Victoria Kvint - GTA Real Estate Agent

Taxing times for property owners: Impacts of the capital gains tax increase
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On June 25, a new capital gains tax inclusion rate goes into effect. Until then, people selling secondary properties pay tax on 50 per cent of any capital gains. After that date, they are taxed on 50 per cent of the first $250,000 — and on 66.7 per cent of the rest.

It’s a change that’s causing some big concerns with real estate investors, agents and owners of vacation and secondary properties.

First off, what is a capital gains tax?

A capital gains tax applies to the profit made when individuals sell an asset for more than they bought it for (excluding expenses). It does not apply to primary residences because when an owner sells the home they live in, none of the profit is taxable.

This tax only applies to properties that are not primary residences such as cottages, vacation condominiums, rental properties and the like. For properties being sold by trusts or corporations, 100 per cent of capital gains are taxed at the 66.7 per cent rate.

Many people get confused about what these percentages actually mean. They do not mean sellers are forking over up to two-thirds of their profits. What they do mean is that up to two-thirds of their profits are subject to tax — at an individual’s tax rate — in that year. It’s also important to remember that sellers can deduct most expenses from that final taxable number.

Case study: What the capital gains tax increase could look like for a cottage owner

Consider a cottage owner who bought 20 years ago for $250,000 and is selling this summer for $750,000. That’s a $500,000 gain. Let’s say they spent $53,000 on renovations and selling expenses, dropping their profit to $447,000.

50 per cent of the first $250,000 is taxed ($125,000)
66.7 per cent of the remaining $197,000 is taxed ($131,399)
This adds up to $256,399, which is then added to the seller’s annual income and taxed at their marginal tax rate. In this example, that’s about $33,000 more than this seller would have paid before June 25.

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https://realestatemagazine.ca/toronto-housing-market-slows-in-spring-2024-as-listings-surge-and-sales-dip/

Toronto housing market slows in spring 2024 as listings surge and sales dip GTA buyers are enjoying more options, with a 47.2% increase in new listings and a slightly lower average selling price for condos

APRIL 2024 STATS

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💢💢💢TRREB: The 2023 GTA Housing Market: High Borrowing Costs and Growing Affordability Challenges💢💢💢

TORONTO, ONTARIO, January 4, 2024 – While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market.
The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.
“High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief
seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce. There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 % dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally
adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.
The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 % decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower.
“Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market.
conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market
Analyst Jason Mercer.
“Record immigration into the GTA in the coming years will require a corresponding increase in
the number of homes available to rent or purchase. People need to have comfort in knowing
that they can plan their lives and future with the certainty that they will have the stability of an
affordable place to live,” said TRREB CEO John DiMichele.

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💥💥💥GTA REALTORS® Release October 2023 Stats💥💥💥
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

“Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly,” said TRREB President Paul Baron.

REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally-adjusted basis, sales were also down in comparison to September.

New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally-adjusted basis, edged slightly lower month-over-month compared to September 2023.

The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS® HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023.

“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

“In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term. If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching eight per cent. Following their most recent round of consultations, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution,” said TRREB CEO John DiMichele

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BANK of CANADA HOLDS INTEREST RATE STEADY at 5%

In the recent Bank of Canada decision, the benchmark interest rate remains unchanged at five percent for the second consecutive time, signaling a more cautious stance following multiple rate hikes. This decision was largely anticipated, reflecting a broader economic 9slowdown as indicated by various indicators.

After a series of rate hikes to combat high inflation, the economy has witnessed a notable decline in inflation from 8.1 percent in 2022 to 3.8 percent last month.

The possibility of another rate hike remains, as the council is ready to increase the policy rate if necessary due to concerns about slow progress towards price stability and rising inflationary risks.

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💥💥💥GTA REALTORS Release June Stats

TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home
sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest
rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 % compared to June 2022. The number of listings was down by 3 % over the same period.
The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 % to $1,182,120.
The MLS® HPI Composite benchmark was still down by 1.9 % on a year-over-year basis - the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.
“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows.
Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.
“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,” stressed TRREB CEO John DiMichele.
“In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” continued DiMichele.

✨️MAY 2023 MARKET WATCH✨️

GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7% increase compared to May 2022. Conversely, new listings were down by 18.7% over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2% compared to April 2023.
The MLS® Home Price Index (HPI) composite benchmark was down by 6.9% year-over-year in May 2023, but up by 3.2% on a seasonally adjusted monthly basis compared to April 2023. The average selling price, at $1,196,101, represented a small 1.2% decline relative to May 2022. On a seasonally adjusted monthly basis, the average selling price was up by 3.5% compared to April 2023.

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