Mackenzie Creek, the gem of Markham.

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1 3621 Highway 7 East, Suite 403, Markham, Ontario L3R0G6 Tel: Fax: Visit our INSIDE THIS ISSUE: Landpower s upcoming projects Mackenzie Creek P.1 Nord East p.2 Mackenzie Creek, the gem of Markham. A priceless gift we can give our Future. From the News P.3-5 Mortgage Rates P.5 Location: Major Mackenzie Dr. & Markham Rd., Markham Nearby several schools including John McCrae P.S., Donald Cousens P.S., Wismer P.S., and Bur Oak S.S. A short walk away from the Mount Joy GO Station & the York Region Transit system (VIVA) Easy access to Hwy 404 and 407

2 Developers: Cortel Group Location: Jane St. & Hwy 7, Vaughan Just across the road from the upcoming Vaughan Metropolitan Centre, and its new TTC Subway Station Nearby several schools including St. Clare Catholic E.S., Maple H.S., and York University Close by to Finch Subway Station and the York University GO Station Welcome to the NORD SIDE Bringing life to the living and living to its feet. Introducing NORD EAST, the newest entry into Cortel Group s master planned community at the heart of Vaughan s new downtown core. The time is now, get in touch with your NORD side. Page 2

3 Gta real estate forecast sees prices rise in 2017 Re/Max s housing market outlook for next year sees a drop in unit sales numbers, but an increase in prices. communities, are expected to continue driving the market in 2017, says Re/Max. The Re/Max report averages home prices this year to date rather than the year-over-year monthly statistics published by the Toronto Real Estate Board. That avoids monthly fluctuations that can occur due to an above-average number of luxury home sales or other short-term variations, said Forbes. The average home price, including all types of homes this year to date in the Toronto region was $725,857. An 8 per cent increase would see that rise to $783,926 next year. Move-up buyers searching for detached houses are expected to continue driving the market in 2017, says Re/Max. (Andrew Francis Wallace / Toronto Star File Photo) It won t get any easier to buy a home in the Toronto region next year, as the area s housing prices are expected to rise by another 8 per cent in That s lower than this year s 17 per cent increase but significantly higher than the 2 per cent national average Re/Max is forecasting for next year, according to the company s Market Outlook Report being released Friday. In the Toronto area, we do see decreased affordability next year, said Cam Forbes, general manager Re/Max Realtron Realty, which has offices through the Toronto area. We re predicting unit sales will go down (by about 5 per cent), but prices still to go up, he said. We re not predicting a correction next year, but we are predicting a reduction in unit sales and still an increase in price, said Forbes. Even in big corrections, however, real estate prices resist going down. Move-up buyers searching for detached houses, which cost about $1.3 million in Toronto and $1 million in the surrounding Forbes described this year s market, which saw a 17 per cent price growth, as extremely tight. While the economy remained strong, the inventory of detached, semi-detached and townhomes on the market hit historic lows. Ten years ago it was about 40,000 townhouses, semis and singles that were being built. Now it s about 20,000, he said. With the population growing by about 100,000 a year and the economy strong with low interest rates, the strong price growth is pretty explainable, said Forbes. But he doesn t expect the government will allow it to continue. All the changes they have made to underwriting mortgage criteria now is not going to have a major impact on first-time buyers or any other segments, but we anticipate further measures by the government to tighten lending requirements, said Forbes. Over the long run you just don t have 20 per cent year over year price increases in the market, so there s just no way they re going to allow that sort of price increase to continue. In the Toronto Region, Re/Max is predicting the strongest 2017 price growth in Durham Region where move-on buyers buyers from Toronto are looking for relative affordability, particularly on larger homes. The extension of Highway 407 is helping drive buyers willing to commute to jobs in the city and other parts of the Toronto region. Oakville, which saw the highest hike in prices this year at about 25 per cent to an average cost of $1.1 million, is expected to climb 5 per cent in Page 3

4 A shortage of homes for sale there is expected to continue as foreign, move-up and move-over buyers from other parts of the region compete for the town s high-end, lakefront homes. Brampton, on the other hand, is expected to see a 2.5 per cent decline in 2017 prices that rose about 19 per cent this year. Re/Max expects homes there could remain listed for more than a month, signaling a return to a more balanced market. Neighbouring Mississauga saw an average sale price up 14 per cent from 2015, but the number of sales dropped about 3 per cent year-over-year, a trend that will carry into next year, says Re/Max. Buyers remain shielded from double land transfer taxes in Mississauga, and find the market more accessible than Toronto, according to the report. Re/Max Housing Market Survey results 61 Percentage of Canadians who own a home with 58 per cent of Ontarians as homeowners. 53 Percentage of Canadians (52% of Ontarians) expecting to buy a home at some point, with 47 per cent anticipating that will be in the next 5 to 10 years. 33 Percentage of Canadians who are looking at alternative means of financing a home. 22 Percentage of Canadians who say they would rent out a room. 15 Percentage of Canadians who would rent a room on a shortterm rental platform such as Airbnb. Source: By: Tess Kalinowski, Real Estate Reporter, Published on Dec. 8, 2016 Read the original article here Ontario economic outlook and fiscal review chapter V: a fair and sustainable tax system CIBC economist says the province s policy is driving up home prices. Section B: Modernizing Land Transfer Tax and Other Tax Measures Land Transfer Tax The Province is proposing to modernize Ontario s Land Transfer Tax (LTT) system to reflect developments in the real estate market, by: Enhancing support for first-time homebuyers; Updating LTT rates and brackets; and Restricting the refund for first-time homebuyers to Canadian citizens and permanent residents. Doubling the Maximum Refund for First-Time Homebuyers To help Ontarians buy their first home, the Province is proposing to double the maximum refund for first-time homebuyers from $2,000 to $4,000, effective January 1, Currently, no LTT is payable on the first $227,500 of the value of consideration for a first home. The value of consideration for residential properties is typically the purchase price of the property and is the amount used for calculating LTT payable. With the increased maximum, no LTT would be payable by qualifying purchasers on the first $368,000 of the value of consideration for eligible homes, an increase of over $140,000 from the current level. First-time purchasers of homes for greater than $368,000 would receive a maximum refund of $4,000. As a result of this change, it is estimated that more than half of firsttime homebuyers would pay no LTT. For example, a qualifying purchaser of a $350,000 home currently pays $1,725 in LTT (including the current maximum refund). Beginning January 1, 2017, this would decline to zero. First-time purchasers of more expensive homes would also benefit from the enhanced refund. For example, a qualifying purchaser of a $600,000 home currently pays $6,475 in LTT (including the current maximum refund). Beginning January 1, 2017, this would decline to $4,475, a savings of $2,000. Page 4

5 Modernizing Land Transfer Tax Rates The LTT is payable on the purchase of any land or any interest in land in Ontario. The LTT is normally based on the value of consideration, which is typically the amount paid for the land. The current tax rates for LTT are: 0.5 per cent up to and including $55,000; 1 per cent above $55,000 up to and including $250,000; 1.5 per cent above $250,000; and 2 per cent above $400,000 where the land contains one or two single-family residences. These rates and brackets have not changed since The Province is proposing to modernize LTT rates to reflect the current real estate market, effective January 1, 2017: The tax rate on the portion of the value of consideration above $2,000,000 for purchases of one or two single-family residences would increase from 2 per cent to 2.5 per cent. Single-family residences include, for example, detached and semi-detached homes, townhomes and condominiums. The tax rate on the portion of the value of consideration above $400,000 for purchasers of all other types of property would increase from 1.5 per cent to 2 per cent. All other types of property include, for example, commercial, industrial, multi-residential and agricultural properties. As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016, would not be subject to the increased rates of tax. Purchases of homes that cost less than $2,000,000 would not be affected by the rate increases. In 2015, this included approximately 99 per cent of single-family residence transactions in Ontario, including the Greater Toronto and Hamilton Area. Restricting the Refund for First-Time Homebuyers to Canadian Citizens and Permanent Residents The Province is proposing to restrict eligibility of the first-time homebuyers refund program to Canadian citizens and permanent residents, effective January 1, As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016, would remain eligible for the refund regardless of citizenship or residency status. Purchasers who are not Canadian citizens or permanent residents when the transaction closes would have 18 months to become eligible. Upon obtaining Canadian citizenship or permanent resident status, they would be able to apply for the refund within the 18-month period. Source: By: Ontario Ministry of Finance, Published on Nov. 14, 2016 Read the original article here. TD canada trust mortgage rates provided by Mobile Mortgage Specialist Yvonne Tong Page 5