The recent downturn in Toronto’s real estate market, brought on after Ontario introduced measures this Spring, including a foreign Buyers’ tax, is expected to be brief, the federal housing agency said Wednesday.
Property prices in the city which fell from an average of $919,589 in April to $793,915 last month, according to date from the Toronto Real Estate Board, should pick up again due to supply constraints & a good economy, Canada Mortgage & Housing Corp. said.
The provincial government’s measures, retroactive to April 21, include a 15% tax on foreign Buyers in the Greater Golden Horseshoe region, expanded rent controls & legislation allowing Toronto & other cities to tax vacant homes.
“If job creation continues in Toronto, & the economy continues to fuel the housing demand, we can expect some of the pressures on house prices in Toronto to resume,” said Bob Dugan, CMHC’s chief economist.
Today, the RE/MAX network topped 100,000 in worldwide agent count. It's an incredible moment in our 42-year history. And in reality, it's much more than that.
The fact that thousands of top producers keep joining our organization is fantastic news for every Affiliate. New members add their productivity, customer base, reputations & individual talents to the network. That brings more listings, for Sale/Sold signs, advertising, brand power, phone calls, internet traffic, referrals & more satisfied clients. The cycle continues on, as even greater results attract even more Associates.That's our foundation & history, as meaningful now as it ever was.
So at a milestone like this, I hope everyone in RE/MAX takes a minute to celebrate what we've created together: the greatest real estate network in the world. Congratulations! More.....
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Susan Macarz, Broker, with Re/Max Ultimate Realty Inc., Brokerage, is continuing to provide new & innovative ways to market your property both locally & internationally! RE/MAX is considered to be the Premier Real Estate Company in the World. From a single office that opened in 1973 in Denver, Colo., RE/MAX has grown into a Global Real Estate Network of franchisee-owned & operated offices with 100,000 Sales Representatives & Brokers worldwide. More....