As expected, 2007 was a record year for the Toronto Real Estate Board. Above average condo resales activity and increased activity in Toronto (both likely attributeable to the Toronto Land Transfer Tax being introduced this year) were noticeably up in December.
Congrats to our members!
See also:
As for the new year, 2008 brings more incentives for buyers. We have a 1% reduction in the GST on new homes. Meanwhile, the land transfer tax rebate has been extended to first time homebuyers of resale homes. Also, some analysts are calling for 2008 to be the year of falling interest rates -- so there are eyes on January 22 when the Bank of Canada makes its next announcement on the key interest rate (the last before Governor Dodge hands over the reins to Carney).
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