Proposed New Municipal Tax
In the past year the Federal Government granted municipalities new taxation powers.  On July 16th the City of Toronto will be voting on a proposal to implement a new Land Transfer Tax (LTTax) that duplicates the existing Provincial LTTax - to be implemented January 2008.  To put this into more meaningful terms - a purchase of a $450,000 home currently bears a LTTax of $5,475:  If the proposal passes you will now be required to pay $10,950 upon such a purchase!

Both LTTaxes will be calculated using the following stepped scale:
     0.5%  for value up to         $55,000                           plus
     1.0%  for value between    $55,000 and $250,000   plus
     1.5%  for value between    $250,000 and $400,000 plus
     2.0%  for value above        $400,000

If you would like to express your opinion of this to City Counsel prior to the vote,
email your comments to your local area City Counselor as soon as possible.

It's a HOT Seller's Market!
For many this is old news - the central Toronto real estate market has been a very hot Seller's market for some time now, with 2 consecutive months late this spring posting the highest volume of sales ever in the history of the Toronto Real Estate Board.

                                                Year to Date
Area       Avg.Sale     Change'06                    Area    Avg.Sale      Change'06
Central                                                           East
C01       $342,359       + 6.9%                             E01     $401,206      + 4.7%
C02       $720,172       +18.1%                            E02     $490,810      + 3.7%
C03       $844,777       +15.4%                            E03     $349,844      +10.4%
C04       $696,898       + 7.2%
                                                                      West
C08       $338,245       +11.2%                           W01     $453,375      + 0.3%
C09    $1,017,904       + 6.9%
C10       $737,386    no change
C11       $511,338       + 5.5%
C12    $1,209,510       + 8.1%

Interest Rates
Interest rates have climbed over the past half-year, with most of the changes occurring in the past 2 months:  Current "Big Bank" posted rates for Fixed Rate, Closed Mortgages ranges as follows:
          1 year.......7.05% - 7.15%
          2 year.......7.30%
          3 year.......7.30%
          5 year.......7,24%
However it is important to understand the the posted rate is often NOT the best rate available to you.   Shop around - they do expect it, although I'm sure they'd rather you didn't.   Either go-direct to each bank  -or-  ask a Mortgage Broker to shop for you.   Look not only for the best rate you can find but also be sure to understand any restrictions on pre-payment and portability.   These feaures are important in the long term.

If you are considering a move in the near future,
call me...
I'm here to help you with all of your Real Estate needs.