REPORT HIGHLIGHTS
– Tax rate increases, in tandem with record-high housing values and mortgage rates, have sparked a post-pandemic exodus from the country’s most expensive markets, contributing to a significant uptick in interprovincial migration numbers in Alberta and Atlantic Canada in 2023.
– The average Canadian family pays 45.3% of its income to taxes. That’s more than the 35.6% spent on necessities of life.
– 28% of Canadians agree that the land transfer tax has impacted their decision to participate in the housing market.
York Region Market is heating up with strong buyer demand in most market segments. Steady activity and more listings are creating an environment for increased sales in Q1.
Greater Toronto Area: After a flurry of home-buying activity at luxury price points in the final quarter of 2023 in Toronto Proper due to upcoming changes to the city’s increasing 2024 land transfer taxes, the housing market has slowed in the Greater Toronto Area.
https://blog.remax.ca/taxes-contributing-to-shift-to-more-affordable-canadian-housing-markets/