All about homes sale in Toronto
There were 3,214 sales through the TorontoMLS® system during the first
14 days of August, representing more than a 22.5 per cent increase
compared to the same period in August 2010. Year-to-date sales through
the 14th of August were all but caught up to last year’s total – down by
half a per cent compared to 2010.
“The unsettled situation in financial markets over the past few weeks
did not appear to sap the confidence of GTA home buyers during the
first half of August,” said Toronto Real Estate Board President Richard
Silver. “Revised forecasts for future Bank of Canada interest rate
decisions coupled with the recent announcement by the US Federal
Reserve, suggest that interest rate hikes in Canada are on hold at least
until sometime in 2012. This is a positive for affordability and should
help sustain buyer confidence moving forward.”
The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.
“The rate of price growth reported for the first two weeks of August
continued to point to sellers’ market conditions in the GTA,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis. “However, it should
be noted that new listings grew at a slightly greater pace than sales. A
better supplied market in the second half of 2011 will result in prices
growing at a more sustainable pace.”
Land transfer tax is assessed on real property when a deed is registered transferring ownership of the property from one party to another. The tax uses a sliding scale of percentages based on property value.
Currently, the land transfer tax in Ontario is as follows:
0.5% on the first $55,000
1.0% on the portion between $55,000-$250,000
1.5% on balance over $250,000
Example: Land Transfer Tax Calculation
A single-family home is purchased for $ 450,000. The following calculation applies:
$0-$55,000 .005x$55,000 =275
$55,000-$250,000 .01x$195,000 =1,950
$250,000-$400,000 .015x$150,000 =2,250
$400,000 plus (.015+.005)x$50,000 =1,000
Land Transfer Tax Payable $5,475
Greater Toronto REALTORS® reported 4,774 sales through the TorontoMLS® during the first two weeks of May 2011. This result was two per cent lower than the May 2010 figure of 4,887.
“The strong sales reported for the first half of May reflect the positive economic outlook for the GTA. With the number of jobs increasing and earnings growing, it makes sense that households remain confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board President Bill Johnston.
The average selling price for the first 14 days of May was $486,223 – an increase of more than eight percent compared to the same period in 2010.
“The average home selling price has been growing at a faster rate over the last two months. This is not surprising given that the number of homes available for sale has been down substantially in comparison to 2010. Increased competition between buyers for available listings has prompted enhanced upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
Sales Average Price Sales Average Price
City of Toronto ("416" 1,867 $543,787 1,984 $500,375
Rest of GTA ("905") 2,907 $449,252 2,903 $413,284
GTA 4,774 $486,223 4,887 $448,641
Source: Toronto Real Estate Board
Summary Of May Sales And Average Price
416 905 Total 416 905 Total
Detached 713 1,679 2,392 774,046 534,666 606,020
Yr./Yr. % Change -3% 1% 0% 13% 9% 10%
Semi-Detached 238 333 571 537,907 358,962 433,548
Yr./Yr. % Change -1% 1% 0% 7% 5% 6%
Townhouse 209 523 732 403,042 341,667 359,191
Yr./Yr. % Change -1% 2% 1% -1% 11% 7%
Condo Apartment 684 288 972 356,452 269,180 330,594
Yr./Yr. % Change -12% -7% -10% 1% 8% 2%
Source: Toronto Real Estate Board
I suggest the following checklist be used to maximize your home's value:
Repair all minor issues, inside and out.
Obtain quotes on major repairs (new furnace, water heater, etc).
Thoroughly clean, dust and polish all surfaces, including windows.
Clean window coverings and remove any dated styles.
Polish all light fixtures and replace bulbs.
Clean all appliances. This is important if they are part of the sale.
De-clutter rooms, counters, closets, garage, drawers and cupboards. Remove coats from closets and store off-site. (This is a time when less is more -- making your home feel larger with ample storage.
Steam-clean all carpets.
Paint walls that are a vibrant or themed colour, to a neutral tone.
Ensure your yard is cared for. Curb appeal is the first impression.
Consider repainting your front door. This is not a big investment, nor an obstacle to the purchaser if the colour isn't quite right.
Once these are done, review your market research and see if additional renovations are beneficial to not only securing a sale but ensuring the investment is profitable.
You don't want to simply break even; you want to make money from your efforts.
Check with the appropriate city tax department for more information on 2011 property tax rates. Please note: These tax rates are for the most common rate classifications. Tax rates for other property classes can be obtained by contacting the local Municipality’s Treasury department.
|Location||Phone# Treasury Office||Residential||Multi Residential||Commercial Occupied||Industrial Occupied|
|Ajax||905-683-4550 ext. 361||1.380610||2.368082||2.949747||4.412494|
|Aurora||905-727-3123 ext. 4747||1.076539||3.58518||4.23051||4.86688|
|Caledon||905-584-2272 ext. 7750||0.969107||1.482421||2.283971||2.655992|
|East Gwillimbury||905-478-4282 ext. 229||1.058805||1.058805||2.254323||2.569183|
|Halton Hills (Urban)||905-873-2600 Ext. 2930||0.994659||1.945701||2.26271||3.532630|
|Halton Hills (Rural)||0.960448||1.868318||2.212885||3.451894|
|Milton (Urban)||905-878-7252 ext. 2193||0.878423||1.682787||2.093411||3.258323|
|Uxbridge||905-852-9181 ext. 210/211||1.252197||2.128399||2.763547||4.122306|
|Whitchurch / Stouffville||905-640-1900||1.002454||1.002454||2.187829||2.492686|
* Assessment-related tax increases for commercial, industrial, and multi-residential properties are subject to provincial capping provisions. Accordingly, depending on policy established by each municipality, assessment-related tax increases for commercial, industrial, and multiresidential properties will be limited to 5% of the property’s prior year’s taxes, or, 10% of the property’s prior year’s taxes, or, 5% of the property’s full Current Value Assessment taxes. Please check with the municipality regarding their specific policies. Note: This information is provided by the individual municipalities. The Toronto Real Estate Board assumes no responsibility for the
accuracy of this data.