Yes. I am sitting on the Second Floor of our palatial offices here in midtown Toronto. The sun is baking, the sky is threatening and the real estate market is showing no signs of slowing down!
So, here is the news as i see it from here!
When the U.S. sneezes, does Canada catch a cold? Apparently, we have been taking our echinecea. Read an elightening article HERE.
Despite the public outcry from the public and groups such as TREB, it looks like David Miller has gained the necessary approvals for his controversial new land transfer tax.
What does this mean to prospective home buyers?
Well, on a home purchase in Toronto of $400,000, the land transfer tax portion of your closing costs just jumped from $4500 to $9000. This doubling of the effective tax rate will raise the city an extra $300 million per year.
This is a cash grab in the worst possible way. Taxes will be doubled but home buyers will have nothing to show for it. Mayor Miller says that raising these taxes are the only way to pay for the City’s massive budget shortfall. Apparently he sees no other solution than to force the entire financial burden of the city upon those willing to invest in purchasing their own home! Go figure!!!
Toronto will soon have the highest land transfer tax rate in all of Canada! Home buyers contribute approximately $2 billion to Toronto’s economy. Make no mistake, the city will feel the impact of this new tax.
HERE is a CBC article about the opposition to the City of Tax, opps, I mean, Toronto’s proposed taxes.
A nice article about CONDO MANIA in Canada.
This piece of news isn’t making much noise. Even on the interenet. Nevertheless, I thought I’d report it HERE for you folks to pick up on and debate. The government of Canada is selling off alot of taxpayer owned buildings. No big deal but at what cost? Guess what? Apparently, nobody knows ’cause PM Harper ain’t telling. Interesting….
Little Timmins at the head of the LIST. Serious. Stop laughing!
Funniest Agent’s Listings! Will put a smile on your face!
That’s all folks! Have a great day!