15% tax on home purchases by non-resident foreigners in GTA area...
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Posted on: 25-05-17 15:00:08
How's it going in GTA with the new tax? I have heard the houses are not selling as fast as they used to be; and there are no more multiple bids (of-course, they always do in the proper and posh Toronto near Downtown). Have you guys witnessed a bit of price slump?
Quote:
Originally posted by febpreet
How's it going in GTA with the new tax? I have heard the houses are not selling as fast as they used to be; and there are no more multiple bids (of-course, they always do in the proper and posh Toronto near Downtown). Have you guys witnessed a bit of price slump?
Normally in spring time always lots of houses for sale. House market is slowing down a little bit and yes you are right, not too many offers unless house is put for very low asking price.
Now a days in Open house not so many peoples are line up to get into the house. Last two months ago, just for curiosity we went an open house in Oakville area and you won't believe that there was literally line up outside of the house to get in....LOL....
What I observed is, in last two years house price set way high so now sellers are not ready to sale the house for previous prices which was in 2011or 2014 year.
Sellers are ready to sale the house but for the current house price. Even most of cases houses are coming in market and if seller is not getting same around asking price compare to current house market price then sellers are pulling out house from the market.
Detached, Semi's are still hot cake in near Toronto area and very hard to find house in good and well established neighbourhood area.
Per today's 1650 AM news, house sales in the GTA have slumped by 25%.
The greatest effect is seen in the North - Markham / RH / Newmarket and the lowest in Brampton.
Perhaps its a wait and watch policy by the buyers in the wake of proposed new regulations mooted by the Govt.
Whether the sales slump will be followed by a price dip this summer , is still to be seen.
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Fido.
Here was an alternate Financial provider who set up a scare in the market. Its so called take over has re-kindled the markets once more. It was a market that was made available to the NEW Comers. They are back in swing of things.
The fate of Home Capital, known as a “b-lender” because it caters to new immigrants and other homebuyers who can’t get a traditional bank loan, remains in question. A run on deposits and stock plunge began late last month after regulators accused the company of misleading investors about potentially fraudulent mortgage applications.
“Home Capital is affecting things because people who can’t get mortgages from the banks rely on them and other b-lenders,” said Lorand Sebestyen, an agent with iPro Realty Ltd. in Toronto. “If you can’t get the mortgage then you obviously can’t buy anything and it’s going to affect the market, especially for the higher-priced properties.”
Market Fear.. Please read on.
http://business.financialpost.com/personal-finance/mortgages-real-estate/toronto-bidding-wars-turn-to-homebuyers-remorse-as-market-gets-nervous
There is just a lull for a few more weeks. It will all swing upwards once more before it stops. So, it is a wait and watch game. And as long as the Mortgages are made available to the New comers, they will surely enter into it too.
Enjoy the roller coaster ride. You only know what it is if you take the ride. Go and do it.
FH.
LMC CUN MX
Frenetic housing market softening.....
Bidding wars have slowed and traffic at open houses appears to be down across the GTA area after the province introduced new measures to cool the red-hot real estate market.
Have anyone noticed that recent house was sold near by your area with over asking price or under asking price?
is the housing market gonna crash?
No new SOLD sign in the last one month. Houses are still in the market. Most of the sellers are still holding to their original prices and not dropping them. If the situation will still as it, there may be drop in prices by the needy sellers. My speculation is of a drop between 10% to 20% in next 6 months.
New home builders lobbied again and almost stopped taking new homes booking. They are trying to throttle the supply to keep the prices up.
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A Delhite in Toronto
WHAT!! A cool million over the asking price! Yes it is in Toronto. (But the news is Two months old. Yes some time it takes that long to hit the newspaper columns.)
Even if we get into winter and into MINUS 40, it might not cool it much. It could just hit the asking price! Even that seems large.
Who gives a you know what.There are sellers and then there are RICH buyers too. That is Toronto and that is Canada.
Good things grow in Ontarioooo. So does money on treehouses.
FH.
http://www.blogto.com/city/2017/04/sold-toronto-townhouse-sells-1-million-over-asking/
