September marked another huge month of sales as Toronto area realtors sold a record 9,902 homes. For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year.
The average selling price YTD now stands at $721,750 with almost 90,000 homes sold through the Toronto Real estate Board.
The changes announced by the government on Federal mortgage lending guidelines and capital gains tax exemption rules area are aimed to try to control the rapid increase in prices. However it’s important to note that the upward pressure on home prices has been mainly due to lack of inventory, huge immigration and investment in Canada, a strong economy and low interest rates. While the new government changes may impact some people into a wait-and-see attitude I personally believe it’s not going to have a great impact on our market place and am encouraging my buyers to buy now.
All in all the market continues to be strong, rental rates are high with very little inventory and today is as good time as any to buy a house. If you or friend are in the market to get a bigger home or buy an investment property, give me a call and let me show you how I can help you with your real estate needs.
Have a great October!
PS I’m never too busy for your referrals!
Your Friend in Real Estate.
Steven Maislin, R.E.B.B., I.R.E.S.
Huffington Post CanadaCanada Revenue Agency Recovers Millions From Real Estate CrackdownsHuffington Post CanadaThe Canada Revenue Agency (CRA) has recovered over $240 million from tax audits focused o...n real estate in B.C. and Ontario. Over $210 million was collected from cases probed in Ontario between April 2015 and September 2016. Another $30.3 million ...CRA nets $240M from probe of real estate tax cheats in BC, Ont.CBC.caall 2 news articles »
Globalnews.caHere's why Canada's red-hot housing market may be cooling, but won't be crashingGlobalnews.caA sold sign is pictured outside a home in Vancouver, B.C., Tuesday, June, 28, 2016.... The Real Estate Board of Greater Vancouver says home sales in Metro Vancouver in September fell by 32.6 per cent compared to the same month last year. THE CANADIAN ...and more »
CBC.caCRA nets $240M from probe of real estate tax cheats in BC, Ont.CBC.caIn July, CRA confirmed to CBC that it was bulking up its scrutiny of the B.C. real estate market, which had been seeing a fev...erish run-up in house prices in Vancouver. "These audits focused on the areas where the risk of non-compliance was highest ...