October 23, 2007 -- Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. TREB worked very hard to oppose this tax and commends the efforts of REALTORS® on this issue. TREB took a strong position to oppose this tax as unfair in principle and refused to compromise. As a direct result of this strong position, City Council was forced to make a number of amendments to the City’s original proposal, including rebates for first-time buyers, a reduced rate, and grandfathering for existing transactions.
The City has not yet provided detailed information on administration or implementation issues. The following is based on currently available information. Some information from the City is available here.
What was approved by City Council?
A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
Residential:
0.5% of the amount of the purchase price up to and including $55,000
1% of the amount of the purchase price between $55,000 and $400,000
2% of the amount of the purchase price above $400,000
Commercial / Industrial / Etc.:
0.5% of the amount of the purchase price up to and including $55,000
1% of the amount of the purchase price between $55,000 and $400,000
1.5% of the amount between $400,000 and $40 million
1% of the amount above $40 million
When does this take effect?
February 1, 2008.
Are existing transactions grandfathered?
Yes. Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. (Note: Media reports that closings must occur by Feb. 1, 2008 are inaccurate.) The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates before February 1, 2008?
Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.
What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates on or after February 1, 2008?
Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.
Where does this apply?
The Toronto land transfer tax only applies to transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto.
Are first time home buyers affected?
First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
More detailed information will be provided once it is made available by the City. If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338. Some information from the City is available here.
If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338.
Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
www.70berkindale.com
70 Berkindale Drive
One-of-a-kind 6,000 square foot custom Chateau on prestigious street, exquisite interiors by Claire Grenier-Kennair, double-entry front door with sculptured wrought iron rails, dramatic 2 storey foyer, oval staircase with custom decorative wrought iron rail and spectacular stained glass skylight, artist-painted ceilings, fabulous master BR with stunning mosaic-tile his/her ensuite, 5 BRs each with mosaic tile ensuites, dream kitchen with island and w/o to custom in-ground pool set in lush gardens, heated circular driveway.
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MAIN FLOOR - 10 foot ceilings
Foyer:Limestone mosaic detail floorCoffered and hand painted ceiling.
Hallway: Wide plank Brazilian cherry with Parquet mosaic insert flooring Grand oval staircase with wrought iron railing and stained glass skylight domeLantern excluded
Ante Room: Wide plank Brazilian cherry flooringCustom painted domed ceiling adjacent to Lounge & guest Powder roomHand painted faux finish walls with artistic detail Wall sconces Free standing furniture vanity on limestone crème marfell with basket weave mosaic inlay floor -2nd main floor Powder roomMud room and separate entrance
Living Room:Wide Brazilian cherry wide plank flooringCove mouldingElegant ragging wall treatmentWindow treatments excludedGas fireplace¾ height Mantel finished faux limestone with matching columns
Library:French doors Full detail Fireplace in Mahogany trim Brazilian cherry wide plank flooring Mahogany full panel wallsBuilt-in wood and leaded glass custom cabinetry Coffered Mahogany ceiling with hands painted artistic detail Vintage brass chandelier and duel matching wall sconces Window coverings excluded
Kitchen: Pendant Kitchen Aid fridge with ice and water dispenser Thermadore Professional Range with chef's oven, 6 burners, grill and convection oven Hot water dispenser Fisher & Paykel dual dishwashers Moen faucet Kitchen-Aid trash compactor Garburator / In-Sink-EratorBuilt-in wine racking with corbel details European Artist vintage wall finish Flooring: wide plank Brazilian cherry Counters: GraniteBacksplash: tumbled limestoneMoulding: CoveLighting: large kitchen chandelier (excluded), pot lights, accented cabinet lighting
Butlers PantryBuilt-in cabinetry Flooring: wide plank Brazilian cherry Counters: Granite Lighting: pot lights
Family Room: Linen window coverings Gas fireplaceFrench doors to garden and pool Built-in TV/book shelving Flooring: wide plank Brazilian cherry European Artist vintage wall finish Dining Room Brazilian cherry wide plank flooring Cove moulding Elegant ragging wall treatment Chandeliers and Window treatments excluded
SECOND FLOOR - 9 foot ceilings
Master Bedroom Double entrance doors leading to the Ante-room adjacent to the master bedroom, walk-in closet and showcased ensuite washroom. Double Brazilian cherry wide plank flooring Cove moulding Double layered silk drapery Wall to wall windows overlooking the yard and pool Walk-in closetFull hand crafted cabinetry with marble inlay island Brazilian cherry wide plank flooring Custom window seat Chandelier and dual wall sconcesHis & Hers Showcased Ensuite washrooms5 jet full mosaic shower Hydro Maax 2 person full mosaic Roman style bath with columns Stained glass windows Hand painted ceilings Custom furniture vanity with honed crème marfell counter top
Bedroom Two Broadloom Cove moulding Oversized (4 piece) Ensuite with separate shower and bath tub Full shower with subway style limestone Hand painted ceilingFull mosaic wall and bath skirt Flooring: large limestone tile with inlayDual wall sconces and chandelier Honed marble vanity counter Drapery excluded
Bedroom Three Dual closets Broadloom Ensuite (4 piece) washroom with tumbled mosaic tub walls and limestone inlay Limestone floor with tumbled mosaic in-layMarble countertop
Bedroom Four Cove mouldingBroadloomDraperyWalk-in closetEnsuite (4 piece) washroom with hand built cabinets Tumble marble with mosaic picture frame wall treatment
Bedroom Five Broadloom Pierre Frey wallpaper Chandelier Drapery excluded Walk-in closet with clothes organiser Ensuite 4 piece washroom with full wall and floor mosaic treatment, honed limestone counter top and Custom built vanity
Laundry Full size Ceramic tile flooring Full cabinetry Deep stainless steel sink Maytag Neptune Washer & Dryer (included).
LOWER LEVEL - 9 foot ceilings
Nanny's Suite Broadloom Chandelier Wall to wall closet Ensuite (4 pieces) with full detail tumble marble shower / bath Honed marble flooring.Bathroom Custom cabinetry Pot lights
Theatre / Fitness Room Rough-in wiring for theatre installation Broadloom flooring Mirrored wall
Wine room Broadloom presently used as storage space could be 7th bedroom
OfficeBroadloom Separate private storage Could be 8th bedroom
Recreation Room: Broadloom and tumble crème marfell with black marble in-lay border with heated floorWenge wood veneer Wet BarSauna (Finnish style) with a 3 piece washroom and pool change area Dual high efficiency Fireplaces surrounded by fieldstone wall finish Double French door Walk-out to flagstone Bistro style patio with stone cathedral staircase to garden and pool.
EXTRAS:2 Furnaces 2 air cleaners 2 humidifiers 2 air conditioning units Security system with cameras and alarmTherm-X-trol hot water circulating system Dual (rented) 284 litre -hot water tanks
Heated patterned concrete driveway
Landscape lighting Soffit lighting Wrought iron fenced rear yard with pet proof mesh borderPatterned concrete and flagstone patio Gas BBQ, Gunite Pool and heater, Stone enclosed pool equipment shed.
About the Neighbourhood
York Mills is one of Toronto's most affluent neighbourhoods. Its mills are long gone replaced by shining office towers and luxury condominiums. Its main arterial roadways including Yonge Street and Bayview Avenue - which were once impassable by car, now serve as major roadways to and from the city core.
Yet, despite all these changes York Mills has managed to maintain a peaceful tranquility and natural beauty that has helped make it one of Toronto's most desirable neighbourhoods.
York Mills Plaza is conveniently located at the south-west intersection of Bayview Avenue and York Mills Road. This popular outdoor shopping plaza is anchored by a large drug store, and a supermarket. York Mills Plaza also features an international restaurant, a wine shop, small specialty retail stores and a fine selection of gourmet food shops.
The Bayview Village Shopping Centre is located at the north-east corner of Bayview and Sheppard Avenues. This upscale shopping centre caters to the affluent York Mills market with several designer clothing and accessory stores, gift shops, a magazine and book shop, jewellery stores, and an excellent selection of restaurants.
The York Mills Centre located on the north-east corner of Yonge Street and York Mills Road has about a dozen retail shops and professional services in addition to medical offices and a food court.
The multi-faceted York Mills Park, located at the south-east corner of York Mills Road and Bayview Avenue is well used in the summertime for a variety of pursuits. There is an outdoor pool for recreational swimming, a children's playground and a baseball diamond with recreational house leagues. This park also provides access to Windfield's Park which has an attractive footpath through a ravine valley that follows the winding course of Wilkett Creek, a tributary of the Don River.
York Mills Park is also the home of the York Mills Arena. This arena is busy year-round with organized hockey leagues, as well as power and pleasure skating. There are many parks located north of York Mills and west of Bayview Avenue. The largest of these neighbourhood parks is St. Andrew's Park which features a mini valley and lush greenspace that is popular for walks and light recreational pursuits. Tournament Park located next to St. Andrew's Square features tennis courts and an active tennis club program. Golfers are very close to the scenic Don Valley Golf Course located west of Yonge Street and south of Highway 401.
About the Neighbourhood
York Mills is one of Toronto's most affluent neighbourhoods. Its mills are long gone replaced by shining office towers and luxury condominiums. Its main arterial roadways including Yonge Street and Bayview Avenue - which were once impassable by car, now serve as major roadways to and from the city core.
Yet, despite all these changes York Mills has managed to maintain a peaceful tranquility and natural beauty that has helped make it one of Toronto's most desirable neighbourhoods.
York Mills Plaza is conveniently located at the south-west intersection of Bayview Avenue and York Mills Road. This popular outdoor shopping plaza is anchored by a large drug store, and a supermarket. York Mills Plaza also features an international restaurant, a wine shop, small specialty retail stores and a fine selection of gourmet food shops.
The Bayview Village Shopping Centre is located at the north-east corner of Bayview and Sheppard Avenues. This upscale shopping centre caters to the affluent York Mills market with several designer clothing and accessory stores, gift shops, a magazine and book shop, jewellery stores, and an excellent selection of restaurants.
The York Mills Centre located on the north-east corner of Yonge Street and York Mills Road has about a dozen retail shops and professional services in addition to medical offices and a food court.
The multi-faceted York Mills Park, located at the south-east corner of York Mills Road and Bayview Avenue is well used in the summertime for a variety of pursuits. There is an outdoor pool for recreational swimming, a children's playground and a baseball diamond with recreational house leagues. This park also provides access to Windfield's Park which has an attractive footpath through a ravine valley that follows the winding course of Wilkett Creek, a tributary of the Don River.
York Mills Park is also the home of the York Mills Arena. This arena is busy year-round with organized hockey leagues, as well as power and pleasure skating. There are many parks located north of York Mills and west of Bayview Avenue. The largest of these neighbourhood parks is St. Andrew's Park which features a mini valley and lush greenspace that is popular for walks and light recreational pursuits. Tournament Park located next to St. Andrew's Square features tennis courts and an active tennis club program. Golfers are very close to the scenic Don Valley Golf Course located west of Yonge Street and south of Highway 401.
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