Updates on the Toronto Housing Market
After the introduction of the foreign buyer's tax last spring, which included a 15% tax on foreign buyers in the Greater Golden Horseshoe, expanded rent controls and legislation allowing Toronto and other cities to tax vacant homes, the downturn of the Toronto Real Estate Market was initiated. However, this downturn is expected to be brief, according to the federal house agency.
Property prices in Toronto fell from an average of $919,589 in April to $739,915 last month. This fall is said to come to a halt with prices picking up in the near future, thanks to supply constraints and a stronger economy! Like Toronto, Vancouver also experienced a Real Estate slowdown following the implementation of a tax on foreign buyers a year ago. There have been signs this year that the Vancouver housing market is heating up again. It was reported in April that sales in Vancouver's housing market jumped by almost 50% on a month-to-month basis
Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!
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