IMPACT OF NEW CITY LAND TRANSFER TAX
The shouting and complaining over the new city land transfer tax has subsided. But what has been the impact on the sales side?
First, we can tell you that there are a lot more closings in January than normal. A number of people have made arrangements to avoid the tax by closing before January 31. And at least for our Company, December was an all time record December for sales - 30% ahead of 2006.
On the other hand, sales in the first ten days of January are already up 13% over the first ten days of January 2007. It seems most buyers are not that concerned with the new tax! Either they never new about this tax, or they are just accepting it in the standard 'Canadian fashion' - of what do you expect from our governments.
Anyone else seeing these same trends?
First, we can tell you that there are a lot more closings in January than normal. A number of people have made arrangements to avoid the tax by closing before January 31. And at least for our Company, December was an all time record December for sales - 30% ahead of 2006.
On the other hand, sales in the first ten days of January are already up 13% over the first ten days of January 2007. It seems most buyers are not that concerned with the new tax! Either they never new about this tax, or they are just accepting it in the standard 'Canadian fashion' - of what do you expect from our governments.
Anyone else seeing these same trends?
posted by RemaxCondosPlus at
5:46 PM
1 Comments:
FYI: BMO, and perhaps other major banks, are offering to pay for the new land transfer tax (up to 1.5%) if a new mortgage is signed by Feb. 29th...
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