Corinne McCabe , Broker

Bosley Real Estate Ltd., Brokerage

Cell 416-888-9842 | info@corinnemccabe.com

New featured property at 45 Elma ST in Toronto.
This Sweet, Charming & Bright Detached Home In Desirable Mimico Will Be Perfect For You, I Just Know It! So Well Cared For You Can Truly Feel The Love. A Coveted, Long Private Drive W/Garage At The Back Allows For 5-7 Car Parking! Sunny & Private, South Facing Fenced Yard W/Flowering Eastern Redbud & Lilacs Will Be Your Summer Oasis For Years To Come. Short Walk To Mimico Go Station, Steps To The Lake, Cafes & Restaurants, & Near Sherway Mall, Ikea, Costco, so everything you need really!
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More than two-thirds of Toronto condo investors are planning to sell their properties rather than pay the new vacant home tax, according to a new Toronto Regional Real Estate Board (TRREB) report. Toronto City Council voted to create an implementation plan for a vacant homes tax in the city which would take effect sometime in 2022. The tax would encourage owners to sell or rent out their vacant properties, which would increase housing supply, the City of Toronto said in a news release. Those who do not would need to pay the tax, and proceeds would go toward building new housing supply.


A total of 40 % of those polled at the end of last year said that they intend to sell their investment property in the next year in part due to a prospective vacancy tax, as well as further restrictions on Airbnbs. TRREB has been up front in asking the City to be prudent with its implementation of the tax, calling for exemptions for snowbirds, U.S. citizens, commuters, and other groups.


Using data from Vancouver’s implementation of a vacant home tax as an example, if one per cent of Toronto’s housing stock is vacant, at a tax rate of one per cent on the average Toronto home’s current assessed value, this could equal $55 million to $66 million in tax revenue per year. Toronto’s tax rate will be determined in the tax development process. Determining how a home is deemed vacant will be part of the tax development process, but residential property owners would be required to make a declaration each year about the occupancy status of the home.


On another subject, TRREB is applauding Toronto City Council for listening to the concerns we expressed and has decided to NOT implement an increase to the Municipal Land Transfer Tax on homes priced over $2 million. Had it been approved the portion of the property value over $2 million would have been subject to a 3.5% land transfer tax rate, up from 2.5% - a 40% increase.

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This property has SOLD at G09 350 Wellington ST W in Toronto.
Stunning, Rarely Available Terraced Unit At The Boutique Soho Condos. Located On The Ground Floor, This Bright One Bedroom Suite Offers Privacy With A Beautiful Tree-Lined West-Facing View & Exposed Brick Wall. Enjoy Your 155 Sq Ft Of Extra Living Space On The Sun-Filled Terrace! Engineered Hardwood Floors & Marble Bathroom. Freshly Painted Bedroom & Flexible Closing Date. Steps From TTC, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops.
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This week the Toronto Regional Real Estate Board (TRREB) released its annual Market Year in Review & Outlook Report for 2021, projecting optimism for a booming Greater Toronto Area (GTA) real estate market in 2021. The report forecasts near-record sales numbers of 100,000 units, with average selling prices expected to break records and exceed the $1 million mark.


The blazing start to the year comes from a strong finish in 2020. January recorded 6,928 sales which represents an over 50% increase measured year-over-year against January 2020. Sales growth was recorded in all market segments, including condominiums in both the 416 and surrounding 905 regions. New listings also increased year-over-year, though at a less pronounced rate, which led to a tightening of market conditions versus the previous January.


The average selling price for January 2021 spiked 15.5% year-over-year to $967,885, driven primarily by the low-rise market segments as condominium apartment prices dropped in Toronto during this period. Despite this, TRREB expects that the continued growth of condominium sales could soon lead to sales growth outpacing listing growth, and renewed condo price appreciation.


Is the real estate market picking up steam at an uncomfortable pace? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high. Hopefully as we start moving into the spring market lets hope listings become more plentiful, especially after this long weekend and the kids are back at school. Let us take this weekend to be with family and see what next weeks brings us. Happy Family Day!

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New featured property at 19 Sydenham ST in Toronto.
Exclusively listed! An Amazing & Bright 3 Bedroom, 3 Bathroom Freehold Townhouse In The Heart Of Downtown could be yours. Over 1400 total Square Feet Of Recently Renovated, Beautiful Space. There's Nothing Left To Do But Move In. Imagine Having A Private Drive & Garage, A Private Fenced Yard & A 3rd Floor Deck Too?!? More Space Than You Can Imagine For Your Perfect Urban Living Experience. Steps To Queen TTC, Regent Park Aquatics Centre, & Close To The Distillery District Too. Offers Anytime! Includes: Fridge, Gas Stove, Hood, Built-in dishwasher, Microwave, Washer & Dryer, Window Blinds, 2nd & 3rd Floor Armoires, Closet Organizers & Drawers, Garage door opener with Remote, All Electric light fixtures, Alarm System with Security Cameras. Wood Burning Fireplace.
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New featured property at G09 350 Wellington ST W in Toronto.
Stunning, Rarely Available Terraced Unit At The Boutique Soho Condos. Located On The Ground Floor, This Bright One Bedroom Suite Offers Privacy With A Beautiful Tree-Lined West-Facing View & Exposed Brick Wall. Enjoy Your 155 Sq Ft Of Extra Living Space On The Sun-Filled Terrace! Engineered Hardwood Floors & Marble Bathroom. Freshly Painted Bedroom & Flexible Closing Date. Steps From TTC, Clarence Sq Dog Park, King West Restaurants, Theatres & Shops.
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