          
|
 |
JANUARY 2008 2007 WAS A RECORD BREAKING YEAR IN REAL ESTATE! The Greater Toronto resale home market reached new heights in 2007! By mid-December the old record of 90,000 transactions had been surpassed and the year's unprecedented activity was matched by record prices. This is very positive news and an indicator of a very healthy real estate market as we enter 2008. PROVINCE EXPANDS PROVINCIAL LAND TRANSFER TAX REBATE On December 13, 2007, the provincial government announced the expansion of the provincial land transfer tax rebate for first time buyers to include resale housing. First time buyers of BOTH resale and newly constructed homes will be eligible for a rebate of the provincial land transfer tax of up to $2,000. (Note: in Toronto , the provincial rebate is in addition to City rebates of the Toronto Land Transfer Tax). Until the legislation is passed, first time buyers of resale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation is passed. COSTS REDUCED FOR BUYERS AND SELLERS! The January 1 st reduction in the GST rate from 6% to 5% is good news for buyers and sellers! GST is not applied to the purchase price of resale homes, only to newly constructed and substantially renovated homes, but it does apply to REALTOR® commissions and legal fees. Best regards Lenard Lind
CENTUM Lind Financial Services Inc. Residential Mortgage Rates*:
*Rates subject to change at any time without notice. Contact our office for current rates. Home
| About Us | Current
Listings | Selling Your Home
|
|
