According to the latest from the Toronto Real Estate Board, home sales decreased by 13 per cent in the City of Toronto year-over-year, with GTA sales dropping 5.4 per cent to 9,422 in June 2012.
“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax. This goes a long way in explaining the disproportionate decline in sales in the city versus surrounding regions.”
“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, “the GTA housing market remains affordable. The share of the average households income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty. “The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward.”
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