TORONTO HOUSING MARKET   by:  Linda Pinizzotto, Realtor (R)

Toronto resale home as reported by the Toronto Real Estate Board .  The city's new land-transfer tax effective February 1, 2008 as approved by City Council will amount to approximate $4,000 on an average-priced home in Toronto.  When my clients are purchasing a home they look at the bottom line.  The price of the home, carrying costs and closing costs.    To have an additional $4,000 in land transfer tax effects their decision and budget. It may encourage buyers to look outside the City of Toronto limits and consider other communities ie. Mississauga, Milton, Georgetown, Brampton, Newmarket, Aurora etc.   Real Estate hasn't changed since I started selling 30 years ago in 1979.  It is all about affordability.  Times have changed considering prices, incomes and interest rates.  However, first time home buyers still want to exercise their dream of home ownership, families want to trade up into larger homes and empty nesters still consider their real estate investments when they are downsizing or retiring. Downtown Toronto has had a huge impact with condominium growth and sales. It is important to keep a keen eye on prices now that the land transfer tax is in effect.  Summer months tend to have slower activity however with continued efforts from the Bank of Canada to keep interest rates at a low, there is confidence in the market place.  As they say time will tell... 

Please contact Linda Pinizzotto for all of your Real Estate Needs.  

"I have seen every market since 1979 - Real Estate is still your best investment - don't be swayed too much.  It is all about affordability, at the end of the day you still need someplace to live and if you can own it....even better!