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Toronto is addressing confusion over the vacant home tax rollout. Many residents received notices in error and were charged late fees. The city is reversing charges for occupied homes and improving support for affected residents. The tax aims to increase housing supply by discouraging vacant properties. Continue to full article

Toronto and GTA real estate peaked in February 2022, Since then, prices have declined steadily, with a 16.9% yearly drop at the end of 2023.Detached homes saw a 19.7% decrease, selling for $1,443,612 in Mid Q1.

AI Adoption: Real Estate firms are embracing AI for faster decisions and data-driven insights.Operational Real Estate: Investments in properties like hospitals benefit from steady demand.

Reduce rent increases: – Lower property tax hikes could help prevent landlords from passing on costs to renters. Protect vulnerable renters: – Policy could benefit those struggling with affordability by potentially keeping rents lower

City of Toronto staff are facing complaints from residents who received hefty vacant home tax bills despite their properties being occupied. More than 60,000 people are upset about lack of communication regarding the declaration deadline. The City extended the deadline and waived late fees for affected individuals. Continue to full article

Increase for high earners: After June 25, 2024, capital gains tax increases for profits exceeding $250,000.The $250,000 threshold applies to individuals, including gains through partnerships or trusts.

Toronto was ranked as the 5th best place to live in Canada. It had the 3rd-highest house prices, averaging $14,933/sq m.

The Toronto Regional Real Estate Board's monthly report indicates an improvement in the Greater Toronto Area's housing market.Home sales through the MLS in February totaled 5,607, ↑ ~18% yearly.

For those in Toronto who manage to buy property, costs beyond the down payment and mortgage are increasing rapidly. Condo maintenance fees have doubled in some areas, reaching over $1,000 per month. Property taxes have also risen by 9.5%, making even small properties unaffordable. Continue to full article