The Financial Post Reported the A Foreign tax in the GTA (real estate), ill advised, following the release of a survey conducted by TREB. TREB commissioned IPOS to survey members on foreign transactions (I did participate in this survey) and the results show that approximately 4.9% of transactions were to foreign buyers. We should keep tabs on foreign buying it is becoming clear that price increase in residential properties is related to demand, limited product supply, land availability to build and the cost and time to get product to the market. TREB yesterday stated between 104,500 and 115,500 home sales are expected this year, with a point forecast of 110,000 – down slightly from 113,133 sales reported by GTA REALTORS® in 2016. The growth rate for the average selling price will be between 10 and 16 per cent with an average price range between $800,000 and $850,000. TREB’s point forecast for the average selling price is $825,000.
Another busy year for home sales.