TREB Published January, 2019 Market Figures TREB Published January, 2019 Market Figures

  TREB Published January, 2019 Market Figures   TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December, 2018. “It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with

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40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right 40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right

40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right

  40% of Canadians are paying no income taxes, Prime Minister Trudeau knows this is right   The top 20 per cent is likely paying 70 per cent or more of all income taxes   Trudeau was speaking the complete truth when it comes to income taxes (HST, realty taxes and other consumption taxes are another story). It is just a truth that he may not want many Canadians to know.   On average, two of every five Canadian households do not pay anything towards federally and provincially funded expenses such as health care, education, community and social services, national

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Toronto area home sales declined to 10-year low in 2018 and number of listings down Toronto area home sales declined to 10-year low in 2018 and number of listings down

  Toronto area home sales declined to 10-year low in 2018 and number of listings down.   Home sales in Toronto and the surrounding GTA area fell to a 10-year low in 2018, as the number of new listings coming to the market declined and home buyers and sellers faced with a new reality of higher interest rates and stricter mortgage rules including mortgage stress tests.   The Toronto Real Estate Board (TREB) says there were 77,426 residential transactions recorded through its Multiple Listing Service (MLS) system in 2018, down 16.1 per cent from 92,263 sales in 2017. The last time sales were lower than this

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TREB Has Published December, 2018 Market Figures TREB Has Published December, 2018 Market Figures

    TREB Has Published December, 2018 Market Figures   Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018.  This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017.  Total new listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.   The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.  

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Home sales in Toronto down in November, 2018 and up in sale prices Home sales in Toronto down in November, 2018 and up in sale prices

  Home sales in Toronto down in November, 2018 and up in sale prices   Toronto remains a seller’s market after home sales across the Greater Toronto Area (GTA) dropped nearly 15% this November, 2018, compared to a year ago.   According to the Toronto Real Estate Board (TREB), there were 6,251 residential transactions recorded through its system last month, a 14.7% drop compared to November last year. On a seasonally adjusted basis, sales were down by 3.4% compared with October 2018.   The average selling price for November was up by 3.5% year-over-year to $788,345, according to TREB. When adjusted seasonally, the average sale price

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Toronto downtown is benefiting from ‘Hyper-concentration’ of knowledge jobs in an economic shift Toronto downtown is benefiting from ‘Hyper-concentration’ of knowledge jobs in an economic shift

  A fundamental economic shift is Toronto downtown is benefiting from ‘Hyper-concentration’ of knowledge jobs in an economic shift as traditional manufacturing employment evaporates across much of southern Ontario, a new report warns, and the trend has major ramifications for public transit and land-use planning.   The study, released days after General Motors announced the shutdown of its assembly plant in Oshawa, Ont., says the lopsided job growth is a permanent change, not a cyclical pattern. It warns Toronto’s transit system will be placed under further strain. The report also argues smaller communities outside the city should seek to attract the

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New Rent control rules may spark return to sky-high rent increases for Toronto tenants New Rent control rules may spark return to sky-high rent increases for Toronto tenants

  New Rent control rules   With new Rent control rules and the province of Ontario scrapping rent control for new units across Ontario as of November 15, 2018, affordable housing advocates are warning that the changes could may spark return to sky-high rent increases for thousands of Toronto tenants.   The Progressive Conservative government revealed the details on November 15, 2018 through the fall economic statement, announcing legislation which ends rent control for all newly-built or newly-converted rental units going forward — while maintaining rent control for current tenants — as part of a new Housing Supply Action Plan.   “Everybody who’s

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Home sales in Toronto up in October, 2018 with increase in sale prices Home sales in Toronto up in October, 2018 with increase in sale prices

  Home sales in Toronto up in October, 2018 with increase in sale prices November 5, 2018 –  TREB October, 2018 Resale Market Watch Report Released.  Toronto Real Estate Board President Garry Bhaura announced year-over-year increases in home sales and average sale prices reported through TREB’s MLS® System in October 2018.   Greater Toronto Area REALTORS® reported 7,492 sales through TREB’s MLS® System in October 2018 – a six per cent increase compared to October 2017. On a preliminary seasonally adjusted basis, sales were down by one per cent compared to September 2018.   The average sale price for October

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Interest Rate up inject to homebuyers’ challenges, more first-time buyers may not qualify Interest Rate up inject to homebuyers’ challenges, more first-time buyers may not qualify

  The interest rate up and third Bank of Canada rate hike this year could shut more first-time buyers out of the Toronto region’s housing market. It will increase hundreds of dollars to some homeowners’ challenge mortgage payments. More first-time buyers may not qualify for mortgage.   The central bank has raised its key lending rate 0.25 to 1.75 per cent on October 24, 2018. Similarly, Canada’s big banks boost their prime rates by a quarter of a percentage point to 3.95 per cent from 3.70 per cent, effective October 25. The bank previously raised rates by 0.25 percentage points

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