Emily Chan Real Estate

💥 AUGUST 2023 MARKET STATS 💥

August sales showed another decrease in every asset class, with the average sale price bring $1,356,154 – a 3.2% decrease from the previous month.

This week, we heard that the Bank of Canada did not increase borrowing rates. Though positive, this news doesn’t help buyers much. Borrowing has become so expensive that monthly payments on mid-size mortgages still amount to ~$4,000+ per month! Buyers just aren’t able to carry the monthly payments, in addition to their regular expenses.

As mentioned before, supply is the issue. Increased immigration and lack of supply maintain tight market conditions in the GTA.

For more information on the above or for regional date, feel free to reach out to me directly.

416.890.1824
[email protected]

On January 1, 2023, the City of Toronto implemented a Vacant Home Tax. All residential property owners must submit their declaration of occupancy status.

The tax does not apply to:
1️⃣ Properties that are the principal residence of the owner.
2️⃣ Properties that are the principal residence of a permitted occupant or tenant.
3️⃣ Properties that qualify for an exemption.

The declaration needs to be submitted by February 2, 2023.

If you have any questions, don’t hesitate to reach out!

☎️: 416.890.1824
📩: [email protected]

As of January 1, 2023, non-Canadians and corporations controlled by non-Canadians are prevented from purchasing residential property in Canada. This includes buildings with three dwelling units or less, semi-detached homes and condo units. Larger buildings with multiple units are excluded.

This applies to individuals who are not Canadian citizens, are not permanent residents of Canada, and are not persons registered under the Indian Act. This also applies to corporations based in Canada that are: privately held, not listed on a stock exchange in Canada, and/or controlled by someone who is a non-Canadian.

There are a number of exceptions as well.

For more information or if you have any questions, feel free to send me a DM!

☎️: 416.890.1824
📩: [email protected]

✨2022✨ was a year of growth for me - personally and professionally.

I am so thankful ❤️. To my clients, thank you for choosing to work with me. To my colleagues, thank you for being such a pleasure to work with.

I’m ready for 2023 🍾🎉.

#2023