The Toronto Real Estate Board pegged the median price of a home at $366,000 last month. That figure is a 3.4 per cent increase over the November 2009 median of $353,800. The median is the point at which half the homes cost less, and half cost more. It is considered less distortion-prone than the average price.
Skip back one year. As 2009 wound down, homeowners could crow about their properties having increased by 13.4 per cent, as the median price in November 2008 was $312,500.
Toronto elected a new mayor on Oct. 25, and Mayor Rob Ford has vowed to eliminate the Municipal Land Transfer Tax (MLTT), which is charged on real estate transactions. For example, a home with a consideration value of just over $500,000 would pay a total MLTT of $5,725.
Posted: 2011-01-03 08:52:38
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