Toronto Loft Conversions

Toronto Loft Conversions

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Modern Toronto Lofts

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Unique Toronto Homes

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Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Tag Archives: TTC

Booming real estate market helps Toronto post $168-million surplus for 2013

Elizabeth Church – The Globe and Mail

Toronto’s booming real estate market generated more cash than expected for the city in the form of land transfer taxes and development fees, contributing to a $168-million surplus for 2013.

Comment: And yet they won’t lower the land transfer tax.

The final budget numbers were released on Tuesday, as the municipal election campaign is gaining momentum, with Mayor Rob Ford officially announcing he will return from rehab at the end of the month. The financial figures will form a backdrop for this fall’s municipal race and are likely to be a major part of the mayor’s re-election efforts.

Toronto budget surplus
Mr. Ford has long said he wants to reduce the land transfer tax. Former city councillor David Soknacki and Councillor Karen Stintz, both running for mayor, have proposals that would index the tax to take into account rising house prices. Candidate Olivia Chow has said she would keep the tax, and John Tory has yet to release a position on the issue.

The new budget numbers show higher housing prices and sales volumes generated $40-million more than expected in land transfer taxes, which totalled $356.8-million last year. Revenue from development applications rose 29% to $4.1-million.

A $47.7-million surplus at the TTC also was a major contributor to the final budget numbers. This surplus appeared after the transit agency spent less than expected in several areas. It would usually go back to the city, but Ms. Stintz got support at the last TTC board meeting for a motion seeking to dedicate the money to a fare freeze next year. The motion still needs to be approved by council.

On the negative side, the city experienced a 112% decrease in revenue from court services, to $17.6-million, largely because of a dramatic drop in the number of tickets police issued. Last year, police filed 467,565 tickets, down 28% from 649,117 a year earlier and a 35% drop from the 720,418 written in 2011.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.

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