Despite a tremendous outcry from the public and special interest groups, it looks like David Miller has gained the necessary approvals for his controversial new land transfer tax. What does this mean to prospective home buyers? To put it simply, on an average home purchase in Toronto of $400,000, the land transfer tax portion of your closing costs just jumped from $4500 to $9000. This doubling of the effective tax rate will raise the city an extra $300 million per year.
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Toronto is a city in transition. The debate goes on as to whether or not we are truly one of the world’s greatest cities, or we are simply a contender; waiting in the wings for our moment to show the world what we can do. Along the way one of the major growing pains that we are dealing with is what should we do with our old buildings?
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Remember how I said April was the best month ever on record for the Toronto Real Estate Board? Yeah well, I have to retract my blog post because May completely and totally obliterated the record set by April.
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There will be a Public Open House on this beautiful 2 bedroom, 2 bathroom condo in the prestigious Alexus building at 70 Alexander St. (Alexander+Church) on Saturday June 9 from 2-4pm. This condo is a must see! Come by and say hi!
Words like ’sustainable’, ‘green’, and ‘eco-(fill-in-the-blank)’ have been so overused by the media, politicians, and special interest groups alike that they really have lost their meaning. But one area where meaning is starting to take shape is in, of all places, real estate. And this is happening in, of all cities, Toronto.
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While not everyone in this city is enthusiastic about the chance to buy a pre-construction condo, the fact is, new condos make up a growing portion of the condo market in Toronto and they have that undeniable ‘cool’ factor by virtue of their newness.
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