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"If you know what to do to reach your goal, it's not a big enough goal."
 
Bob Proctor
Issue: #28 July/2008

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GTA Resale Housing Prices Up, Sales Down

July 17, 2008 -- Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July, Toronto Real Estate Board President Maureen O'Neill announced today.

"The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006," said Ms. O'Neill.

Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties sold in the same period in 2007 but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21 per cent increase from mid-July 2006. 

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Details of Approved Toronto Land Transfer Tax

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, plus
1% of the amount of the purchase price between $55,000 and $400,000, plus
2% of the amount of the purchase price above $400,000



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