You are browsing the archive for 2016 November.

Plan a ideal holiday party

November 30, 2016 in Beach Metro Community News

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Nibbles, snacks, appetizers, hors d’oeuvres, tapas – call them what we will – these mini-bites of deliciousness are executive to holiday entertaining. Whether your celebration is a infrequent affair

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Christmas crafts during Arts on Queen

November 30, 2016 in Beach Metro Community News

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This holiday season, Arts on Queen will be featuring domestic Christmas ornaments combined by artist, Margo Hubka.

Hubka delicately scours auctions, antique and flea markets in

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Jazz and Reflection during Beach United Church

November 30, 2016 in Beach Metro Community News

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Rising saxophone star Alison Young joins Amanda Tosoff on piano and Ross MacIntyre on honest drum for Jazz and Reflection at a Beach United Church Saturday, Dec. 3.

The seasonal

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HERstory Counts presents Silenced

November 29, 2016 in Beach Metro Community News

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HERstory Counts – a association focused on amicable probity movements – presents Silenced during a Red Sandcastle theatre, Dec 8 by 11th.

Silenced will

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Nova Scotia local step dances her approach into a Beach

November 29, 2016 in Beach Metro Community News

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Nova Scotia local and veteran step dancer, Danielle LeBlanc will be holding a giveaway seminar on Dec 3 to deliver children and adults to a universe of step dance.

Step

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Co-op could come to Gerrard and Coxwell

November 29, 2016 in Beach Metro Community News

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A six-storey associated housing section has been due for a lot on Coxwell Avenue during Gerrard Street East, with a village conference scheduled for Dec 7.

The site during 355

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New Land Transfer Tax Rebate: Thanks for nothing!

November 25, 2016 in Uncategorized

There was much hoopla in the media a couple of weeks ago when the provincial government announced it was increasing the rebate on land transfer tax for first time buyers. Almost all of the headlines read, “Provincial Government Gives $4,000 rebate of Land Transfer Tax to First Time Home Buyers”.  A lot of my fellow realtors jumped on the media bandwagon and proclaimed that this was fantastic, that this was really going to help first time buyers get into the market. Well, I believe this is just more smoke and mirrors from the provincial Liberals and it will have little if no effect on our Toronto housing market.
To be clear, there was already a $2,000 rebate available from the province for first time buyers. Finance Minister Charles Souza doubled it to $4,000 and that was the number the media picked up. The rebate only applies to the first $368,000 of the cost of a first time buyer’s home. In Toronto, with the average price of a home at about $760,000, the current provincial land transfer tax, before the rebate if you’re a first time buyer, is $11,675. Add on another $10,925 in municipal land transfer tax and it brings the total to $22,600.
The province is using an antiquated calculation system to levy land transfer taxes. Buyers pay 0.5 percent on the first $55,000 of their purchase, one per cent from $55,000 to $250,000, 1.5 per cent on anything from $250,000 to $400,000 and 2% on anything over $400,000. If the government wanted to really help home buyers, they would lower or get rid of the 2% tax on the purchase price over $400,000.
If you look at our average price of $760,000 in the city of Toronto, the tax alone on the purchase amount over $400,000 is $7,200!
Forgotten in the headlines and in most of the media coverage is the increase in land transfer tax from 2 per cent to 2.5 per cent for houses purchased for $2 million and more. So if you’re fortunate enough to be able to purchase a home for more than $2 million, you get penalized even more.
Souza says they haven’t made any adjustments to the land transfer tax calculation since 1989. Back then, $400,000 was a huge number in real estate markets. With increasing prices over the past 26 years, the provincial government is now reeling in more than $2 billion a year from land transfer taxes.
The city of Toronto jumped on the land transfer tax bandwagon in 2008. Since implementation, the city has averaged an annual revenue of about $300 million from the taxes.
With the combined revenue the city and province have been getting from the real estate market, our property taxes continue to go up every year and our services continue to decline. It makes me wonder how Toronto and Ontario would look today without the billions of dollars from real estate transfer taxes.
So Minister Souza, thanks for the additional rebate. You’ve just helped my first time buyer purchase a cheap appliance.

Beach Metro’s beam to holiday events in a Beach and East End Toronto

November 23, 2016 in Beach Metro Community News

Toronto, CAN., 22 Nov 2015 - The Village of East Toronto's Christmas Parade done the approach  along Kingston Road to Community Centre 55 on Main Street as families held drifting candy canes.... Read the full article

Construction during Victoria Park and Gerrard to continue until January

November 22, 2016 in Beach Metro Community News

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An ongoing delivery H2O categorical deputy plan that was set to be finished by a finish of Sep is now pronounced to be finish by a finish of January

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Coworking space creates community

November 20, 2016 in Beach Metro Community News

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You might have beheld that a tenure “coworking space” has been popping into Toronto’s lexicon, with some-more and some-more of these spaces are popping adult around Toronto. With a

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