A few years ago, I left my pie the sky (a 720 sq. ft. condo on the 50th floor in the heart of Toronto) and purchased a house in the east end of the city. I was a little uncertain as to what I could afford and what I really wanted, but I knew I was ready to venture back to a lifestyle minus elevators and a little away from the hustle and bustle of downtown. After seeing a number of homes, I finally stumbled across a house that was… Read the rest
Back in November of last year, we shared with you Mayor Rob Ford’s campaign promise to eliminate Toronto’s land transfer tax by the end of this year.
Last week, however, Toronto’s budget chief says the city cannot afford to get rid of the land transfer tax this year despite the wishes of the Mayor.
The reason given by Ford’s budget chief Councillor Mike Del Grande for not removing the additional tax is simply that the Mayor’s promise was not realistic, given the city is facing a $774-million budget shortfall.
By… Read the rest
Some experts believe the new condo sales in late 2002 and early 2003 started Toronto’s condo boom. They very well could be right when you consider that when those condos were finished in 2006/07, the demand for condos had increased considerably and 2007 proved to be a record year with 22,654 condo units sold.
Perhaps the increase in condo activity had something to do with the fact that owners were selling off their inventory and cashing in. (Over $100,000 profit for a single unit in many cases). New Buyers, some… Read the rest
