Greater Toronto Area

Real Estate Market

Sima Acan

Century21,Dreams Inc. Brokerage, Broker,   B.Sc. in Eng.

Century21, Real Estate Broker, Toronto

Ontario Government's "Comprehensive Housing Package" for Cooling Ontario Real Estate Market (April 2017)
  • A 15-per-cent non-resident speculation tax to be imposed on buyers in the Greater Golden Horseshoe area who are not citizens, permanent residents or Canadian corporations. ( aka: "15% Foreign Buyer's Tax" )
  • Expanded rent control that will apply to all private rental units in Ontario, including those built after 1991, which are currently excluded.
  • Updates to the Residential Tenancies Act to include a standard lease agreement, tighter provisions for "landlord's own use" evictions, and technical changes to the Landlord-Tenant Board meant to make the process fairer, as well as other changes.
  • A program to leverage the value of surplus provincial land assets across the province to develop a mix of market-price housing and affordable housing.
  • Legislation that would allow Toronto and possibly other municipalities to introduce a vacant homes property tax in an effort to encourage property owners to sell unoccupied units or rent them out.
  • A plan to ensure property tax for new apartment buildings is charged at a similar rate as other residential properties.
  • A five-year, $125-million program aimed at encouraging the construction of new rental apartment buildings by rebating a portion of development charges.
  • More flexibility for municipalities when it comes to using property tax tools to encourage development.
  • The creation of a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.
  • An effort to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market.
  • A review of the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions.
  • The launch of a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market and discuss the impact of the measures and any additional steps that are needed
  • Education for consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.
  • A partnership with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
  • Set timelines for elevator repairs to be established in consultation with the sector and the Technical Standards & Safety Authority.
  • Provisions that would require municipalities to consider the appropriate range of unit sizes in higher density residential buildings to accommodate a diverse range of household sizes and incomes, among other things

Statistics: Annual Sales and Average Prices (End of 2016)

This document from TREB (Toronto Real Estate Board) shows annual number of sales and their average prices for MLS listed houses. Click here for the document.
Toronto Real Estate Market Statistics, Annual Sales and Average Prices

GTA Residential housing statistics on Condominiums

The average Condominium selling and rental prices in the fourth quarter of 2014:
•   New and pre-construction condos were sold in average $560 per square foot.
•   Resale condos were sold in average $431 per square foot. That is 23% less than new condos.
•   Condo rental rates were in average around $2.39 per square foot, therefore an average condo rent was $1,816

GTA Commercial statistics

The average commercial real estate selling and rental prices in the fourth quarter of 2014:
•   Industrial rental and sale price in average $5.29 and $158.34 per square foot, respectively.
•   Commercial / Retail rental and sale price in average $22.31 and $256.58 per square foot, respectively.
•   Office rental and sale price in average $13.27 and $411.45 per square foot, respectively.

References on Toronto Area

Property Information Resources

You can use my search page to browse more than 15,000 currently listed properties in Ontario for Sale or Lease. The filters, and zoomable maps makes it easy to find the correct type of real estate you are looking for. VISUAL search

Toronto Real Estate Board (TREB) has a very informational Market News page
•   Real Estate Market News Releases
•   Real Estate Market Watch
•   MLS® Home Price Index
•   Condo Market Report

Canadian Real Estate Association (CREA) websites include: MLS® (Multiple Listing Service®)
•   Current Listed real estate for sale or lease
•   Real Estate Buying / Selling Process & Checklist
•   For Sale / Lease Property Search
•   Visual Real Estate Tools on digital maps

Canadian Mortgage and Housing Corporation (CMHC) website has information on:
•   House Buying / Renting
•   Mortgage insurance
•   Detailed statistics
•   Many more facts and brochures

Information webpages for BUYERS
•   on MLS® (Multiple Listing Service®)
•   on TREB (Toronto Real Estate Board)
•   on OREA (Ontario Real Estate Association)
•   on CMHC (Canadian Mortgage and Housing Corporation)

And other valuable information...

Information webpages for SELLERS
on MLS® (Multiple Listing Service®)   •
on TREB (Toronto Real Estate Board)   •
on OREA (Ontario Real Estate Association)   •

Get in touch

If you want more information on Greater Toronto Area properties, please feel free to drop me a line.
You can use my contact page.

Sima Acan
Real Estate Broker
61 Lakeshore Rd W, Oakville, L6K 1C9
P: (647) 975-REAL (7325)