Ashley Alves Real Estate

Do you have a vacant home in Toronto? Escape the Vacant Home Tax before it’s too late!

There’s never been a better time to put a rental unit on the market. While housing prices remain flat, rents are higher than ever

Homeowners in Toronto have until the end of the month to declare if their property is occupied. After that, anyone sitting on a vacant unit will face a hefty fine as the city cracks down on absent investors.

The annual Vacant Home Tax, set at 1% of the property’s current value, will be levied on properties declared or deemed to be vacant, including those not occupied by tenants for six months of the previous year.

First considered by Toronto City Council in 2019, the measure is designed to free up more accommodation in the city as concerns grow over housing supply. As the declaration deadline looms, owners of vacant properties are now faced with a choice – do they pay the tax, sell, move into their unit or rent it out?

If you are unsure on what to do and need some guidance or support, reach out would love to help!

For more information about the Vacant Home Tax, please visit:

https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

Ashley Alves
REALTOR | Keller Williams Real Estate Associates, Brokerage

📲 6476243033
📧 [email protected]

A matchmaker’s job is to bring two compatible people together, based on their characteristics and qualities, with the hope of them falling in love ❤️ 👩‍❤️‍👨

A real estate agent’s job is to introduce an individual to a home that they think they’ll fall in love with, based on the qualities and characteristics they're looking for in a home❤️🏡

Some important things to consider before your start this process is to assess your financial health. Set a budget 💲 that works for you. Crunch your numbers in advance to determine exactly how much you can afford and are prepared to pay. Account for additional expenses that come up as well, such as legal fees, land transfer tax, insurance, moving expenses, and costs associated with utility hook-ups.

Assess your needs and wants 🏡One way to do this is to take a fresh look at your current living space. Think about where you spend time, what you like about it, what you can do without, and what is lacking. Then, come up with a list of priorities clearly indicating what you absolutely must have and what you may be willing to compromise on.

Leverage the expertise and advice of a licensed real estate professional. This can include, but is not limited to, asking your agent for information like comparative market analyses of sales of similar properties, insights on different listings’ features, and tips for making successful offers.

If you have been thinking of buying or selling and have any questions DM me anytime and I’d be more then happy to chat.

Ashley Alves
REALTOR | Keller Williams Real Estate Associates, Brokerage
647-624-3033 | [email protected]

M A R K E T R E P O R T 📈

January 2023

Numbers are and as we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer

For more specifics on your particular neighbourhood reach out I’d love to chat all things real estate 📲

Ashley Alves
REALTOR | Keller Williams Real Estate Associates, Brokerage
647-624-3033 | [email protected]

JUST LISTED 🔥

📍44 Boundbrook Drive Brampton, ON

Mayfield & McLaughlin

This luxurious Semi-Detached offers 3 bedrooms + Media Loft and 3 Bathrooms. Home has been professionally designed and fully renovated with over 100K spent. Custom entry door, bright open concept main floor w/ hardwood flooring throughout. Spacious kitchen/breakfast area with custom cabinetry SS appliances and custom built in servery - perfect for hosting your guests. Property also features a walkout from kitchen to fully fenced private yard with deck. Access to garage from inside the home. Spacious primary bedroom w/ custom built walk in closet and resort like 5 pc ensuite. Very desirable location, highly ranked schools such as Brisdale Ps, Mccrimmon Middle School, Fletcher's Meadow Ss, St. Edmund Campion Ss, St. Aidan Catholic Elementary School, close to Cassie Campbell Rec Centre, Transit, Mount Pleasant Go, Shopping Centre and much more - A MUST SEE!

Listed 💲929,000

Reach out if you have any questions or for your private showing 📲

Ashley Alves
REALTOR | Keller Williams Real Estate Associates, Brokerage
647-624-3033 | [email protected]