Richard Silver

Economy Category

Greater Toronto REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, November 16, 2011 -- Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November. This result represented more than a 13 per cent increase compared to November 2010. New listings were up 16 per cent over the same period. “The results for the first two weeks of November point to two important facts: First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in...Continue Reading...

REALTORS® Remind City Council that Land Transfer Tax is Unpredictable Revenue Stream

 TORONTO, October 14, 2011 -- In a letter to Mayor Ford and City Councillors, the Toronto Real Estate Board is reminding City Council that the Toronto Land Transfer Tax is an unpredictable revenue stream, and that the only fair solution to the City's financial challenges is a combination of responsible fiscal management and fair revenues, like property taxes and user fees. REALTORS® comments were in response to a recent City Finance staff report indicating that the Toronto Land Transfer Tax is...Continue Reading...

Toronto Real Estate: Renovation Rebate Would Benefit Homeowners

October 7, 2011 -- When home buyers are shopping for a home, they often consider its future potential in addition to its current condition. So, the need for renovations and upgrades, either out of necessity or desire, are often factored into their buying decisions. Frankly, this is a good thing because home renovations help to create jobs and generate tax revenue for the government, worthy goals that REALTORS® are calling on provincial politicians to support and encourage with a rebate...Continue Reading...

Press Release: Toronto Area REALTORS® Report August 2011 Sales

Toronto, September 7, 2011 – Greater Toronto REALTORS® reported 7,542 sales through the TorontoMLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings. "Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will...Continue Reading...

Press Release: Greater Toronto REALTORS® Say No to Status Quo at Toronto City Hall

Toronto, September 7, 2011 – With Toronto City Council expected to make important decisions on City services and finances soon, REALTORS® are calling on Council to move ahead with getting the City’s finances in order and repealing the Toronto Land Transfer Tax. “We say no to the status quo. Torontonians elected this City Council with a clear mandate to get the City’s finances in order and change the way City Hall operates, including repealing the Toronto Land Transfer Tax. The public...Continue Reading...

Your Finances: A New Approach to Home Ownership & Finances

President's Resale Homes & Condos Column TREB President's Column as it appears in the Resale Homes & Condos August 6, 2011 -- As I begin my term as president of the Toronto Real Estate Board, I am excited to use this column to arm homebuyers and sellers with information that will help consumers make informed decisions when it comes to real estate. For most people, buying a home represents an opportunity for a fresh start and ours is definitely a city that embraces...Continue Reading...

Toronto Real Estate: Taking the sting out of unfair taxes

When it comes to government policy, business people and the general public don’t always see eye-to-eye; but when they do, there is even more reason for politicians to take notice.  That is why GTA municipal representatives would be well advised to pay close attention to the results of a recent public opinion poll, conducted for the Toronto Real Estate Board, on municipal finance issues.  The poll, conducted by Ipsos Public Affairs, found broad public support for numerous issues that have long been...Continue Reading...

Toronto Real Estate Board Posts July 2011 Housing Market Charts

Here are the Toronto Real Estate Board's Housing Market Charts for July 2011. Because they show a 3 year trend, I have always found these more desireable in trying to understand the Toronto Real Estate Market. Take a look and let me know what you think! TREB Housing Market Charts for July 2011View more presentations from Richard Silver. Continue Reading...

Greater Toronto REALTORS® Release July Resale Market Figures

TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) - Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from...Continue Reading...

The First Time Buyer Land Transfer Tax Rebate

I am excited to begin my term as President of the Toronto Real Estate Board, and so I would like to take the opportunity to discuss with you the issue of home ownership. The first time home buyer land transfer tax (LTT) rebate is out of date. Due to increasing home prices, the rebate no longer covers the average LTT bill for first time home buyers. Instead, they pay almost $1,500 in LTT after receiving the rebate. The provincial LTT is a...Continue Reading...