MREB against new land transfer tax in Mississauga

The Mississauga Real estate Board will appear before city councillors on Monday in an attempt to head off the concept of the land transfer tax that Mayor Hazel McCallion is pushing. 

MREB President Fawzi Matter and State Relations Chair Linda Pinnizzotto will outline the local real estate industry's objections to the tax, which they are saying would add significantly to the financial millstone of buying a property and put a damper on the local economy. 

With ratepayers facing a proposed 7.8 percent property tax increase, McCallion has been lobbying her colleagues to support a land transfer tax, similar to one already in effect in Toronto. That could add $74 million yearly to City coffers. 

A land transfer tax is a one time fee that is charged when property, including land and buildings, is transferred from one owner to another. 

The MREB claims arrival of the tax could applied the brakes on a local home market that has already fell during a prolonged recession. Generally the amount is a proportion of the purchase price and is paid by the patron. 

The board has started an internet campaign to mount opposition to such a tax. 

"A Land Transfer Tax will moisten Mississauga home sales," the MREB says in a message to members. 

A recent study concluded that Toronto home sales dropped Sixteen percent as a result of the tax there. 

It "would mean lost roles for Mississauga's economy because of reduced consumer expenditure on restorations, movers, furnishings, etc.," the board claims. 

The MREB will present its deputation to councillors at budget dialogues that resume Monday at 1 p.m. 

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Canada Rental Housing

The supply of rental housing in Canada has been dropping since 2007 and is now at its low position in Twelve years, and that should accelerate new development of flat buildings, . 

Towns such as Toronto have not seen major house construction for a minimum of 40 years. 

The home multifamily vacancy rate is likely less than 3 per cent in major urban markets. 

But a variety of factors are now collaborating that should push developers into the market. 

As a result, let's not be stunned to see pension funds re-entering the multifamily real estate market, or real-estate investment trusts competing with each other for investments in this area. 

Everywhere publicly traded firms such as property investment trusts are doing the bulk of the bargains. 

Year-to-date 59 per cent of the purchasers of office properties were public, 57 per cent of purchasers of retail properties were public, and 66 percent of purchasers of multifamily properties were public. 

An exception is industrial or producing sites. But while only 33 % of the purchasers of such properties this year were public firms, that's up from 10 % in 2010.

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Financial Literacy of The Home Buying

Ottawa, ON, November 26, 2012 Shoppers have a new tool to help navigate the complexities and money consequences of getting a home crea.ca

In a recent Nanos Research survey1 for CREA, more than 63% of Canadians indicated a "major need" for the details about the finance details of purchasing a home programs. 

"As REALTORS, we appreciate that young Canadians and newbie home buyers are craving more information about the money details required to get a home. 

"Helping Canadians plan for the future, make sound decisions and make sure the monetary security of their family and friends are essential in this increasingly complex world," declared Shelly Glover, Parliamentary Secretary to the Minister of Finance. 

"Buying a home involves a number of steps and many consumers need some help in understanding the various options available. To make the choice that suits their own circumstances and goals, consumers require some money understanding which is what financial literacy actually is," added Ursula Menke, Commissioner of the Financial Consumer Agency of Canada ( FCAC ). "This guide will help folk make the correct call, and adds to the information on mortgages, loans and banking available on our website, itpaystoknow.gc.ca." 

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Signification of Cost-effective Housing Solutions Recognized on Countrywide Housing Day

"Quality of life is a key contributing factor to the Greater Toronto Area's solid world standing and it all starts with making quality reasonable housing options that develop into healthy communities," claimed Toronto Real estate Board President Ann Hannah. 

TORONTO, Nov 20, 2012 -- In celebration of National Housing Day November 22nd the Toronto Real estate Board is getting together with related organizations to host a symposium, highlighting positive initiatives and challenges related to cost-effective housing. 

"In addition to the key contribution home possession makes to quality of life in our city, it also has wide reaching industrial effects, with the sale of each home generating more than $40,000 in spin-off spending on things like furniture, appliances, restorations, and finance and legal services." 

Affiliations participating in the symposium include Habitat for Humanity Toronto and the City of Toronto. 

The symposium will also feature guest speaker John Tory, who will share his thoughts on cheap homeownership initiatives and the importance of eliminating poverty housing in Toronto. Tory is also Chair of CivicAction, a body that convenes civic leaders from varied sectors to stimulate change on issues facing the Greater Toronto area. 

"Developing affordable housing solutions is an exceptional challenge but govt., industry, non-profit associations and the non-public sector are demonstrating that thru our co-operative efforts progress is being made," said Ms. Hannah. 

In the past year Greater Toronto REALTORS have sponsored two Habitat for Humanity Toronto homes, while contributing to construction efforts as well. 

"It is thanks to the support of associations like TREB that the volunteers of Habitat for Humanity Toronto have been able to build more reasonable houses than ever before" said Habitat for Humanity Toronto General Manager Neil Hetherington. "Our combined efforts put Habitat's partner families on the trail to a higher quality life and by doing this, create a better town for everyone to enjoy." 

A number of other shelter-related causes also benefit from Greater Toronto REALTORS' support thru the REALTORS Care Foundation, which offers grants across the province on an annual basis. 

Last year alone, GTA REALTORS supported Thirty five local shelter based charities and raised just about $400,000 for shelter charities. 

"According to recent Habitat for Humanity Toronto studies, the benefits of home ownership include improved financial stability, physical health, personal safety and academic performance, and an April 2012 report released by the national Association of REALTORS in the U. 

Larger Toronto REALTORS also help consumers reach their home ownership goals on a daily basis by offering understanding of options which make home buying more cost-effective such as the 5 Per cent Down-payment Program, the RRSP Home Buyers' Plan and numerous tax kickbacks. Hannah. 

Given the far reaching results of home ownership, Greater Toronto REALTORS have a commitment to underlining the seriousness of Countrywide Housing Day.

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Smaller condos

Smaller condos have been the trend in Toronto for the previous few years, but impact of these units will be felt in days to come because most apartment buildings take 3 to five years to build and make ready for customers to move in. That is the highest share of smaller units ever. 

According to Toronto research firm Urbanation, more than 65 per cent of new apartment launches in the GTA in 2012 have been one bedroom or less. In 2006, one-bedroom or less units accounted for rather less than 1/2 new apartment launches. Some developments don't offer parking with any of the units, though they can be available to be bought separately. Another trend is eliminating parking spaces. The same trend is being seen in Toronto. Since many times developments are located beside major public transit facilities, it's anticipated many residents won't need a car. 

Who is living in these little apartments? Statistics Canada reports that 51 percent of homes in the Greater Toronto Area now have 2 peoples or less, and one-person households grew by Fourteen per cent from 2006 to 2011. 

After a decade-long boom, real-estate markets in Vancouver and Toronto have slowed in the last few months and some researchers accept that may result in a trend toward larger units. ( CMHC ) says the drop in sales is causing some developers to put planned projects on hold, and he suspects that may be a nice thing. 

A senior researcher with Canada Mortgage and Housing Corp. 

Although there is concern the Toronto market may be oversupplied, instead selling their units, many Toronto condo owners hoping for a booming rental market. The city's vacancy rate is low because only a few new rental units have been built in the last one or two years, and the amount of renters looking out for a apartment is expected to extend.

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Greater Toronto Area REALTORS reported

Nov 19, 2012 -- Greater Toronto Area REALTORS reported 2,687 transactions thru the TorontoMLS system during the first 14 days of Nov. This result represented a 17.5 per cent decline compared against the same period in 2011. 

"The decreasing of the maximum amortization period to 25 years interpreted into higher home loan payments. Some homes must save more cash for a down-payment before getting a home, so as to offset these higher mortgage costs. The abolishment of this tax would permit purchasers to have a larger down payment," said Toronto Real estate Board ( TREB ) President Ann Hannah. This is more difficult in the City of Toronto, where homes must pay a further land transfer tax up front. 

The average selling price in the first 14 days of Nov was $488,647 up by 1.7 % in contrast to the 1st 14 days of November 2011. The stronger rate of growth for the median selling price suggests that less top of the range homes sold this year matched against last. The median selling price over the same period was up by a greater rate of four per cent to $416,000. 

"During the 1st half of November, there were fewer luxury detached houses sold as a proportion of total transactions compared to last year. The year-over-year change in the mix of detached houses sold in the GTA, rather than a change in market conditions, was responsible for a lower than standard increase in the average detached home price," asserted Jason Mercer, TREB's Senior Executive of Market Analysis.

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Real Estate FAQ

Q : What is the difference between the Multiple Listing Service and the client internet site REALTOR.ca? 

A : The Multiple Listing Service is a cooperative system used only by REALTOR Members of Canada's property boards. It is accessible to any REALTOR Member who has concluded to represent your interests and share remuneration from the exchange with a cooperating REALTOR Member. The MLS contains detailed info and numerous search tools, all designed to match people with the properties that fit their exact requirements. REALTOR.ca is a website controlled by the Canadian Real estate Association ( CREA ) that displays a shortened version of most listings sent to the MLS system.

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Eco Home Restorations

Ecologically friendly home restorations might just be a good idea. These upgrades serve a number of purposes. But of equal importance, they also help realize a payback vis increasing resale value and savings on energy costs. 

In the opinion of the Appraisal Institute of Canada, energy-efficient upgrades lead the pack among overall home restorations when referring to adding worth to the resale cost of a home. A 2008 survey rated the sort of heating system, heating system potency, windows and insulation among the top flight picks in terms of green upgrades with a significant impact on the assessment price of a home. Also, the more you stay in the house, the greater the payback, particularly if you're making an investment in some of the more dear eco friendly technologies. 

With a recovery rate of between Seventy five and 100 per cent, loos and kitchens top the list as the home-reno stars of ROI. If the house is poorly insulated, it usually pays to upgrade beginning with the loft, the least expensive place to add insulation. 

Flooring : Considered a significant source of inside contaminants and allergy irritants, carpets and rugs don't have the cachet they once did. Today's householders are selecting eco-conscious flooring like reclaimed or supportable wood plank flooring, bamboo flooring, cork flooring, modern linoleum and eco carpets such as One hundred % wool or Berber. 

Paint : Using paints and finishes with low or no VOC ( volatile natural compounds ) will help you breathe less complicated by reducing your indoor poison quotient. VOCs are the solvents in paints that release gases into your space. 

Windows : Energy efficiency is the name of the game here. Beside lowering your heating and cooling costs, high spec windows offer more comfort, lower sound transmission, let in more daylight and increase passive solar potential. 

Heating : Once your house is properly insulated and air leaks are sealed up to stop heat loss, the next best remedy is an efficient heating source. Oil and electric heating are less expedient. 

Major building supply stores offer green products and programs for the do-it-your selfer like the online eco-responsible re-building guide launched recently by RONA, or Home Depot's recycling programme for lights, batteries and paint. Advise them to make checks with their local municipality and provincial offices.

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November 8, 2012 Housing starts

OTTAWA, November 8, 2012 Housing starts in Canada were trending at 218,392 units annually in October, according to Canada Mortgage and Housing Company. The stand alone monthly SAAR was 204,107 units in October, down from 223,995 in September. 

"The monthly drop off in total housing starts posted in October was mostly due to a drop off in both single and multiple starts in urban centers in Quebec and the Prairies. Multiple starts also declined in several urban centres in Ontario, more than offsetting a rise in such starts in Toronto," said Mathieu Laberge, Deputy Chief Economist at CMHC. 

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly guesses and get a more complete image of the state of the home market. In some situations, analyzing only SAAR data can be questionable as they are mostly driven by the multiples wedge of the markets which can often be quite variable from one month to the following. 

The seasonally changed yearly rate of urban starts decreased by 10.1 % to 182,134 units in October. Urban singles starts reduced by 7.6 % in October to 62,402 units, while multiple urban starts reduced by 11.4 per cent to 119,732 units. 

October's seasonally changed annual rate of urban starts decreased in all regions in October, declining by 1.5 per cent in English Columbia, 6.4 percent in Ontario, 12.3 percent in the Prairies, 16.8 % in Atlantic Canada and 16.9 % in Quebec.

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TORONTO, Nov Five, 2012

TORONTO, Nov 5, 2012 -- Larger Toronto Area REALTORS reported 6,896 transactions through the TorontoMLS system in October 2012 a lessening of 7.1 % matched against October 2011. On a per working day basis, transactions were down by 15.6 per cent.* . 

"Sales have decreased in the 2nd half of this year compared with 2011, especially since the commencement of stricter mortgage lending guidelines at the start of July. The possibility of higher monthly mortgage payments due to the reduced maximum amortization time period has inspired some homes to delay their home purchase," said Toronto Real estate Board ( TREB ) President Ann Hannah. 

The average selling price for October transactions was $503,479 up 6.2 per cent compared to October 2011. The MLS Home Price Index composite benchmark price, which permits for an apples-to-apples comparison vis home attributes, was up by 5.1 %. Active listings have remained low from a historic perspective, so some competition between buyers still exists, particularly for low-rise homes," announced Jason Mercer, TREB's Senior Executive of Market Research. 

"It should be noted Nonetheless, that the yearly rate of price increase has been edging lower over the last few months as the market has gradually become better supplied," continued Mercer.

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