Adios taxos!

No new Land Transfer Tax, yet!!!!
If you read one of my last posts I was writing about a new proposed tax that could cost you thousands of Dollars when buying a home. Toronto Mayor Miller wanted to see that new tax law agreed upon yesterday. Fortunately making a final decision about that has been put off. Our local government voted 22 to 23 against it (The Toronto Star about Mayor Miller's defeat) and therefore the new tax is put on ice for now. This issue will probably come up again with the next Provincial elections.
Until then ... "adios taxos"!



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House prices doubling in the next 20 years?

Sure! I am 100% convinced about that!
I read in the June issue of the REM (Real Estate Magazine) an article by Jim Adair which
had the heading:"House prices will double in the next 20 years - economist". Yes, I think that is exactly what's going to happen. Even if prices do not increase every year dramatically but over time Real Estate has always gone up! Well of course there will be some lower years in between or some leveling off at some point before it increases again. Here is a fact:
Over the last 160 years house prices have always increased!!! For all the ney sayers: Sure we had periods in between where house prices went down but just to come up even more after that.

Show me one property that has not increased dramatically in value over the last 20 years.
Who would have thought 20 years ago that you would have to dish out $40,000 plus for a decent new car? Who laughed at $75 per oil barrel prices 20 years ago? If you bought a home 20 years ago, did you pay half of what it's worth now?
Ok, we figured that out ... and let me think ... mhhhh ... is not everything nowadays even faster paced, meaning prices increasing quicker?
I honestly think a 100% increase in house prices over the next 20 years is absolutely realistic.

Unless ...
... we get a major economic recession for whatever reason, including huge inflation, loss of jobs, crash at the stock markets almost worldwide
... OR ...
... we get the honor to participate in WW3 (which starts in the middle east provoced by the US)
... OR ...
... oil runs out quicker on us than we expected (ooops big surprise!)
... OR ...
... last but not least the Global Warming and Climate Change eradicates all living things on planet Earth (I assume in that case we are not too worried about house prices anyways)

Ok, I hope I didn't scare you too much (like our media likes to do all the time) and all in all you will have a fairly positive and realistic outlook on future house prices.




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Best June EVER!

Just a quick note for all the people who are still questioning the strength of our local Real Esate market. Last month the Toronto Real Estate Market (which includes the area from Milton in The West to Bowmanville in The East and Toronto South to Innisfill in the North!) recorded 10,451 sales for the best June performance ever. After May, which was the best month ever (since the start of recording market figures) with 11,146 sales, this last month has been a very strong one again. To get some idea of the current strength of the market:
there have been more sales in the last two months (21,597) than occured in all of 1977 (20,512), thirty years ago this year.

So friends, family, clients, customers and neighbours ... people ... please stop asking if the market is still "good". It is not just good ... it is OUTSTANDING!




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