'I really don't know': Chow says size of property tax increase uncertain as budget consultations kick-off Toronto Mayor Olivia Chow has started budget consultations, unsure about next year's property tax increases. She stressed evaluating city services and government contributions. A 9.5% tax hike was implemented earlier this year, and public feedback is sought for the 2025 budget.         #etobicokecondos #etobicokerealtor #etobicokeliving... [read more]

Greater Toronto Area (GTA) home sales increased by 8.5% year-over-year in September 2024, with 4,996 homes sold compared to 4,606 in September 2023. New listings rose by 10.5% to 18,089. Buyers are taking advantage of lower borrowing costs, driven by interest rate cuts and changes to mortgage lending guidelines. Despite a 4.6% year-over-year decrease in the MLS® Home Price Index Composite benchmark, the average selling price of $1,107,291 only declined by 1% compared to September 2023.... [read more]

👉 🧐 New Mortgage Rules: Longer Terms, Lower Down Payments, and Big Savings for First-Time Buyers. 👉The federal government of Canada introduced new mortgage rules that bring significant benefits for first-time homebuyers. Starting December 15th, eligible buyers can access a 30-year amortization period for both new and resale properties, giving them more time to pay off their mortgages. To qualify as a first-time homebuyer, you must not have lived in a qualifying home (owned by you... [read more]

Hello, 🧐A very brief update on the current state of the real estate market. 👉In August 2024, Greater Toronto Area (GTA) home sales dropped 5.3% year-over-year, with 4,975 sales reported. 👉 New listings saw a slight 1.5% increase, totaling 12,547. 👉Average home prices dipped 0.8% to $1,074,425, while the MLS® Home Price Index fell 4.6%. 👉TRREB President Jennifer Pearce noted that the Bank of Canada’s recent rate cut would improve affordability, especially... [read more]

Excessive taxation in Ontario is hindering new housing development, with taxes and fees making up 31% of new home prices. The Greater Toronto Area faces the highest development charges in North America, and a federal tax change will further impact housing supply and affordability.     #mississaugarealtors #mississaugahomes #hometobuy #torontocondos #condoforsale #torontorealestate #firsttimehomebuyer #lorneparkrealestate #mississaugahome #realestatemississauga [read more]