land transfer tax: First-time buyers of resale homes to benefit from new tax measure
- 06/03/08 03:29 AM
It's Now the Law - Land Transfer Tax Rebate for Resale Homes In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes for agreements of purchase and sale entered into after December 13, 2007. This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law. As a result of this change, first-time homebuyers of resale homes may now be able to receive a refund from the provincial government of … (4 comments)
land transfer tax: First-time buyers of resale homes to benefit from new tax measure
- 12/17/07 05:50 AM
The McGuinty government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today. "Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said. Effective December 14th , first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid. The expanded Land Transfer Tax Refund Program for First-time Homebuyers is … (1 comments)
land transfer tax: City of Toronto: New Taxation Measures
- 10/26/07 04:03 AM
Land Transfer Tax ImplementationOn October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. More details on implementation will be available at Executive Committee on October 29, 2007. For all purchasers: one-half of one percent of the value of the consideration on sales up to and including $55,000;one per cent of the value of the consideration on sales exceeding $55,000 up to and including $400,000; two per cent of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;one and a half per cent of the … (3 comments)
land transfer tax: Latest Stats Can. Report on New Homes Starts
- 09/06/07 06:52 AM
Construction intentions cooled down in July as the value of building permits declined, halting two months of record-setting performances. Municipalities issued building permits worth $6.2 billion, down 11.3% from $6.9 billion in June. Still, July was one of only a handful of months in which permits exceeded the $6-billion mark. At $6.9 billion in both May and June, the total value of permits was at its highest level on record. Losses occurred in both the residential and non-residential sectors. The value of residential permits fell 6.3% to $3.8 billion, with declines in both the single-family and multiple-family components. Contractors took out $2.3 billion in permits … (0 comments)
land transfer tax: Make room for a Mudroom
- 08/29/07 09:38 AM
Now that our thoughts are turning again to outdoor living, it's a great time to think about making room this year for what may be one of the most practical places in the house: the mudroom. Never mind that we may associate mudrooms with images of country houses, English wellies and walking sticks - the premise is the same in our modern lives. Every home must find a way to manage that transition that its inhabitants make between life outdoors and life inside. A mudroom is perfectly practical - and can also be perfectly pleasing. • The struggle for order. It's funny how … (2 comments)
land transfer tax: August Prepares to Roar into Fall Market
- 08/20/07 08:26 AM
TORONTO, Aug. 17 /CNW/ - Resale home transactions reached unprecedented heights in the first half of August,up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announcedtoday. So far this month 3,838 properties have sold with an average price of $355,829."The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to arobust fall market." The rate at which transactions are occurring has increased over 2006 as well. … (0 comments)
land transfer tax: More on Toronto's tax (NOT) & cottage prices go through the roof
- 07/18/07 01:12 AM
Miller's tax push fails by a single voteGlobe and Mail - CanadaDespite the dire warnings of possible service cuts and tax hikes, Mr. Ashton said last night the deferral was necessary to get the Toronto Real Estate Board ... Cottages prices going through the roofCanoe.ca - CanadaThe average price for a piece of vacation real estate ranges from $86500 in Newfoundland to $225000 in Prince Edward Island, $525000 in Quebec, ... … (1 comments)
land transfer tax: What happened to Toronto's proposed 100% increase the Land Transfer Tax?
- 07/17/07 12:54 AM
Tax attack launched <-click here to read moreToronto Sun - CanadaPalmer noted a small number of people -- those "trying to achieve the Canadian dream" -- will bear the brunt of the "unfair tax." For every real-estate ... Two new taxes vital for Toronto <-click here to read moreToronto Star - Ontario, CanadaCritics warn the land transfer tax, adding up to 2 per cent to the cost of a residential home, would dampen Toronto's white-hot real estate market. ... … (0 comments)
land transfer tax: 3 reports on the health of the Canadian Real Estate Market
- 07/13/07 01:15 AM
Canadian Housing Market Gathers Momentum As US Market SlumpsMoney Morning - USARoyal LePage Real Estate said in its quarterly report that the average Canadian house price is expected to rise by 9.5% to reach $286775 by the end of this ... June a record month for Canadian home buyingToronto Star - Ontario, CanadaThe Canadian Real Estate Association said the average cost of a home was $335180 last month, compared to $303472 in June last year, an increase of 10.4 per ... No slump yet: Average house price hits $335180CBC Toronto - Toronto,Ontario,CanadaThat figure was up 10.4 per cent from June 2006, the Canadian … (1 comments)
land transfer tax: Happy Canada Day!
- 06/29/07 02:27 AM
The Maple Leaf Forever! It was over 40 years ago, in 1965, that Canada's distinctive maple leaf flag flew for the first time. Then, as now, the flag had its supporters and detractors. But few realized what a powerful and positive symbol our Canadian flag would become. Though we endlessly debate our shortcomings as a country, we still wear Canadian flags on our lapels and our belongings when we travel abroad, because our flag is recognized and respected around the globe. This Canada Day, let's take a moment to see ourselves as others see us: one of the most-admired nations in the world, … (2 comments)
land transfer tax: Toronto REALTORS® Tell City that 100% Land Transfer Tax Increase is Unfair
- 06/27/07 09:49 AM
TORONTO, June 27 /CNW/ - The Toronto Real Estate Board has told the City of Toronto that its proposal to charge a second land transfer tax treats home buyers unfairly. TREB's comments were made in a formal presentation to the City's Executive Committee earlier this week.If the City moves forward with the proposal, the average Toronto home buyer will pay another $4,200 in land transfer tax. That is a 100 per cent increase, and would give Toronto the highest land transfer taxes in Canada and the second highest in North America."A second land transfer tax discriminates against home buyers. The City … (2 comments)
It's Now the Law - Land Transfer Tax Rebate for Resale Homes;)
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