Thursday, June 9, 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 Councillors, during and after the election campaign to repeal the Toronto Land Transfer Tax was, and is, sensible.
“Recently, the City’s Budget Chief has pointed out the budgetary challenges facing the City. REALTORS® believe that City Council is moving in the right direction by conducting a comprehensive review of City services; we also strongly believe that the commitment to repeal the Toronto Land Transfer Tax can, and should, move forward,” said Johnston.
A recent public opinion poll conducted by Ipsos Public Affairs found that 75 per cent of Torontonians support Toronto Mayor Rob Ford’s commitment to repeal the Toronto Land Transfer Tax.
In light of the City’s Budget Chief’s recent comments, the poll contained interesting results. In particular, even when asked to consider the City’s expected budget shortfall, the public’s support for the repeal of the Toronto Land Transfer Tax remains very strong, with 68 per cent of Torontonians believing that the Mayor should follow-through on this commitment, despite the City’s budget challenges.
The poll also found that the public is paying attention to this issue: a large number of Torontonians, 61 per cent, were previously aware that Mayor Ford has committed to repeal the Toronto Land Transfer Tax.

Tuesday, June 7, 2011

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 months," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year," continued Mercer.

Median Price
In May, the median price was $400,000, from the $376,750 recorded during May of 2010.

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

TREB MLS Sales To New Listings Ratio -- May 2011

TREB MLS New Listings -- May 2011