May 2024 Market Report

May 2024 Market Report

Hey Friends!

We are EXCITED to feel the warm weather and to see the beautiful trees and flowers blooming throughout the city. Neighbours are hanging out on their front porches again and we can’t help but notice that more people are smiling ?

The real estate market is active and homes are being bought and sold.

Let’s take a few minutes to give you another Real Estate update for May 2024.

Capital Gains Tax

The Government of Canada dropped a bit of a surprise on us all a couple of weeks ago in relation to Capital Gains Taxes in Canada. This resulted in a bit of a worried frenzy among investors, financial planners, and accountants. The toughest blow is that they aren’t giving our citizens much time to change their plans that have likely been in place for years.

In relation to real estate, if you dispose of your capital property that is NOT your principal residence, the current rule states that 50% of the gain is included in your taxable income.

The new proposed rule will be that 66.7% of the gain will be included in your taxable income, if the property is disposed of on or after June 25, 2024.

There are some differences between individuals vs. corporations and trusts. For individuals, the first $250,000 of a capital gain realized after June 25, 2024 will be taxed at 50% and anything over and above that will be taxed at 67.7%

We are seeing a lot of real estate investors rush to the market looking for a quick sale in order to avoid the increased tax.  If you own a secondary property, let’s take some time to do some quick math before making a snap-decision. 

Assuming that you are in the highest tax bracket at 53.53%, a capital gain of $350,000 would  result in a difference of approximately $9,000 more out of pocket with the new rules vs. the old ones.

Although it’s not ideal, it’s likely not as bad as it sounds. Where it will have the largest effect will be on people who have held an investment property for more than a decade who have realized a larger gain over time.

Now, don’t freak out! If you had no plans on selling your secondary property, it may not make sense to get it sold before June 25, 2024 (or maybe not even this year at all!). If it was on your radar to sell it this year, it may be worth getting it on the market and sold before June 25.

Just reach out! We are here to help you walk through all of your options. It would also be a great idea to touch base with your accountant and/or financial planner :) 

Remember, teamwork makes your real estate dream work!

Toronto Real Estate

The Buyers are out and the Sellers are more willing to list their homes for sale after seeing prices bounce back after the brief dip caused by the hikes in interest rates. April came and went and interest rates stayed the same. The next rate announcement is June 5th and there is plenty of anticipation on whether or not the Bank of Canada will start to drop the interest rates. We’re sure that a drop in rates would be welcome by many!

Year-over-year stats were relatively flat with slight increases of approximately 3% overall in the city of Toronto. We did however see a 6% increase in all home types in the city of Toronto comparing March/24 to April/24, which is not uncommon for a traditional spring market.

The number of sales were also down year-over-year which meant increased choice for buyers. This and an increased number of available listings has also helped to keep the prices flat.

Freehold homes continue to get more attention than the condo market, garnering more multiple offer situations and quicker sales. As always, a properly presented and priced property will still move in almost any market (we can help with this!)

Overall, we feel that this is a relatively healthy market and there isn’t as much tension compared to spring markets in recent years – a much more enjoyable experience for buyers and sellers.

Check out the April year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

Condo for sale

Welcome home to boutique urban living at unit 801 at 318 King St E, The King East, where style meets comfort in this impressive one bedroom condo. This residence offers an inviting open-concept living space with engineered hardwood floors, approximately 9-foot ceilings and stylish concrete accents, evoking a trendy loft-style ambiance.

The modern kitchen features full-sized stainless steel appliances, sleek stone countertops and a new subway tile backsplash. Floor-to-ceiling windows fill the space with natural light throughout the day with spectacular sunsets to follow in the evening.

The spacious bedroom boasts large closets for plenty of storage, engineered hardwood floors and frosted glass sliding doors. 

Spanning 600 square feet of wonderful living space inside, this residence also features a generously sized balcony with the convenience of a gas BBQ, perfect for outdoor dining, entertaining friends or simply unwinding while taking in the city views. 

Suite 801 also includes the added convenience of ensuite laundry, a large front hall closet and a locker.

Check out www.318king.com for more info and photos.

Thank You!

We have been blessed to have had the opportunity to help many of you and your people so far this year.

We truly appreciate your support and feel extremely honoured that you choose The TO Group to refer to your family, friends, and colleagues. Thank you!

Cheers!

Chris and Ford

JUST LISTED!
1584 Dundas St E

Welcome Home To This Beautiful Residence In The Heart Of Leslieville! Step Inside, And You’ll Immediately Notice The Spaciousness That Sets This Home Apart. The Wide Layout Provides A Sense Of Openness And Airiness That’s Truly Inviting.

The Main Living Area Boasts An Abundance Of Natural Light And Includes A Well-Appointed Open Concept Living/Dining Area Which Is The Perfect Space To Entertain.

The Functional Kitchen Features Sleek Appliances, Views Of The Park, And A Walk Out To A Low Maintenance Deck And Private Perennial Garden.

Two Generously Sized Bedrooms Offer Soaring Vaulted Ceilings For An Airy Feel. The Thoughtfully Finished Basement Includes Ample Space For Movie Nights, A Kids Play Area, Plenty Of Storage, And Features A Hideaway Recording Booth! The Lower Level Also Boasts A Renovated 2nd Bathroom Complete With A Soaker Tub.

Steps To Greenwood Park For All Of Your Recreational Needs – Baseball/Soccer Fields, Skating Rink, Dog Park, And The Leslieville Farmer’s Market!

JUST LISTED!
17 Empire Avenue

Nestled In Trendy Leslieville, This Stunning Back-To-The-Studs Renovated Home Presents An Exceptional Blend Of Contemporary Design And Functionality. From The Moment You Step Through The Front Door, You’ll Be Captivated By The Meticulous Craftsmanship And Thoughtfully Curated Details That Define This Stunning Residence. The Spacious And Sunlit Open-Concept Living Area Seamlessly Connects The Living Room, Dining Room, And Kitchen, Creating A Perfect Space For Entertaining Or Relaxing With Family And Friends. The Chef’s Kitchen Is A Showstopper, Featuring Top-Of-The-Line Miele Appliances, Stone Countertops, And An Oversized Island. The Upper Level Features 3 Well Appointed Bedrooms And A Luxurious Spa-Like Bathroom. The Finished Basement Includes Ample Storage And Plenty Of Space For A Rec Room, Play Area, Or Home Office. Step Outside To Discover Your Own Outdoor Haven. The Landscaped Backyard Is A Private Paradise For BBQs, Gardening, Or Simply Enjoying The Sunshine

Click HERE for more info.

JUST SOLD
60 Colborne St # 1604

Congratulations to our seller client who just sold their awesome condo in St. Lawrence Market! We’re so happy for you and we’re glad that we could help you with the sale!

For more info on this recent sale, check out 60colbornest1604.com

Thinking of selling and want to know more about our listing process? Our goal is to always make the home selling experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading staging and marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST LISTED
60 Colborne St # 1604

Nestled In The Heart Of Toronto’s Vibrant St. Lawrence Market Neighbourhood, Unit 1604 At 60 Colborne Street Offers An Unparalleled Opportunity To Experience Luxury Living With Endless Amenities At Your Doorstep. This Gorgeous Residence Epitomizes Urban Elegance. With High-End Finishes, Expansive Windows, And A Smart Open Concept Layout, The Interior Seamlessly Connects You With A Wide And Spacious Balcony And Stunning Surroundings. Wake Up To A Mesmerizing South Facing Vista Which Includes A Beautiful View Of The Glistening Waters Of Lake Ontario Creating A Serene Backdrop To Your Daily Life, Offering Tranquility In The Midst Of The Bustling City. Easy Access To Parks, TTC, Union Station, Highways, Bike Paths, Shopping, Toronto Metropolitan University. Perfect For First Time Buyers, A Pied-A-Terre, Or An Investment To Add To Your Impressive Real Estate Portfolio.

Click Here For More Info! Reach out to book a private viewing!

JUST SOLD | 351 Wolverleigh Blvd

Congratulations to our buyer clients who just purchased this detached home in the coveted Danforth Neighbourhood! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD | 82 Brownville Ave

Congratulations to our first time buyer clients who just purchased this detached charming home in the coveted Mount Dennis Neighbourhood! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD! 93 Maclean Avenue

Congratulations to our seller client who just sold her awesome home in the Beaches! We’re so happy for you and we’re glad that we could help you with the sale!

For more info on this recent sale, check out www.93maclean.com

Thinking of selling and want to know more about our listing process? Our goal is to always make the home selling experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading staging and marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD! 21 Dale Avenue # 640

Congrats to our seller clients on the sale of their beautiful Rosedale residence! It was such a pleasure working with you and we’re so happy that we could be of service! Congrats as well to the buyers – you’re going to love living here!

For more info on this recent sale, check out www.21dale.ca

Thinking of selling and want to know more about our listing process? Our goal is to always make the home selling experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading staging and marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

JUST SOLD | 1400 Kingston Road #103

Congratulations to our buyer clients who just purchased this brand new condo in the Upper Beach Club An Elite Boutique Condominium Residence! We’re so happy for you guys and we’re glad that we could help you with the purchase!

Thinking of buying and want to know more about our buying process? Our goal is to always make the home buying experience as easy and stress-free as possible for our clients while delivering incredible results! From offering industry-leading marketing services all the way through to negotiating a fantastic sale price, we’re here to help! Send us a message for more info!

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