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TORONTO REAL ESTATE NEWS RELEASE JUST ASK FOR IT!   GET THE TORONTO REAL ESTATE MARKET WATCH REPORT DELIVERED TO YOUR EMAIL AS SOON AS IT COME OUT.  JUST ASK FOR IT! DO YOU WANT TO KNOW THE SALES ON YOUR STREET. JUST ASK FOR IT!         Strong start for 2008 GTA Resale Housing Market Solid in January TORONTO, February 5, 2008 -- January’s Greater Toronto Area resale housing market came within two per cent of a record performance for the month, Toronto Real Estate Board President Maureen O’Neill announced today. A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007. “This is a very positive start to the year but we will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Ms. O’Neill. The average price, which currently stands at $374,449, rose six per cent compared to January 2007. The strongest activity last month took place in Toronto’s Central and East districts. The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types. In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales. Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago. North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well. “While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City Toronto,” said Ms. O’Neill. “Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets.” ******************************************************************** TORONTO Real Estate, February 6, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today...Read More TORONTO Real Estate MARKET WATCH FALL 2006 TORONTO CONDO MARKET UPDATE! Toronto has the largest condominium market in North America. Last year, there were more than 16,000 condominium suites sold here...Read More ONTARIO,REAL ESTATE INVESTMENT REPORT 06/07 Read More ONTARIO 2007 REAL ESTATE INVESTOR REPORTRead More Common Selling Mistakes Learn the top nine selling mistakes, and what steps you can take to avoid them.   Selling Your Home Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again. Surviving the Home Sale Getting a good price for your home is important, but minimizing stress and simplifying the selling process can be just as essential. The Right Selling Price for your home When you’re selling your home, the price you set is a critical factor in the return you’ll receive. Learn several factors to base the assessment of your home. Buying Your First Home Many renters are starting to think about purchasing a home of their own. This article highlights several factors that should be considered when purchasing a home. The Right Home at the Right Price This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. Avoid Common home Buyer Errors Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase. But Do You Need It Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible.   RE:  Details of Approved Toronto Land Transfer Tax Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. TREB worked very hard to oppose this tax and commends the efforts of REALTORS® on this issue. TREB took a strong position to oppose this tax as unfair in principle and refused to compromise. As a direct result of this strong position, City Council was forced to make a number of amendments to the City’s original proposal, including rebates for first-time buyers, a reduced rate, and grandfathering for existing transactions. The City has not yet provided detailed information on administration or implementation issues. The following is based on currently available information. What was approved by City Council? A second land transfer tax, on top of the provincial land transfer tax, at the following rates: Residential: 0.5% of the amount of the purchase price up to and including $55,000 1% of the amount of the purchase price between $55,000 and $400,000 2% of the amount of the purchase price above $400,000 Commercial / Industrial / Etc.: 0.5% of the amount of the purchase price up to and including $55,000 1% of the amount of the purchase price between $55,000 and $400,000 1.5% of the amount between $400,000 and $40 million 1% of the amount above $40 million When does this take effect? February 1, 2008. Are existing transactions grandfathered? Yes. Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax. The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided. What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates before February 1, 2008? Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax. What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates on or after February 1, 2008? Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax. Where does this apply? The Toronto land transfer tax only applies to transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto. Are first time home buyers affected? First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.

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