TORONTO, ONTARIO, December 5, 2017 – Toronto Real Estate Board President Tim Syrianos
announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB's
MLS® System in November 2017. This result was up compared to October 2017, bucking the
regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared
to November 2016.
New listings entered into TREB's MLS® System in November 2017 amounted to 14,349 – up by
37.2 per cent compared to November 2016, when the supply of listings was very low from a
"We have seen an uptick in demand for ownership housing in the GTA this fall, over and above
the regular seasonal trend. Similar to the Greater Vancouver experience, the impact of the
Ontario Fair Housing Plan and particularly the foreign buyer tax may be starting to wane. On
top of this, it is also possible that the upcoming changes to mortgage lending guidelines, which
come into effect in January, have prompted some households to speed up their home buying
decision," said Mr. Syrianos.
The MLS® Home Price Index (HPI) composite benchmark price was up by 8.4 per cent on a
year-over-year basis in November 2017. The average selling price for all home types combined
was down by two per cent compared to November 2016, due in large part to a smaller share of
detached home sales versus last year. On a year-to-date basis, the average selling price was up
by 13.4 per cent compared to the same period last year. High density home types continued to
lead the way in terms of price growth, with the average condominium apartment price up by
double-digits compared to November 2016.
"Changes in market conditions have not been uniform across market segments. In line with
insights from consumer polling undertaken by Ipsos in the spring, we are still seeing seller's
market conditions for townhouses and condominium apartments in many neighbourhoods versus
more balanced market conditions for detached and semi-detached houses. We will have more
insights to share about consumer intentions for 2018 at the end of January when TREB releases
its third annual Market Year in Review and Outlook report," said Jason Mercer, TREB's Director
of Market Analysis
Toronto Real Estate Board
Government Announces Provincial LTT Changes
November 14, 2016 -- The provincial government has announced significant changes to the Provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, bringing it in line with the City of Toronto's rebate, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first-time buyer rebate.
The provincial government is proposing to double the maximum rebate for first-time home buyers from $2,000 to $4,000. This change would bring the PLTT rebate in line with the City of Toronto LTT rebate. The real estate industry welcomes this change, which will help to make housing more affordable in the GTA.
The provincial government is proposing to increase the PLTT for homes priced over $2,000,000 by charging 2.5% on the portion of the value above $2,000,000 (currently this portion is charged 2%).
For non-residential properties, the provincial government is proposing to increase the PLTT on the portion of the value above $400,000 to 2% (currently this portion is charged 1.5%).
As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would not be subject to the increased rates of tax.
TREB welcomes the increase to the provincial first-time buyer rebate to bring it in line with a similar rebate in the City of Toronto as long overdue. TREB, however, always has concerns with tax increases on property, and governments should be focused on measures to make property ownership in the GTA more affordable, not more expensive.
The provincial government is proposing to restrict eligibility of the first-time home buyer rebate to Canadian citizens and permanent residents, effective January 1, 2017. As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would remain eligible for the refund, regardless of citizenship or residency status.
Toronto Real Estate Board
New Down Payment Requirement Starting Feb. 15, 2016
TORONTO, December 12, 2015 – Finance Minister Bill Morneau on Feb.11, 2015 announced changes to the rules for
government-backed mortgage insurance to contain risks in the housing market, reduce taxpayer exposure and
support long-term stability. Effective February 15, 2016, the minimum down payment for new insured mortgages
will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent
minimum down payment for properties up to $500,000 remains unchanged.
See below my graphics on the changes and my impact assessment on the housing market.
No Ontario communities outside Toronto to have land transfer tax
TORONTO, December 1, 2015 - There will be no extension of Municipal land transfer
tax beyond Toronto. Toronto has been charging municipal land transfer tax on top
provincial land transfer tax. The Ontario Real Estate Association was arguing against
the additional land transfer tax and as a result this and other consultations by the
Municipal Affairs Minister Ted McMeekin, he has decided not to extend the municipal
land transfer tax beyond Toronto.
February 8, 2012 - Canadian Real Estate Association (CREA) and five other major real estate boards
including Toronto Real Estate Board have developed a new index to measure the trend in house prices
and inflation in the housing market. There are a number of indices under MLS® HPI indices.
This is similar to Consumer Price Index (CPI) that is a measure of consumer price inflation.
Read more ...