Land Transfer Tax

The City of Toronto is proposing to charge a second land transfer tax to start in January 2008. The vote is scheduled for October 22, 2007. If passed, it will mean a 100% increase of the land transfer tax for home buyers. With the city of Toronto looking for additional money to help its budget shortfall, it will use the money for public transit and improving poor neighborhoods and perhaps other general municipal services.

Many are opposed to the second land transfer tax that would earn the city $300 million a year, saying it could impact on Toronto's real estate market and economy and would encourage home buying outside the city limits, such as in Mississauga, Oakville, Brampton and Milton and other near-by GTA communities. It would give Toronto the highest land transfer taxes in Canada and second highest in North America. So many are watching the vote closely to see the outcome.

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* Update: October 25, 2007 - City of Toronto has recently approved the second land transfer tax. Dispite efforts in Toronto communities to suggest other alternatives and indicate that wouldn't be the best solution to Toronto's financial challenges, these were ignored and the second land transfer tax was passed. This Toronto Real Estate Blog will keep its readers updated regarding impact of the Real Estate Market in future months.

September Real Estate Market Review

Toronto Real Estate Board sales in September 2007 were strong with 6,866 transactions throughout the Greater Toronto Area. This is up 4% over September of last year.

The autumn 2007 market continues to be strong and stable with the average home price up 5% from August 2007. With the average home around $380,000 in September, we see the GTA and Mississauga housing market to be a consistently positive and healthy market.

Many neighbourhoods in Toronto and Mississauga saw an increase in condominium apartment sales and semi-detached units, as these remain relatively affordable for many in this hot Real Estate Market.

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Selling Privately Can Cost

In most cases when the seller wants to sell privately is to save on real estate commission. If they plan to do so, it's important that they aware of the state of the market and are informed on market value of their home based on similar homes in the area.

But with the current hot Toronto, Oakville, Milton and Mississauga Real Estate markets, private sellers may find themselves saving on real estate commission, but losing a much larger amount on the price of their home.

Selling a home privately excludes a vast segment of the market because their lack of exposure is a limiting factor. By listing your home with a real estate agent and having it listed on the Multiple Listing Service (MLS) exposes a house to the public on MLS.ca, as well as thousands of real estate agents and their clients.

The more potential buyers the home is exposed to, the greater the chance of obtaining a higher price, more offers, more potential bidding and a faster sale.

Definitely listing privately can cost you money, but Listing with a real estate agent with the exposure of MLS can make you more money on the sale of your home.

Thinking of Selling in Mississauga, Toronto, Oakville or Milton – Call Leif Kalaas today