Does Toronto Have The Lowest Property Tax Rates In Ontario?!

New study shows Toronto has the lowest property tax rate among the 25 major cities in Ontario – Beating Markham, Milton & Richmond Hill at roughly 0.615 per cent.

To put this in perspective, a home priced at $500k in Toronto would require owners to pay $3074 in taxes but a home at the same price in Windsor would require $8,947! Although this may seem too good to be true if you are thinking of purchasing a home in Toronto, you must remember that by keeping taxes down, Toronto faces a number of serious challenges such as housing affordability, public transit, road repairs, etc… All which come with a cost.

A main reason the property tax rates are higher in other cities is because the housing prices are much lower. An average cost of a home in Toronto is around $915,481 while Windsor homes sit at around $337,923.

Another thing to think about are the separate charges the City of Toronto bills homeowners (i.e water consumption, garbage pickup) while some cities in Ontario include all of this on a property tax bill.

Toronto Real Estate June Stats

Toronto Real Estate June Stats: Over 8 Thousand Homes Were Sold in The GTA and Surrounding Areas in June 2019.

That Number is Up 10%!!! From June 2018.

Prices Also Went Up Another 3% ( That’s $15k on a $500k Home!)

How Much Did Your Home Increase This Year?

Call 416-896-3333 And Ask For Your Sutton Neighbourhood Specialist.

#July #RealEstatePrices #RealEstateStats #HousingMarket#HomeBuyers #GTAHomes #TorontoHomes #MississaugaHomes#SuttonRealty

Can Canada Keep up With The Price Of It’s Real Estate Market?

New research from the RBC’s housing affordability report shows that only a small fraction of families in Canada can afford to buy an average-priced home.

As it stands, only 20% of families in Toronto can afford to buy a home currently, and this statistic does not include taking a mortgage stress test!

Aside from the obvious high pricing in Toronto & Vancouver, RBC’s graph indicates how prices have risen above affordability all throughout Canada.

The good news is that RBC’s affordability measure has declined for two straight quarters, meaning housing is slowly becoming more affordable. The west parts of Atlantic Canada are declining in price, and household incomes are rising, causing the bar to lower for ownership in most markets.

In Canada – it now takes 51.4% of an average household to cover the costs of an average priced home, down from 53.9% six months prior. In Toronto, the ratio fell to 66% from 75.3 within a 6 month period.

At this pace, Toronto’s housing slowdown would have to last another 4 years before the city becomes affordable. RBC economists concluded “Interest rates are no longer poised to increase amid heightened global trade uncertainty. And despite signs of a cyclical market bottom emerging this spring, we expect home prices to remain under downward pressure for months to come in many western Canadian markets”.

Are you looking for help with a mortgage? Looking to buy your first home – Or even sell? Give Sutton Realty a call today. Peace of mind is just a quick call away! We can’t wait to help 🙂

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com 

Which Canadian Province Is Leading In Multi-Family Building Permits?

New statistics show an increase of 1.6% per month in relation to permit value for residential buildings in Canada, with Ontario as the clear leader for both single-family & multifamily permits since January. In Toronto, the value for multi-family dwellings rose from 26.5% to $871 million which was the second highest value on record!

Since December, multi-family permit approvals have increased by 3.5%, totalling to 21,192. Single family home approvals decreased by 2.3% from the previous month.

As for non-residential permits, the drop was pretty significant with a total of $3.0 billion down 15.8% from December, which resulted from lower construction intentions from commercial buildings. The total value for all permits issued in January for both residential & non-residential was $8.4 billion in January, down from 5.5% from December’s record high.

Whether you are looking to invest or to buy the perform home for you and your family, do not hesitate to call us! We have agents standing by to answer any of your questions.

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com

 

 

 

Toronto Condo Market Statistics 2017-2018

The Toronto Real Estate Board has released condominium apartment sales statistics from the GTA. As it turns out, Realtors have reported 5,191 sales through TREB’s MLS system in the fourth quarter of 2018, a result which showed sales were down 9.9 per cent compared to 2017.

Condo listings entered into the MLS system were also down by 11.2 per cent from 8,186 in 2017 to 7,272 in 2018!

Pricing for condominium apartments have increased by 8.3 per cent from $516,086 in 2017 to $558,728 in 2018. Each year the growth in price gets slightly higher, accounting for 72 per cent of transactions, resulting in an average price of $598,664.

Condo apartment sales by price range in GTAhttp://www.condominiumtoronto.ca

Looking for the best prices in condos for sale and rent?

Give us a call today – We would love to help you find your perfect new home!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com