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June 14, 2016
What to Watch for When Buying an Income Property in Toronto.
May 23, 2014
So, you want to start building a real estate portfolio and you require some insights with what to watch for when buying an income property in Toronto. The first thing you must be aware of, is the property performing well with its financial metrics? Analyzing an investment opportunity can be a daunting task, but if done properly it's the first step to financial freedom. The biggest mistake most newbie investors make is misunderstanding the difference between the NOI and CFBT when projecting cash flows. The NOI (net operating income) is the amount of money collected and then expenses are ...
Toronto's Taxes ~ Too High or not High Enough?
December 3, 2012
Last week, we had a look at the question of the Toronto Land Transfer Tax. It is a tax which exists only in Toronto and not in any of the other cities in Ontario. In order to properly consider this tax, we also have to look at the property tax issue generally. Toronto Property Taxes Across the board, based on a value perspective, that is, a $500,000 property in Toronto compared to a $500,000 property outside of Toronto, there is a substantial differential. The differential generally seems to be in the range of about 30% to 40%. The surrounding municipalities charge ...
Toronto Real Estate Board's Survey about Toronto Land Transfer Taxes
November 30, 2012
The Toronto Real Estate Board (TREB) is opposed to the Toronto Land Transfer Tax. It commissioned a survey by Ipsos Reid about the tax. Here’s a copy of the new release: www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_gr_LTT_0612.htm Synopsis This is the summary of the key points: • 77 percent of Torontonians who recently purchased a home in Toronto feel that they received little or no added value in City services for the amount of Land Transfer Tax paid to the City; • A third of first-time buyers indicated that they had to pay some Land Transfer Tax to the City, notwithstanding City rebates; • ...
Toronto Taxes and the Toronto Real Estate Board
November 30, 2012
As you might reasonably expect the Toronto Real Estate Board (TREB) has voiced its opposition to the Toronto Land Transfer Tax. This tax has now been in force since January 2008, and by January 2013, that will be 5 full years. So, the economic impact should be well known by now. TREB has initiated a campaign known as “Let's get this Right Toronto"and you can locate this campaign at its website: www.letsgetthisrighttoronto.ca The C. D. Howe Institute issued a report which analyzed the economic impact of the tax, drew certain conclusions and made recommendations. You may read that report ...
Does it make sense to buy in Mississauga? (Toronto Tax)
November 28, 2012
As you have probably heard Toronto has imposed some new Land Transfer Taxes. Basically, they will be almost equal to the amount charged by the Province. So, in effect it will cost almost twice as much by way of transfer taxes in Toronto as anywhere else in the Province. Who pays? The quick legal answer is that the tax is payable upon registration of a conveyance by a purchaser. The amount escalates with the value of the transaction. But, the question remains: will this bring a halt to Toronto's active resale housing market? Should purchasers suddenly ...
Toronto Land Transfer Taxes
November 22, 2012
You are probably aware that Toronto has its own Land Transfer Tax. This is in addition to the regular Provincial Land Transfer tax which applies throughout the Province. This new Toronto Land Transfer Tax was passed by Council on 22 October 2007 and took effect on 1 February 2008. The present Mayor, Rob Ford ran on a platform which included the elimination of this tax. Although he was elected based in part upon his opposition to this unpopular tax, it has not been rescinded. It would also appear that Rob Ford has lost the confidence of Toronto Council, so this ...
Toronto Market stabilizes in October
November 10, 2012
So, what’s happening with the Toronto market? First, let’s look to see what the Toronto Real Estate Board says in its Marketwatch: Average Price Up in October, Despite Fewer Sales TORONTO, November 3, 2012 – Greater Toronto Area REALTORS® reported 6,896 transactions through the Toronto MLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.* "Sales have decreased in the second half of this year ...
How was the Toronto Market in September 2012?
October 10, 2012
So, what’s happening with the Toronto market? First, let’s look to see what the Toronto Real Estate Board says in its Marketwatch: Strong Average Price Growth in September TORONTO, October 3, 2012 – Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the Toronto MLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year. The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were ...
Toronto Market Sales Up 2.3% in 2012
September 10, 2012
If you were reading the recent newspapers, you may get the wrong impression. Have a look at the Marketwatch report by the Toronto Real Estate Board: “Low-Rise Home Sales Drive August Price Growth TORONTO, September 6, 2012 – Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the Toronto MLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011. Residential transactions were down in August ...