Real facts on new Miller tax
It shouldn't come as a surprise to any Toronto homeowner -- least of all me -- that Mayor David Miller's controversial land-transfer tax has had a huge impact on real estate sales in the last 10 months.
A well-researched study by Toronto-based C.D. Howe Institute -- released last week -- found that since the LTT was introduced on Feb. 1, average sales of single-family homes dropped 16% compared to the same averages in 2006 and 2007. (Condo and apartment sales were not included in the study.)
3 comments:
they did NOT drop 16%.
Read the reports moron.
When our house went on the market on nov1st, the globe and mail, and just about every real estate report that agents read monthly, declared that the market dropped 13% in price in the city of Toronto compared to oct of 07.
The drop occurred -during the election-, as any real estate agent will tell you.
Our experience bears it out. Our house, according what the 4 other houses right next to me sold for since June of the summer just past, sold for 0.130434782608696% according to my calculator. I spoke to 4 other home owners, and the percentage varies from 10 to 15% based on desirability.
As any agent will tell you, and I would suggest to you that you go request the monthly market reports from and agent, like I did...
Last summer saw a small reduction, like 3%, over last years BANNER record breaking year, because oh, jeez, there's another attribute to consider, the number of listings grew, so there were more houses on the market for buyers, hence the 3% drop.
The CD Howe report, is incorrect, and I've already gotten a reaction from several agents saying this is wrong, even though they all dislike the land transfer tax.
I dislike the LLT because I have to pay over 7 grand extra on my closing date end of January. However, your reasoning is stupidity, and I think focusing on Miller's inability to cut costs at city hall is more, the issue.
So stand down old man. You're on the wrong track on this one. Like I said, don't take my word for it, go get the reports yourself, read them all, and see for yourself.
oh. By the way.
Speaking with my RE agent this morning. I laughed with him about this contention that it was the T LLT that caused a 16% drop in the market.
He asked, well how do you explain the regions outside of the GTA that have seen more severe drops? Did they all get new land transfer taxes? He said the drops were all happening, -everywhere-. In fact, they happened quicker, and worse in many cases.
I know you like pretty pictures, and headlines that say, "MILLER BAAAAD". But I'd be interested in knowing why this is.
Not that I expect a coherent answer or anything beyond lefty bad, miller bad, etc etc.
oh here's some facts for you.
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20081215/House_prices_081215/20081215?hub=Canada
I guess all across Canada they have new land transfer taxes.
lol.
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