Toronto Real Estate sales for 2015

Residential 
Toronto home sales were the second-best on record in December of 2015, with the Toronto Real Estate Board posting 4,945 sales. The year’s total sales were 101,299, which is a 9.2 increase over 2014.

The average price for a home in Toronto in 2015 was $622,217, which is up by 9.8 per cent compared to 2014, when the average price was $566,624.

Commercial

According to the Toronto Real Estate Board’s Commercial Network Members, there was a 6.1 million square foot increase in leased office, commercial and industrial space during the fourth quarter of 2015 compared to the same time in 2014, a 19.6 per cent increase.

The number of sales of commercial, office, industrial spaces decreased by 27 per cent in the fourth quarter of 2015 compared to the same time in 2014, for a total of 235 sales.

In mid-December, the government of Canada announced that it was increasing the required down payment amount for some home purchases beginning in February 2016

Homes priced above $500,000 will now require a down payment of 10 per cent instead of the previous 5 per cent. Homes priced below this amount still only need a 5 per cent down payment.

CMCH Fee Changing

The Canada Mortgage and Housing Corporation has announced it is changing the guarantee fees being charged to issuers and adjusting the annual limits for new guarantees. Both National Housing Act Mortgage-Backed Securities and Canada Mortgage Bonds are affected.

Land Transfer for First Time Home Buyers in Toronto and Ontario outside Toronto

Did You Know?

First Time Home Buyers Pay less land transfer taxes.
In Toronto there is an additional Land Transfer tax that is paid also by First Time Home Buyers

Example for a property of 500,000

First Time Home Buyers
-in Toronto pay $6475
-In Ontario outside Toronto pay $4475

Ontario Land Transfer Tax

0.5% - first $55,000

1.0% - between $55,000 - $250,000

1.5% - over $250,000

2.0% - over $400,000

Qualifying first time home buyers receive a $4000 credit from January 1 2017

Toronto Land Transfer Tax

0.5% - first $55,000

1.0% - between $55,000 - $400,000

2.0% - over $400,000

First time buyers are exempt on the first $400,000 approx $3700 rebate