It is truly amazing how much of an impact Toronto’s Land Transfer Tax has had on the Toronto Real Estate Market. This tax that was fiercly opposed by the Toronto Real Estate Board was pushed through by Mayor David Miller and became known as the “Miller Tax”. I have written about the impact of this tax in previous blogs and its economic impact on the city of Toronto.
In Toronto MLS district E01 – Riverdale and Leslieville – the number of transactions was through the roof in December 2007 totalling 60 in all. (Remember the deadline to avoid the “Miller Tax” was Decemeber 31, 2007.) Compare that to this past December – there is a serious drop off to 25 transactions. And of course the news reports only state that sales are down compared to last year without reporting any background as to why!! Drives me nuts!
What they should be comparing December 2008 transactions to is December 2006. The total was 36. This is more typical for December when many of us get to celebrate the holidays with friends, family and clients.
If you compare December 2008 to December 2006 – there is no serious decline – and in fact – the numbers are pretty comparable to most Decembers. And if you consider how bad all the news is that we read about and hear about on CNN (Constantly Negative News) – well – all I can say – YES – there still is a market out there and its a great time to be buying with interest rates so low!
If you are looking for a house or a condo – email me at samsoukas@rogers.com and let’s start shopping!
All the best in 2009!
[...] That was what it was like to work with buyers for those years before the “Miller Tax”. [...]
By: Interest rates and the impact on the Toronto Real Estate Market « Toronto Real Estate on March 3, 2009
at 9:12 pm