Toronto City Council has passed a motion to hike the land transfer tax on home sales above $3 million as the city looks for additional revenue. The move means those buying a home worth $3-4 million will pay a 4.4 per cent Municipal Land Transfer Tax (MLTT). That amount will increase on a scale, with anyone buying a home worth more than $20 million paying an 8.6 per cent tax to the city. Chow said she...
The Bank of Canada's recent and anticipated rate cuts in 2025 are expected to influence home buying in several ways, primarily by improving affordability and stimulating demand. However, the extent of the impact depends on various factors, including the pace of rate cuts, economic conditions, and potential external risks like U.S. tariffs. Here's a detailed breakdown: 1. Lower Borrowing Costs...
March pdf home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s...
TRREB Urges Governments to Accelerate Action on Housing Supply TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to...
40 banks around the world have already cut interest rates — and Canada could be next Pete Evans · CBC News · Posted: Feb 29, 2020 4:00 AM ET | Last Updated: 2 hours ago Stephen Poloz, governor of the Bank of Canada, and deputy governor Carolyn Wilkins will announce the bank's latest decision on interest rates next week. (David Kawai/Bloomberg) Central bankers are waking up to dramatically...
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