Toronto home prices to rise 5.75 per cent in 2021: Royal LePage
Toronto home prices to rise 5.75 per cent in 2021: Royal LePage
The brokerage predicts rising prices due to low inventory, while MPAC reports Toronto added $11.65 billion in property value in 2020 By Radheyan Simonpillai
Samuel Engelking
Real estate brokerage Royal LePage forecasts that home prices in the Greater Toronto Area (GTA) will rise 5.75 per cent in 2021.
The firm’s 2021 market survey forecast estimates the aggregate price of a home in the GTA home will reach $990,300. The median price of a two-storey home is expected to rise 7.5 per cent to $1,185,800.
The agency also forecasts that the rise in condo prices in the 905 real estate market will offset the dip in Toronto. They forecast the median price of GTA condominiums to rise only 0.5 per cent to $600,800.
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A contentious and convoluted debate on approving Amherstburg’s 2021 budget ended abruptly without a decision Monday when council voted not to extend the meeting past 10 p.m.
The meeting, which began at 6 p.m., included a lengthy agenda in addition to the final approval of the budget. Councillors had been debating the budget for about 90 minutes when a motion was required to continue after 10 p.m. The six councillors voted 3-3 on the motion. Mayor Aldo DiCarlo broke the tie, voting against the motion.
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The financial framework for 2021 in Strathroy-Caradoc was approved by councillors during the Dec. 7 regular council meeting.
According to a report overviewing the budget which was presented to councillors, the municipality’s tax rate will increase by 1.5 per cent, about half of the 2.9 per cent increase which was included in the 2020 budget. The 2021 increase means a home assessed at $350,000 will see an increase of $35.94 in its tax bill excluding education and county taxes.
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Councillors unanimously passed the motion to accept the 2021 budget.
The municipality’s director of financial services and treasurer Bill Dakin said municipalities collect eight cents of every tax dollar paid in Canada, but are responsible for building more than half of Canada’s core infrastructure.
BARRIE, ONT. The City of Orillia approved its 2021 budget with a zero per cent tax rate increase for residents. Council agreed to use $603,734 from the City s Tax Rate Stabilization Reserve to offset the increase in the $62.4 million budget. We know how difficult this past year has been for many, and it is our hope that a zero per cent increase to your municipal taxes demonstrates our commitment to helping you and your family weather the storm, said Mayor Steve Clarke. A large chunk amounting to $10.6 million of the budget will go towards improving Centennial Drive. Other budget highlights include furthering technology for online services, funding a new resident welcome program, the transit terminal and replacing the Couchiching Beach Park greenhouse and maintenance building.