Understanding Property Tax and Assessments in Canada

By | Uncategorized | No Comments

If you’re on the hunt for a first home, or even settling in, you’re likely bracing for the inevitability of paying property taxes. You probably saw the annual property taxes displayed on REALTOR.ca property listings, and might be wondering who sets these rates, what purpose property taxes serve, and how tax rates are determined.

Fortunately, you’re in the right place! Let’s put the magnifier on property tax assessments across Canada.

Click here to read more.

Cornwall and District Real Estate Board MLS® home sales post one of highest months on record, inventories still at record lows

By | Uncategorized | No Comments

The number of homes sold through the MLS® System of the Cornwall and District Real Estate Board totaled 199 units in May 2021, climbing 67.2% from May 2020.

Home sales were 16.6% above the five-year average and 16.4% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled a record 813 units over the first five months of the year. This was a jump of 76.7% from the same period in 2020.

“Sales activity continued at its unstoppable pace in May, coming in just five sales shy of the all-time monthly record set back in May 2017,” said Troy Vaillancourt, President of the Cornwall and District Real Estate Board. “Our local market is experiencing many of the same conditions as others in Ontario – a resurgence of new listings that is still not nearly strong enough to bring the market back into balance and just barely keeping inventories from dropping any further. It’s no surprise then that price growth continues in the strong double digits.”

The average price of homes sold in May 2021 was $349,814, up 29.6% from May 2020.

The more comprehensive year-to-date average price was $353,556, an advance of 42.1% from the first five months of 2020.

The dollar value of all home sales in May 2021 was $69.6 million, more than double the levels from a year earlier, jumping 116.8% from the same month in 2020. This was also a new record for the month of May.

The number of new listings saw a substantial increase of 67.5% from May 2020. There were 253 new residential listings in May 2021.

New listings were 2.4% above the five-year average and 10.6% below the 10-year average for the month of May.

Active residential listings numbered 196 units on the market at the end of May, a large decline of 27.1% from the end of May 2020. Active listings haven’t been this low in the month of May in more than three decades.

Active listings were 58.1% below the five-year average and 71.3% below the 10-year average for the month of May.

Months of inventory numbered 1 at the end of May 2021, down from the 2.3 months recorded at the end of May 2020 and below the long-run average of 4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

BOARD & ASSOCIATION INFORMATION

The Cornwall and District Real Estate Board covers a large area, including the City of Cornwall and the Counties of Stormont, Glengarry, Prescott, and part of Dundas. It is uniquely situated next to the Quebec and U.S.A. borders, with the scenic St. Lawrence River running along the south and the Ottawa River along the north.

Report: 88% of sellers and 89% of buyers in Ontario will use a Realtor

By | Uncategorized | No Comments

A new Ispos survey for the Ontario Real Estate Association says that 88 per cent of sellers and 89 per cent of buyers say they plan to use a Realtor to help them buy or sell a home.

Launched last year, OREA’s Home Buyers and Sellers Report is the largest of its kind Canada, the association says, offering hundreds of data points on Ontario’s real estate consumers.

Click here to read more.