Happy New Year! Wishing you and your family a year filled with peace, good health, and prosperity.
Due to seasonality, the November and December Real Estate Markets were down in most areas.
OAKVILLE: 93 sales vs 168 sales in December 2021, a decrease of 45%
BURLINGTON: 103 sales vs 149 in December 2021, a decrease of 31%
HAMILTON: 284 sales vs 532 in December 2021, a decrease of 47%
TORONTO: 1162 sales vs 2395 in December 2021, a decrease of 52%
OAKVILLE $1,449,722 VS $1,546,037 which is a decrease of 6.2%
BURLINGTON: $1,070,036 vs $1,243,787 which is a decrease of 14%
TORONTO: $1,017,989 vs $1,023,029 which is a decrease of .5%
HAMILTON: $750,601 vs $861,695 which is a decrease of 13%
Given that we are approaching the Spring Market we anticipate an increase of inventory and more Buyers actively looking. This will result in an increase in sales along with the expected numbers of immigrants coming.
Canada’s ban on FOREIGN HOME BUYERS is now in effect, barring Commercial Enterprises and Individuals outside of Canada from buying residential properties in the country. Passed by parliament in June of last year, the ban officially began on January 1, 2023 and will remain in place for 2 years.
Toronto has implemented a VACANT HOME TAX OF 1% of their residence's Current Value Assessment in addition to their yearly taxes. By February 2nd, 2023 every homeowner must complete a declaration even if they are living in their home. Fines will be implemented if the declaration is late. The 1% vacant tax will be added to their property tax bill.
Please feel free to reach out for more information.