Alex  Lui

Alex Lui

Sales Representative

Right at Home Realty, Brokerage*

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Alex Lui's blog

Canada National Housing Strategy Announced

On Nov. 24, 2017 the federal government released Canada’s first ever National Housing Strategy (NHS). The strategy is a 10-year, $40-billion plan focused on giving more Canadians a place to call home.
 

GTA October Sales Numbers

On November 2, 2017,Toronto Real Estate Board reported 7,118 residential sales through TREB’s MLS® System in October 2017. This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.  On a year-over-year basis, October sales were down compared to 9,715 transactions in October 2016. Total sales reported through the first 10 months of 2017 amounted to 80,198 – down from 99,233 for the same time period in 2016.

Condo Market Conditions Remain Tight in Q3 2017

October 23, 2017 – Toronto Real Estate Board President Tim Syrianos reported continued average price growth on a year-over-year basis for condominium
apartments listed and sold through TREB’s MLS® System by Greater Toronto Area REALTORS®. The average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016.

Competition Between Renters Remains Strong in Q3 2017

October 23, 2017 – Toronto Real Estate Board President Tim Syrianos announced that year-over-year increases in average rents for condominium apartments were up very strongly in the third quarter, based on rental transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

Another Governmental Measure to Curb Real Estate Market and Canadian Debt Level

OTTAWA - October 17, 2017 - Office of the Superintendent of Financial Institutions Canada

Today the Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions.

GTA REALTORS® Release September Stats

TORONTO, ONTARIO, October 4, 2017 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.

 

Ontario Gov't Unlocks Land for Affordable Housing

September 18, 2017 -- As part of Ontario's 16-point Fair Housing Plan, the provincial government has just announced that it will be unlocking surplus land at two downtown Toronto locations for developments of rental units and affordable housing. 

May 2017 Sales Figures from TREB

On June 5, 2017, Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 per cent compared to 12,790 sales reported in May 2016. Sales of detached homes were down by 26.3 per cent. Sales of condominium apartments were down by 6.4 per cent.

Ontario Government Proposes Fair Housing Plan

As this information just came off the press, this is still a proposed policy which needs to pass through government legislature, it may still be subjected to change, disapporval and/or timeline change.

Actions to Address Demand for Housing:

New: Principal Residence Exemption Reporting Starting In 2016 Tax Filing

Principal Residence Exemption

For the 70% of Canadians who own a home, it is a place to live, raise a family, and connects them to their community.

Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed.

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