I am happy to announce The Barrie and District Association of REALTORS® has reported another record year of home sales in 2016!
Strong demand has drawn listings off the market at such a rate, that the number of available homes for sale is at a record low level as we head into the New Year.
For the SELLER -
Another year favouring Sellers! A clean home that lacks clutter, shows well and is well priced in the market, can be expected to sell in about 25 days. Low inventory levels and high Buyer demand have increased average values up by about 17.6% from one year ago. Homes valued under the $400,000 price range will continue to create excess demand with First Time Buyers, and will often generate Multiple Offer scenarios. The average price of $439,076 in our market area continues to be significantly lower than the general cost of a Toronto home, and this factor, coupled with our single Land Transfer Tax (as opposed to Toronto's double tax), will continue to bring Buyers from the GTA to our area seeking affordable homes.
For the BUYER -
Preparation is key during a market that has low inventory levels and rising prices. Having a pre-approval from your lender is first and foremost. I am happy to provide you with Mortgage Brokers that I feel confident in recommending to you.
Working with an experienced REALTOR® will give you the edge on competition with other Buyers. Buyers in specific price ranges must have the ability to be decisive when the "Right" property appears and must be willing and able to react by putting forward an offer on the property. Purchasing in this market requires fortitude and an experienced REALTOR® to provide the right advice to get the job done.
Beginning January 1, 2017, changes to the Ontario Land Transfer tax on the disposition of property, offers some relief to Buyers and more specifically to First Time Buyers. No Land Transfer Tax would be payable by Qualifying First Time Purchasers on the first $368,000 of the value of the consideration for eligible homes. First Time Purchasers of homes greater than $368,000 would receive a maximum refund of $4,000.
Ontario Land Transfer Tax is now calculated as follows:
- amounts up to and including $55,000: 0.5%
- amounts exceeding $55,000, up to and including $250,000: 1.0%
- amounts exceeding $250,000, up to and including $400,000: 1.5%
- amounts exceeding $400,000: 2.0%
- amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.
I look forward to another exciting period of participation in the Local Real Estate Market, and I continue to extend to you the best service and advice that my years of experience will allow. I invite you to give me a call if you wish further information and I will, of course, be happy to provide you with a FREE MARKET ANALYSIS of your home if you are considering a move.
The very best of prosperity, good health, love and friendship to you in 2017!