The Karen Millar Team


The Shops at Don Mills
8 Sampson Mews #201
Toronto, ON
M3C 0H5

416.443.0300
1.877.366.SOLD (7653)

Contact Us

         
 
Signature Realty
IND. OWNED & OPERATED
BROKERAGE
 

Friday, 21 April 2017

Market Update


Yesterday, Premier Kathleen Wynne finally announced changes to real estate in Ontario in an attempt to increase supply and address affordability. There will likely be confusion about the effects of the changes, but ultimately the fundamentals of a healthy market have not changed.
          There are 16 proposed measures, here are the top 5 highlights:

First, a 15% Non Resident Speculation Tax (NRST) in the Greater Golden Horseshoe will be implemented, effective immediately.   Binding agreements of purchase and sale signed on or before April 20, 2017 are not subject to the NRST.  The bulletin issued by the Ministry of Finance can be found at, please read in detail: http://www.fin.gov.on.ca/en/bulletins/nrst/nrst.html

Second, rent control will now extend to properties built after 1991, also effective immediately.   

Third, municipalities will be given the option to create a vacant home tax should they choose.   
          Fourth, surplus land will be used to build affordable housing.

Fifth, the province will require municipalities to lower taxes on multi unit rental dwellings.

Also, announced the province will collect additional information through the land transfer tax system to help it better understand trends in the real estate market.  This collection will take place by the lawyer at closing. We believe this is a positive measure as it will assist with decision making regarding the market in the future. 

Effective April 24, the purchaser will have to declare:•Whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member(s), as their principal residence;•The type of dwelling (detached, semi‑detached, condominiums, cottages, etc.);•Whether the property, in part or in whole, is intended to be leased out;•The residency, citizenship and permanent resident status, if the person who purchases or acquires the land is an individual;•Information about incorporation, ownership and control, if the purchasers are corporations;•Information about beneficial owners, if the person who purchases or acquires the land is acting as a trustee, nominee or in a similar capacity.

On another note, there is also talk the government will come up with measures to make the bidding war process more transparent.  Nothing has been announced at this stage.

There has been no change to the fundamentals that drive healthy markets, low cost of borrowing, solid economic conditions and population growth. We must remember that home ownership should always be viewed in the long term, short term speculation is something completely different.

We will no doubt keep our eye on details as they develop.
Regards,
Kaen 

Wednesday, 19 April 2017

Clothing Repairathon


On April 23 from 12 pm to 2 pm come out to the Zoo for the Party for the Planet event! This event will have free mending of clothes (bring no more than 2 items of clean clothing in need of repair) at Toronto Zoo Education Auditorium 2000 MeadowvaleToronto. For more information visit Zoo Repairathon.

Happy Earth Day!
Enjoy!
Karen

Monday, 17 April 2017

Fair Trade Fair


Fair Trade CafĂ©, screening of films El Contrato & Migrant Dreams, vendors offering chocolate, coffee, tea, nuts, spices, global crafts, jewelry, textiles and local honey, a 3D printer and more April 22 10 am-3 pm. Free admission at Donway Covenant United Church 230 The Donway WestToronto.
Enjoy!
Karen

Friday, 14 April 2017

Happy long weekend!


From our family to yours, have a happy Easter long weekend!

xoxoxo
Karen and family

Monday, 10 April 2017

Save the Date Don Mills Residence Inc.



Save the Date: AGM 2017
Wednesday, May 10, 2017
Meet & Greet at 6:30pm
AGM meeting to start at 7pm

Guest Speaker:
Peter Carruthers, Aga Khan Museum

For more information visit: http://dmri.ca/

Enjoy!
Karen

Saturday, 8 April 2017

Easter Eggstravaganza


Join Beasley Bear and the Easter Bunny taking rides, feeding animals at Far Enough Farm and looking for brightly coloured eggs at Centreville Centre Island Toronto Islands from April 14-16, Friday-Sunday 11 am-4 pm. Tickets are $15.
Enjoy!
Karen

Thursday, 6 April 2017

Brookbanks Cleanup

Please join us Saturday April 29th, 9:30am to 11:30am
at the entrance to the park at Fenside and Brookbanks
across from Crestwood. See attached for more info.

Community Hours for Students.