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Increasing the city’s take in property sales could negatively impact home sales.
On Friday, the Toronto Regional Real Estate Board (TREBB) cautioned Toronto City Council from resisting the urge to increase the Municipal Land Transfer Tax (MLTT) as a mean of increasing revenue, lest it compound supply and affordability issues in the city’s housing market.
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“Addressing those challenges in a way that would make housing even less affordable is the wrong path forward,” TRREB President Lisa Patel said in a statement. “In fact, it is a step backward.”
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Before launching Forest Hill Private Residences in 2020, Altree Developments conducted several years’ worth of market research – a routine step for condo developers. But Altree president and CEO Zev Mandelbaum spent even longer doing something he calls “parent research.”
Mandelbaum started paying close attention to the property predilections of his parents and their friends a little more than a decade ago. That’s when his father, Lanterra Developments co-founder Mark Mandelbaum, ended up designing a unit for himself in one of his own towers – the 32-storey One Bedford. He and his wife had decided to sell their detached home and couldn’t find what they wanted elsewhere.
Toronto’s home-buying frenzy is an agent’s puzzle Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Deborah Baic/The Globe and Mail
It seems many Ontario residents are listening to Premier Doug Ford when he urges them to stay home. Then they settle in, look around and decide they need to find a better home.
The latest data from the Toronto Regional Real Estate Board (TRREB) show sales in the Greater Toronto Area hit a record high for the month of January with a whopping 52.4-per-cent gain from January, 2020.
Real estate board predicts average Toronto home price of more than $1-million this year
by News Staff
Last Updated Feb 8, 2021 at 6:50 pm EDT
A real estate sold sign hangs in front of a west-end Toronto property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy
The average home price will surpass $1-million for the first time ever, according to the Toronto Regional Real Estate Board’s forecast for 2021.
TRREB Chief Market Analyst Jason says it will be a record high, forecasting the average Toronto home price to be $1,250,000.
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With a low supply, particularly for homes, it creates a competitive market driving up prices.