Toronto's New Land Transfer Tax - Effective March 1st, 2017

City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:

  • Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
  • Added an additional LTT of 0.5% of the value of a residential property above $2 million
  • Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property
  • Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725
  • Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada

More details on the Toronto Land Transfer Tax, and an online calculator can be found here.

York Downs Golf & Country Club - Development Proposal Details

With so much history in the midst of the growing Unionville community, the details of the proposed York Downs Golf & Country Club redevelopment are of interest to many residents.  At the end of January 2017,  'Sixteenth Land Holdings Inc.' the developer group representing the builders for the YDGCC lands, held an information session, presenting their initial proposal details.

Some highlights of the presentation include:

  • Total property size = 417 acres, with 311 being available for development, the balance is green space
  • Development to be split into 3 stages of "East and West" plans, on each side of the north-to-south green space divide
  • Development includes everything from 70' single lots to high and low-rise residential, and a small portion for mixed-use commercial
  • Residential Units proposed:  West = 1,164, East = 1,257, for a total of 2,421 residential units
  • Density of this proposal is approx 19.2 units / hectare - compared to Angus Glen at 16.7/ha, Upper Unionville at 20/ha
  • Plan includes 5 'gateway' access points to Kennedy Road and 16th Ave, three of which closely align to some of the existing YDGCC roadways and access
  • One transit loop through the community is proposed
  • One Elementary school is proposed

York Downs Golf and Country Club - Development Proposal for Lot Sizes

Institute For Luxury Home Marketing, Million-Dollar Guild

Institute For Luxury Home Marketing - Million-Dollar Guild Mmebership

Institute For Luxury Home Marketing - Million-Dollar Guild Mmebership

For Immediate Release

Contact:

Brad Macdonald
RE/MAX All-Stars Realty Inc. Brokerage | The MAC Team
905-910-1530

http://www.themacteam.ca/

LOCAL REAL ESTATE PROFESSIONAL RECOGNIZED FOR MILLION-DOLLAR SUCCESSES

Toronto, Ontario, 12/5/16 -- Brad Macdonald with RE/MAX All-Stars Realty Inc., Markham, has earned the Million Dollar Guild (GUILD) Recognition® owned by The Institute for Luxury Home Marketing®. The GUILD recognition is awarded to residential real estate professionals performing in the million-dollar and above market.

In order to earn the recognition, real estate professionals must first earn the prestigious and exclusive Certified Luxury Home Marketing Specialist® (CLHMS) designation and subsequently must provide documentation proving their specialization in the million-dollar and above market.

The Million Dollar Guild® recognizes those residential real estate professionals who have demonstrated their experience and proficiencies in working with the affluent customer. The Institute only awards the recognition to professionals who have provided verified and notarized documentation of performance reflecting sales in the top 10% of their given market and above the million-dollar threshold.

“Real Estate professionals who have earned admittance to The Institute’s Million Dollar Guild® have specific upper-tier market knowledge, understand the unique needs of affluent buyers and sellers and are experts in their respective markets,” said Amanda Hammer, Director of Membership at The Institute. “Whether you’re buying or selling a multi-million dollar property, you can depend upon The Institute’s Million Dollar Guild® members to have the competencies necessary to help you meet your objectives.”

“To have this recognition of my accomplishments in serving Markham is an honor,” said Macdonald. “It has strengthened my commitment to the community and its residents.”

Brad Macdonald and The MAC Team specialize in the greater Markham and Unionville markets, as well as lifestyle properties in The Blue Mountains. 

For insights into the current state of the luxury market, contact Brad Macdonald at RE/MAX All-Stars Realty Inc. Brokerage, 905-910-1530 or email info@themacteam.ca.

For more information about The Institute for Luxury Home Marketing, the Certified Luxury Home Marketing Specialist® designation, or the Million Dollar Guild Recognition®, visit www.luxuryhomemarketing.com  or email info@luxuryhomemarketing.com

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RE/MAX Housing Market Update

The latest RE/MAX Housing Market Update for the GTA has just arrived, and it shows some interesting trends.  Highlights include:

  • 17% Residential Price Increase year-over-year
  • $725,857 Average residential sale price
  • 2% Condo Price increase year-over-year
  • Strong growth around GTA: Oakville up 25%, Durham Region up 19%, Mississauga up 14%

You can download the full RE/MAX Housing Report here.

2016 RE/MAX Housing Report - Greater Toronto Area

2016 RE/MAX Housing Report - Greater Toronto Area

New Listings, New Solds!

The market is still going strong around the GTA, and we continue to see positive price increases in virtually all areas and property types.

28 Barlow Road, Unionville - SOLD!

28 Barlow Road, Unionville - SOLD!

32 Edward Roberts Drive, Markham - $1,380,000

32 Edward Roberts Drive, Markham - $1,380,000

We're excited to announce the sale of 28 Barlow Road, Unionville, and also the launch of our newest listing - 32 Edward Roberts Drive, Markham!

43 Harper's Croft, Unionville

New on the market this week - 43 Harper's Croft, Unionville!  This is a fantastic opportunity to live in the heart of Unionville, only steps to Main Street, Library and Art Galleries.  Built to Monarch's exacting standards, this beautiful 4 bedroom home features a fully finished basement, recently renovated Chef's kitchen, large bright bedrooms, and much more.  Check out http://www.43harpersCroft.com for more details.

Open House Sunday October 16th, 2-4pm

 

SOLD OVER ASKING! 

Mary Anne Macdonald

It is with great sadness that we announce the passing of our beloved Wife, Mom, and Nana, peacefully at Markham Stouffville Hospital, with her family by her side on Monday October 10th, 2016.   Beloved wife of David, dear Mother of Brad (Kelly) and Candice (Andrew).  Loving Nana of per pride and joys - Sarah, James and Madison.  Many of you know Mary Anne for her bright red hair, and others for her wonderful smile, but what everyone will remember most is her big heart. Always there for anyone in need!  Mary Anne's smile will live on forever through all of us.  Same smile... different place!

Please join us for a Celebration of her Life - to be held at York Downs Golf and Country Club (4134 16th Avenue, Unionville Ontario L3R 0P1) on Monday October 17th, 2016, beginning at 2:00 pm.   

Condolences and thoughts can also be left at the Dixon Garland website. - www.dixongarland.com 

Swan Lake and Bridle Trail - New Listings

Check out our new-listings page for details on a couple of exciting new listings in the Markham Area.  The very sought-after Swan Lake gated community, and Unionville's Bridle Trail!   20 Belle Terre Way in Swan Lake is a rarely-available two-storey townhouse in the heart of the community.  With over 1624 sq.ft. of living space, this is an incredible opportunity.  32 Library Lane in Unionville, is a gorgeous 3-story, 3750 sq.ft. home steps from Main Street and the Unionville Community Library!

20 Belle Terre Way, Markham - Swan Lake

32 Library Lane, Unionville - Bridle Trail

Vancouver's Pricing Dilemma

There has been plenty of media attention to the housing market in and around Vancouver, BC of late.  With the skyrocketing prices, seemingly driven by foreign buyers, many local residents have been looking for government intervention to curb interest.  From a more national perspective, people have been discussing how the new 'foreign buyer tax' in Vancouver may slow down our market growth -- while we feel it may do exactly the opposite!  In fact, I expect to see an uptick in the volume and pricing in the Toronto area and the surrounding GTA/York Region.  Foreign investment is at an all-time high.  They want to invest here.  They want to move here.  If it simply costs more to move to Vancouver, then why not spend less and come to Toronto.  I think we will very quickly see the outcome of their taxing providing a result that they simply aren't expecting.

Besides, look at the incredible number of loopholes for a foreign buyer who is set on purchasing.

“As a Canadian or permanent resident, I could set up a company and fully capitalize it with foreign money and there’s nothing stopping me from buying up as many properties as I wish without paying any of this tax,” Eby said in an interview.
— CBC.ca

See this article from the CBC on the new Realty tax on foreign buyers.

Just Leased - 144 Treegrove Circle, Aurora

Aurora has quickly become a highly-desired area for families both new to the area, and ones that have grown up around York Region.  We're seeing continued demand for the becoming-unique larger lot sizes that are available, and the interesting mix of both new and older homes.  

We've just leased this lovely home on 144 Treegrove Circle, Aurora - congratulations to the lovely family moving into this wonderful neighbourhood!

71 Longwater Chase, Unionville

Just released to MLS!  This is a fabulous Monarch-built family home in the heart of the Bridle Trail.  Steps to schools and a short walk to Main Street, this home is ideally situated in town.  Upgraded from top to bottom, including an open concept kitchen with all-new appliances, this home must be seen!  Visit www.71LongwaterChase.com for more details on this listing.  Asking $1,339,000

I'm Sold!

77 Delmark Blvd, Markham - SOLD Over List!

Here is a wonderful new listing just in time for the long weekend.  This is a fabulously located home in the Sherwood Forest / Amberglen (7 & 9th Line) area of Markham Village.  Perfect for first-time buyers, or those on a budget looking to get into this wonderful neighbourhood.  This home has been cared for by its original owner since new!  Ready for you to make it your own -- choose your upgrades and bring out the gem inside!  Backing onto a fantastic greenspace, this great home won't be around for long!  77 Delmark - SOLD OVER ASKING! Call us for details.

Myths vs. Reality - Real Estate Offers

Understanding A Real Estate Offer

There's a lot of misunderstanding about what a Buyer's obligations are/may be when they make an offer on a residential real estate property in Ontario.  Here are some examples of things buyers often ask (or worse, just assume)

1. IF WE CHANGE OUR MINDS WE CAN ALWAYS PULL OUR OFFER BACK, RIGHT?

The answer is no you can't. If your written offer has been presented to the Seller (or even in the possession of the Seller's agent), your offer is "live and real" until the expiration of the Irrevocable time specified in your offer. If the Seller signs and accepts your offer, you're committed to the contract. An exception to this is a new build condominium where the law permits a 10 day cooling off period.

2. WE HAVE A HOME INSPECTION CONDITION. WE CAN ALWAYS FIND SOMETHING WRONG TO GET OUT OF THE PURCHASE, RIGHT?

The short answer is probably not. Until recently, home inspection clauses contained language saying the offer was conditional on receiving a "satisfactory report on home inspection in the sole and absolute discretion of the Buyer". A ruling by the Supreme Court of Canada (Basin v. Hrynew) has changed that. It obligates principals in a contract to complete their obligations in good faith under that contract. Unless there is some major latent (hidden) defect discovered that would have caused the Buyer to make a different decision, you're obligated to continue the transaction.

3. IF WE CHANGE OUR MINDS WE AUTOMATICALLY GET OUR DEPOSIT BACK, RIGHT?

The short answer is it's not automatic. Return of a deposit depends on Buyer and Seller agreeing in writing to release each other from a contract. If you have a firm deal (conditions removed), and attempt to cancel a deal, or fail to close as agreed, it's quite possible you will not see your deposit back. The Seller can make an application to court for the deposit to be directed to them as damages for your failure to close, and it's highly likely they will get it.

 

4. WE NEED TO CHANGE THE CLOSING DATE BY A MONTH. WE CAN DO THAT, RIGHT?

Possibly, but not unilaterally. It can only be done in writing, and with the agreement of both Buyer and Seller. It can be done by an Amendment of the Agreement of Purchase and Sale, or by another instrument generated by the lawyers representing the Buyer and the Seller.

5. OUR AGENT FORGOT TO PUT THE FRIDGE AND STOVE IN THE AGREEMENT, BUT THEY'RE ON THE LISTING, SO WE GET THEM ANYWAY, RIGHT?

No. The only document that matters here is the Agreement of Purchase and Sale. If it's not in the Agreement, it's not part of the deal. 

6. WE'RE BUYING A CONDO APARTMENT, SO WE DON'T NEED TO PUT IN ANY CONDITIONS, RIGHT?

Professional advice is you should ALWAYS have a home inspection. If you choose not to, you should sign a waiver (Form 127) that you are acting against our advice. Our experience is that inspections have revealed many important issues in condo apartments related to health and safety, and structural integrity. Another important consideration is your lawyer's examination of the condo documents, called the Status Certificate. When you buy a condo, you're buying into the financial condition and obligations of the condo corporation. Legal advice is important here!

When you sign an Agreement of Purchase and Sale, you are signing "under seal". A seal on a contract is a solemn commitment, a pledge to go forward. You will be held to its terms.  You need professional advice from a REALTOR® and, in some cases, your lawyer BEFORE you commit to signing an offer.