking and selling prices, realtor commissions and the number of times a home has been listed.

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What are property taxes?

What is Property Tax?

By: Zoocasa

Property taxes are an important consideration for home buyers, as this levy is a carrying cost that must be paid each year, and will increase or decrease along with the home’s value.

These taxes are collected by the municipality in which you live, and are used to fund a number of infrastructure and service needs at both the city and provincial level; in fact, property taxes account for $19 billion dollars in revenue for the province of Ontario.
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TREB June 2018 report

Toronto Real Estate Board Reports Stronger Sales in June

By: Zoocasa

The start of summer is typically a slower time for real estate, but that trend reversed in June – with 8,082 homes sold, the month ushered in the first year-over-year sales increase since December, according to the latest numbers from the Toronto Real Estate Board.

While sales were up just 2.4% since June 2017, this is still a reversal from double-digit declines between 20-30% recorded in the first half of the 2018.
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