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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > 15% tax on home purchases by non-resident foreigners in GTA area...
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15% tax on home purchases by non-resident foreigners in GTA area...




rajcanadaMember of Administrators
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Location: Kitchener, ON


Already you have more buyers in the market with low inventory which makes it a seller's market. Then you have another segment of people who have adopted wait and watch approach who are not finding anything within their budget and who want to enter the market as soon as prices start dropping. People have been predicting the real estate market to go down for so long now and it will happen some day, just nobody knows when.
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Post ID: 234801 01-05-17 22:28:39
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luckysaab
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Member since: Aug 10




Posts: 51
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Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>

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Post ID: 234802 01-05-17 23:53:05
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Confused_Canadian
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Member since: Jun 08




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Quote:
Originally posted by luckysaab

Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>






Perhaps you got to check this rule with those who burnt themselves in U.S.A, Spain, Greece, Dubai, Ireland, even India and China to some extent and may be here in Alberta soon.


quote]Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".




 
Post ID: 234803 02-05-17 01:10:01
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luckysaab
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Member since: Aug 10




Posts: 51
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Quote:
Originally posted by Confused_Canadian

Quote:
Originally posted by luckysaab

Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>






Perhaps you got to check this rule with those who burnt themselves in U.S.A, Spain, Greece, Dubai, Ireland, even India and China to some extent and may be here in Alberta soon.


quote]Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".


Most people that lose money would be classified as speculators and may be few outliers. If you are not going to keep a house for at least 6+ years you have no business in buying one. Over a long run real estate has proven that there is positive average appreciation and there are historical data to back that up. Good recent example is the US spectacular 2006/2007 crash and the recovery that happen after.
The lesson here is however hot or cool the housing market is the law of average eventually kicks in.
<Long live Canada>

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Post ID: 234815 03-05-17 17:23:15
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febpreet
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Member since: Jan 07




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How's it going in GTA with the new tax? I have heard the houses are not selling as fast as they used to be; and there are no more multiple bids (of-course, they always do in the proper and posh Toronto near Downtown). Have you guys witnessed a bit of price slump?

 
Post ID: 234999 25-05-17 15:00:08
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RBO
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Member since: Aug 06




Posts: 1721
Location: Mississauaga


Quote:
Originally posted by febpreet

How's it going in GTA with the new tax? I have heard the houses are not selling as fast as they used to be; and there are no more multiple bids (of-course, they always do in the proper and posh Toronto near Downtown). Have you guys witnessed a bit of price slump?



Normally in spring time always lots of houses for sale. House market is slowing down a little bit and yes you are right, not too many offers unless house is put for very low asking price.

Now a days in Open house not so many peoples are line up to get into the house. Last two months ago, just for curiosity we went an open house in Oakville area and you won't believe that there was literally line up outside of the house to get in....LOL....;)

What I observed is, in last two years house price set way high so now sellers are not ready to sale the house for previous prices which was in 2011or 2014 year.

Sellers are ready to sale the house but for the current house price. Even most of cases houses are coming in market and if seller is not getting same around asking price compare to current house market price then sellers are pulling out house from the market.

Detached, Semi's are still hot cake in near Toronto area and very hard to find house in good and well established neighbourhood area.


:cheers:


 
Last edited by: RBO on 25-05-17 17:39:38
Post ID: 235002 25-05-17 17:37:41
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Fido
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Member since: Aug 06




Posts: 5260
Location: Canada


Per today's 1650 AM news, house sales in the GTA have slumped by 25%.

The greatest effect is seen in the North - Markham / RH / Newmarket and the lowest in Brampton.

Perhaps its a wait and watch policy by the buyers in the wake of proposed new regulations mooted by the Govt.

Whether the sales slump will be followed by a price dip this summer , is still to be seen.

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Post ID: 235010 26-05-17 11:04:03
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Full House
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Member since: Oct 12




Posts: 2139
Location:




Here was an alternate Financial provider who set up a scare in the market. Its so called take over has re-kindled the markets once more. It was a market that was made available to the NEW Comers. They are back in swing of things.

The fate of Home Capital, known as a b-lender because it caters to new immigrants and other homebuyers who cant get a traditional bank loan, remains in question. A run on deposits and stock plunge began late last month after regulators accused the company of misleading investors about potentially fraudulent mortgage applications.

Home Capital is affecting things because people who cant get mortgages from the banks rely on them and other b-lenders, said Lorand Sebestyen, an agent with iPro Realty Ltd. in Toronto. If you cant get the mortgage then you obviously cant buy anything and its going to affect the market, especially for the higher-priced properties.

Market Fear.. Please read on.

http://business.financialpost.com/personal-finance/mortgages-real-estate/toronto-bidding-wars-turn-to-homebuyers-remorse-as-market-gets-nervous

There is just a lull for a few more weeks. It will all swing upwards once more before it stops. So, it is a wait and watch game. And as long as the Mortgages are made available to the New comers, they will surely enter into it too.

Enjoy the roller coaster ride. You only know what it is if you take the ride. Go and do it.

FH.

LMC CUN MX


 
Post ID: 235012 26-05-17 14:13:12
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Contributors:
Blue_Peafowl(3)  Confused_Canadian(2)  Delhite(1)  febpreet(3)  Fido(1)  Full House(1)  luckysaab(3)  
rajcanada(1)  RBO(3)  
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