Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,711 residential sales through TREB’s MLS® System in August 2019. This result represented a 13.4 per cent increase compared to 6,797 sales reported in August 2018. On a month-over-month basis, after preliminary seasonal adjustment, sales were up by 0.8 per cent. GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached houses. This reflects the fact that demand for more expensive home types was very low in 2018 and has ...
Sales up 13.4% & Prices Up Almost 5% Across The GTA
September 12, 2019
Ontario Real Estate Association calls on Ottawa for relaxed mortgage rules
September 4, 2019
Courtesy of: BNN Bloomberg | July 18, 2019 | Article The Ontario Real Estate Association is calling for less stringent mortgage rules in a rebuttal aimed at the head of the Canada Mortgage and Housing Corp. OREA chief executive Tim Hudak says in a letter to federal policy-makers that Ottawa should consider restoring 30-year insured mortgages, ease up on the interest rate stress test, and eliminate the test altogether for those renewing their mortgage with a different lender. In the July 18 letter to the House of Commons finance committee, Hudak said policy changes are needed to counter a downward trend in ...
Condo Prices up 5.1% and Sales Up 3.2% Year-Over-Year Across The GTA
August 29, 2019
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,038 condominium apartment sales through TREB’s MLS® System in the second quarter of 2019. This result was up by 3.2 per cent compared to Q2 of 2018. New condominium apartment listings entered into TREB’s MLS® System were down by 3.5 per cent compared to Q2 2018, with 11,110 listings added in 2019 versus 11,512 listings added in 2018. “As has generally been the case in the region since the implementation of the Ontario Government’s Fair Housing Plan in 2017, the condo market segment has remained tight ...
Low Inventory & Strong Competition Drives Price Growth Across the GTA
August 8, 2019
Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment. New listings entered into TREB’s MLS® System in July 2019 were up compared to July 2018, but by a much lesser annual rate than sales, at 3.7 per cent. With annual growth in sales far outstripping annual growth in new listings, market conditions clearly tightened compared to last year. Active ...
Prices & Sales Continue to Rise in June Across The GTA
July 8, 2019
The new President of the Toronto Real Estate Board, Michael Collins, announced that Greater Toronto Area REALTORS® reported 8,860 sales through TREB’s MLS® System in June 2019, representing a 10.4 per cent increase compared to June 2018. Over the same time period, total new listings remained at a similar level for the month of June and active listings at month-end were down by 5.7 per cent. Sales and new listings statistics for the first half of 2019 compared to the same period in 2018 painted a similar story to that of June. Sales were up by 8.5 per cent, while ...
After A Sluggish Start To 2019, Consumer Confidence In Real Estate Has Returned
June 6, 2019
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 9,989 transactions through TREB’s MLS® System in May 2019.* While this result represented a substantial increase of 18.9 per cent over the 15-year low in May 2018, it should be noted that the result was still below the average for month of May sales for the previous ten years, which stands at almost 10,300. The year-over-year uptick in sales experienced so far in the second quarter of 2019 reflects spring polling results from Ipsos (undertaken on behalf of TREB) suggesting that the share of likely home ...
If you sell real estate, expect the taxman to take a close look in continued CRA crackdown
June 4, 2019
Courtesy of: Financial Post | May 25, 2018 | Jamie Golombek | Article In three years, CRA auditors have reviewed more than 30,000 files and identified nearly $600 million in additional taxes, resulting in over $43 million in penalties Anyone selling real estate during the year has to report such sales on their tax returns, even if any gain is 100-per-cent tax-free due to the principal residence exemption. Yet it appears Canadians still run afoul of the law when it comes to the appropriate tax reporting of those sales. In a release last week, the Canada Revenue Agency provided an update ...
Title Tips: CRA Pursuing Tax on Assignments – Proceed with Caution
May 8, 2019
Courtesy of: John Zinati, B.A., L.L.B. - Zinati Kay, Barristers & Solicitors Income Tax on Assignment Sales: The recent 2019 Federal Budget announced that CRA will be devoting significant resources to pursue and investigate real estate transactions as the Department of Finance feels that this is a significant area of non-compliance. What that means is that if you are involved in a pre-construction assignment sale, there is a high likelihood that you will be subject to CRA scrutiny, so it is important that taxpayers understand the rules for both income tax and HST relating to assignment sales. Many taxpayers assume ...
Sales & Prices Up in April But Housing Supply Still A Major Issue Across The GTA
May 6, 2019
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a substantial year-over-year increase in home sales in April 2019. The number of residential transactions jumped by 16.8 per cent to 9,042 compared to 7,744 in April 2018. On a preliminary seasonally adjusted basis, sales were up 11.3 per cent compared to March 2019. New listings were also up year-over-year by eight per cent. However, the annual growth rate for new listings was much lower than that reported for sales. This suggests that market conditions continued to tighten which points toward an acceleration in price growth ...
Supply low while Sales & Prices remain flat across the GTA
April 3, 2019
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019. This result was inline with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent compared to Q1 2018. While March and Q1 sales remained relatively flat compared to last year, new listings have declined more so than sales. March new listings were down by 5.1 per cent year-over-year and Q1 new listings were down by 1.5 per cent. “The OSFI stress test continues to impact home ...