Toronto –

Distinctive Advisors Inc.

 Menu

your.team@distinctiveadvisors.com

416 925 3140

Distinctive Real Estate Advisors Inc., Brokerage | Distinctive Real Estate Advisors Inc., Mortgage Broker License #12592

Tag Archives: Toronto

Toronto Land Transfer Tax — What’s New and What’s Coming?

Provincial (Ontario) Land Transfer Tax Changes – 2017

2016 was a big year for changes in the Canadian Real Estate Market. On the heels of the announcement in October regarding changes in the mortgage underwriting rules for first time home buyers (ultimately reducing the buying power of first-time home buyers in Canada, read more here), the province announced changes to provincial land transfer tax which are aimed at helping increase affordability for first time home buyers, effective January 1, 2017.

Here are the changes:

Ultimately these changes are expected to have negative implications on transactions over $2 Million which, in the City of Toronto, represents a large part of the real estate market for centrally-located detached homes.

But Toronto is unique in that, unlike all other municipalities in Ontario, it has a municipal land transfer tax in addition to the provincial land transfer tax.

City of Toronto Municipal Land Transfer Tax – Proposed Changes

The City of Toronto is currently exploring raising the Municipal Land Transfer Tax in order to meet 2017 budget objectives. The effect would be an additional 0.5 per cent of tax on all buyers.

This could mean a seven per cent increase of $750 on top of the $11,000 for an average priced home purchased by a repeat buyer in Toronto.

Tim Hudak, CEO-designate of the Ontario Real Estate Association (OREA) said that if the city increases the municipal land transfer tax, it would effectively be “clawing back” the additional rebate offered by the province. Hudak says, “Unfortunately, Toronto is proposing to swipe up to 25 per cent of the provincial savings out of the pockets of young couples and put it into city coffers instead.”

Toronto Real Estate Board has launched a website to combat the City on the increase of land transfer tax.

Toronto City Council will finalize its budget in February 2017.

Would you like to be kept informed on the latest in Toronto Real Estate? Contact a member of our team to be kept in the loop or sign up for our monthly real estate updates today.

2016 Change to Mortgage Qualifying Rules for First-Time Home Buyers — Explained

You might remember an uproar regarding real estate in October 2016, but what was that all about?

Without notice or preparation, the Canadian government announced on October 3rd, 2016 several major changes to mortgage rules aimed at curbing high demand in two of the country’s fastest growing markets — Toronto and Vancouver.

Bank of Canada implemented what they call a “stress test” for first-time buyers, forcing them to qualify for their mortgages at the Bank of Canada posted rate or 4.64% rather than the actual mortgage rates, reducing buying power for first-time home buyers across the board.

Why?

This was a very clear message from the Bank of Canada that interest rates would soon start rising, and true to form, they’ve already started. Since first-time home buyers often stretch their budgets and take on more than they can afford (and many lenders don’t prevent this from happening) this is the government’s way of protecting our housing market from a potential crash as a result of rising interest rates.

What’s the actual impact? (view the CBC article here)

Although this may temporarily slow the market in some areas, this move is expected to have positive ripple effects on the economy and is a much needed shifting of the winds for Canada.

In 2016, a mere 33 percent of individuals looking to purchase a home were first-time home buyers and in 2017, stats are showing over 50 percent of people with an eye for the home buying market will be first time purchasers. Even more astounding, over 60 percent of those buyers are under the age of 35. 2017 will most likely be the year that the Millennials begin their real estate takeover and the market will never be the same.

Looking for your first home or know someone who is? Contact a member of our team today to learn how we can help you with your real estate transaction and mortgage financing needs.

2017 — Here We Come

As we mark the end of our business year in 2016, we’d like to wish you all the best in 2017 and thank you for your support in 2016 which was a banner year for Distinctive Advisors.

With the continued market changes in 2017, the business couldn’t be entering our Sophomore year at a better time. For some, 2017 will be a trying year filled with changes in the market that will require changes in information given to clients, the listing process as a whole, property marketing and the buying power of our first-time buyer’s segment of the market. But the Distinctive Advisors team has a roster of buyers looking for strong investments in the year ahead, so have no fear.

Our Distinctive Difference is to provide our clients with smart information to make the best decisions for their families and financial futures. Our team is excited to adapt to the expected changes in the market and continue to serve the real estate ownership and investment priorities of our clients in the year ahead.

We’re proud to highlight a selection of our client’s real estate successes from the past year:

44 Beardmore Crescent

44BeardmoreSOLD

86 Atherton Avenue

86AthertonSOLD

18 Yonge — Suite 716

18Yonge-716SOLD

205 Wynford Drive — Suite 2407

205Wynford-2407SOLD

169 Goulding

169GouldingSOLD

2246 Dufferin St

2246DufferinSOLD

18 Humbervale Blvd

18HumbervaleLEASED

12 Sundance

12SundanceSOLD

60 Heintzman — Suite 927

60Heintzman-927LEASED

Save

Save

Save

Save

Spectacular Historic Gem: The Jacob Cummer House

Lovers of tradition will find their treasure in this circa 1850 heirloom home of Jacob Cummer III, known today as the Jacob Cummer House (click here to view the complete listing). Located in the Bayview Woods-Steeles neighbourhood, this historic gem has been transformed into a beautiful and extremely functional home upgraded to modern standards.

Buyers will be attracted to the 14+7 room, 5 Bedroom home situated on an incomparable 111.48’ x 220’ Ravine Lot a short 20 minute drive to either Pearson International Airport or the downtown financial district in Toronto.  The home has unique features throughout including a wood-panelled office with wood-burning fireplace, a bar on the main floor off the living room, a butler’s pantry with a kitchenette and a unique two-storey recreation space perfect for entertaining. The expansive main floor offers ample space for hosting large groups, while also giving privacy to intimate gatherings with its formal living and dining rooms. On the second floor, the bedrooms are ideal in size with large square configurations. The Master bedroom features a wood-burning fireplace as well as a completely updated marble finished ensuite bathroom with heated floors. This floor also includes a conveniently located laundry room and numerous closets.

44 Beardmore Crescent Toronto-print-089-89-75PRINTE 1491E 1492-2700x1800-300dpi

“Our children have really grown up over the past 10 years in this great home for an active family like ours.  It has spaces large enough to gather and spend quality time together, but room for everyone to have their quiet time and privacy. What was once a garage and is now a recreation space is quite unique and has been perfect for our family. We love to have our friends over and they love it too because it’s so easy to gather, play pool, have some drinks, enjoy some food  — all in an open indoor/outdoor space — while the kids have their own space within earshot upstairs. The many large parties and barbecues with friends will always be remembered fondly.  I just hope that the next family can benefit from similar experiences.” Monique Rabideau, Current Homeowner of 44 Beardmore Cresent

44 Beardmore Crescent Toronto-print-041-123-126PRINTIMG 1193-2700x1800-300dpi

Situated on a beautiful lot with pockets of greenery and landscaping throughout the garden, this home enjoys the exclusivity of a double ravine lot backing onto the East Don River and East Don Parkland Trail.

For more information on this listing, click here, or contact us today to experience the distinctive difference for yourself.

Save

« Older Entries

Newer Entries »