Living and owning in downtown Toronto has its challenges. Prices are high. Bank of Canada Governor Poloz did not help matters recently by telling millennials to just buy a cheaper house. If they cannot afford 400 sq.ft. downtown, how much smaller do you think these people should go Mr. Poloz?
Sales on the Toronto Real Estate Board were 8,082 units in June. That was up 2.4% over June of last year (the first time this year) and more importantly up 4.3% from May. Remember we were expecting sales to be lower in June. The market turned upward again in the last 10 days of June. At the same time, ‘new’ listings in June were 19% lower than for June of last year and ‘active’ listings are now only 6% higher than a year ago at this time.
First buy your principle residence as soon as you can. Selling your principle residence is the only tax-free investment you can ever make in this country. But, if you buy an RRSP, lets say $10,000 a year for 30 years at 5%, will get you $725,000. Which translates to a pension of $36,000 a year, and you pay tax on that, and you start to get this money in 30 years.
Dealing with multiple offers can create additional stress and paperwork, for not only the buyers, but the agents as well. Those people who are not successful have to start the search process all over again. And for the buyer who has won, they often wonder if there were other offers besides theirs. That's why with every offer today, the listing agent asks for form 801.