Market Insights
At the beginning of every month, we work to compile statistics related to market activity within Toronto and the GTA.
MARKET SNAPSHOT - JULY 2022
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MARKET INSIGHT FOR THE WEEK ENDING AUG. 5, 2022
Canada’s Tax Authority Has Been On A Multi-Billion Dollar Real Estate Crackdown!
Canadian real estate owners are stuck paying huge penalties after trying to avoid taxes owed.
New data from the Canadian Revenue Agency (CRA) shows their crackdown on real estate
The CRA has been on a mission to crackdown on real estate tax evasion, especially in Ontario and
Property flippers: People who regularly flip property for income without properly disclosing the
Unreported capital gains: Sold property and didn’t declare? That’s a problem, even if taxes aren’t
Unreported worldwide income: Have cash coming in from outside of the country? If the CRA finds
Unreported GST/HST on a new or substantially renovated home: Built a new home on a lot and
Lifestyle Assessments: If the owner is rolling in a high-value home and there’s a big gap between
Just in Ontario and BC. From April 2015 to March 2022, the CRA’s real estate crackdown produced
Ontario’s audit assessment included $147.6 million of income tax, and another $332.2 million
The tax authority says they primarily focus on Greater Toronto and Greater Vancouver. Pricey
ABOUT BOSLEY REAL ESTATE LTD., BROKERAGE
Bosley Real Estate Ltd. is a full-service, 4th generation brokerage operating since 1928 with offices serving the Greater Toronto Area, Niagara, Waterloo Region, Southern Georgian Bay and Northumberland. With over 250 agents in residential and commercial real estate, the firm has built a reputation on trust, respect and integrity selling and leasing property throughout Ontario. Bosley Real Estate is also recognized internationally through an exclusive affiliation with Leading Real Estate Companies of the World®. This prestigious partnership connects the brokerage to a global network of 130,000 real estate professionals in 70 countries. Headquartered in Midtown Toronto, President and Broker of Record, Christan Bosley continues to innovate and maintains the high standard of excellence forged over a century.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
Toronto home sales have dropped by nearly 50% but prices aren’t following suit
“With only 4,912 homes sold throughout the entire Greater Toronto Area in July of this year — some 47 per cent less compared to July 2021 — the predictions of real estate experts and analysts continue to play out as promised. For better (in the case of some buyers) or worse (sorry, sellers).”
Canadian Cities Where You Can Still Buy a Home on a Single Income
“It’s no secret that households all across Canada are struggling to afford a home right now, even those with a dual income. So when it comes to single-income households that are looking to buy, the options are even more limited — but not non-existent.”
BC leads all of Canada in kicking people out of their homes
“Statistics Canada recently put out the results from its latest Canadian Housing Survey and the findings don’t reflect too well on BC and Canada at large when it comes to landlords kicking people out for various reasons.”
Canadians Want To Buy Homes Abroad & These Are Some Of The Most In-Demand Countries
“That's according to an analysis by Point2Homes, which surveyed how Canadians are using search engines to look up second vacation home locations all over the Western Hemisphere.”
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GTA condo sales fall more than 35% year-over-year as prices continue to rise
“Falling sales and rising prices show that the Greater Toronto Area condo market is following a similar trend to its housing counterpart. The Toronto Regional Real Estate Board’s latest Condo Market Report shows that only 5,687 condos changed hands across the GTA in Q2 2022, a 35.2% annual decline.”
Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating