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Showing posts from June, 2011

Public Expecting Land Transfer Tax Repeal to Move Forward, Despite Budget Challenges

TORONTO, June 9, 2011 -- Greater Toronto REALTORS®, and the public, continue to look forward to the fulfillment of the election commitment, of Mayor Rob Ford and numerous City Councillors, to repeal the Toronto Land Transfer Tax. “It is clear that the public expects the Mayor and City Council to move forward with the commitment to repeal the Toronto Land Transfer Tax, and it is unlikely that they will forget about this. This is a significant tax: it costs the average Toronto home buyer almost $6,500, and when added to the Provincial Land Transfer Tax, average Toronto homebuyers face almost $14,000 in land transfer taxes. REALTORS® look forward to working with the Mayor and City Council on a reasonable approach to deliver on this promise,” said Toronto Real Estate Board President Bill Johnston. TREB has consistently opposed the Toronto Land Transfer Tax as an unfair tax that hurts Toronto’s economy. TREB strongly believes that the commitment by Mayor Rob Ford, and numerous City Council

What Sold In May 2011.....

Market Watch -- Sales and Price Increase in May

June 3, 2011 -- Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year. "Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings." Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto. "We have seen clear-cut seller's market conditions emerge over the past two to three m

TREB MLS -- AVERAGE Resale Home Price --May 2011

TREB MLS Sales To New Listings Ratio -- May 2011

TREB MLS New Listings -- May 2011