Jason Balewski - The Property Consultants's blog

"These patterns reflect a market in transition, where buyer enthusiasm remains strong, but sellers are adjusting their strategies to align with seasonal shifts and evolving buyer preferences."

Click on the link below to access the report!

Quick Takes from this month's report

• The single-family luxury market is a Buyer's Market with a 7% Sales Ratio.
• Homes sold for a median of 91.84% of list price in December 2024.
• The most active price band is $4,500,000-$5,099,999, where the sales ratio is 33%.
• The median luxury sales price for single-family homes is $2,750,000.
• The median days on market for December 2024 was 74 days, up from 52 in December 2023.
• The attached luxury market is a Balanced Market with a 20% Sales Ratio.
• Homes sold for a median of 97.95% of list price in December 2024.
• The most active price band is...

2023 Has come with a slew of changes to Canada's real estate laws and tax implications.  The new Anti Flipping Rule applies if you make a profit on a property owning it less than 365 days.  This profit is deemed to be 100% income, not capital gains, and taxable at your marginal tax rate, which can be as high as 53.3% or if you have a active corporation 12.2%

Starting in 2023, residential properties unoccupied for more than six months in a calendar year may face the Vacant Home Tax. This new policy applies to homeowners in Toronto.

As of Sunday, January 1, 2023, the federal government has implemented a two-year ban for non-resident buyers.

What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act?