With November 22, 2017 formally recognized as National Housing Day, the Toronto Real Estate Board (TREB) is proud to be doing its part to raise awareness of important housing issues.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_nhd2017_112217.htm Post Imported Time: 1511379194 Original Author: Original Author Link:
With the City of Toronto’s Planning and Growth Management Committee holding public hearings, today, on proposals to regulate short-term rental housing accommodations, the Toronto Real Estate Board (TREB) has submitted formal comments on this issue to City Councillors.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_short-term-rental_111417.htm Post Imported Time: 1510711200 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported 263,420 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in October 2017.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1017.htm Post Imported Time: 1510603063 Original Author: Original Author Link:
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.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_rental_report_Q3-2017.htm Post Imported Time: 1508776901 Original Author: Original Author Link:
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®.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_condo_report_Q3-2017.htm Post Imported Time: 1508776901 Original Author: Original Author Link:
The Toronto Real Estate Board (TREB) welcomes the provincial announcement on proposed changes to the Real Estate and Business Brokers Act, 2002 (REBBA) pertaining to conflict of interest issues that arise in multiple representation situations in real estate transactions.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_multiple_representation_100617.htm Post Imported Time: 1507310864 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced commercial sales and leasing statistics reported through TREB’s MLS® System for the third quarter of 2017.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_0917.htm Post Imported Time: 1507129797 Original Author: Original Author Link:
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.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_0917.htm Post Imported Time: 1507129797 Original Author: Original Author Link:
The Toronto Real Estate Board is urging caution on the issue of a possible vacant home tax in the City of Toronto. A measured approach to the issue can help to avoid any unintended consequences on the housing market and property owners.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_vacancy_tax_092617.htm Post Imported Time: 1506441842 Original Author: Original Author Link:
By Tim Syrianos, TREB President
The Toronto Real Estate Board is concerned that another tax on residential units in the city of Toronto will have unintended consequences on the housing market and property owners.
City Hall is considering introducing such a tax to encourage property owners to free up empty units to increase rental supply, however TREB is concerned that not enough empirical data has been collected to support the merits and enforcement tools of such a tax.
At this time, it is not clear that the issues targeted by a vacancy tax are fully understood, nor is it clear how effective such a policy would be, or if it would have unintended outcomes that run counter to the stated City goal of increasing rental supply.
TREB believes that not only is this tax premature, but it poses legal and ethical questions about the government’s ability to undermine private property rights. The application of a vacancy tax on a property owner who is abiding by property standard by-laws, zoning rules, and all other municipal requirements, must be carefully considered.
The administrative challenges of running this program, including the approach for identifying vacant homes (e.g. a mandatory system, a self-declaration by owners, and/or a complaints-based model) are overwhelming. In addition, a vacancy tax could possibly result in a net loss to the City’s budget when program start-up costs of $5 million and $700,000 net annual revenue are factored into the equation (if we look at the Vancouver statistics).
There are better and more sensible policy measures to assist in increasing housing supply, and TREB has participated in discussions with policymakers and has taken the initiative to conduct research that has contributed valuable data, and we will continue to do so, including on this issue.
In light of recent policy measures aimed at the housing sector at both the provincial and national levels, it may be time for a pause to assess the impacts of these already announced policy decisions.
The post TREB Questions Impact of Potential Vacancy Tax in Toronto appeared first on TREB Wire .Original Post: http://www.trebwire.com/index.php/2017/09/14/treb-questions-impact-potential-vacancy-tax-toronto/ Post Imported Time: 1505407448 Original Author: Toronto Real Estate Board Original Author Link: