A few words.....
CHANGE IS IN THE AIR
Leslie Benczik,
Broker of Record
TEAM MEMBERS
Jason He,
Sales Representative
Alon Hillel,
Broker
Steve Ialongo,
Sales Representative
Rachel Kavanagh,
Broker
Susan Taylor,
Sales Representative
Tiffany Lee,
Office Manager
Joseph Sanzo,
Marketing Manager
Tracy Vendiola,
Client Care Coordinator
Benczik Team Realty is thrilled
to launch our new Buyer’s
Magazine and we are looking
forward to its enhancement
as the months go by. You will
find our magazine packed
with information and news to
keep any buyer competitive
in today’s highly charged real
estate market. I am confident
that we have the most cutting
edge services for our buyer
clients, that we can ensure they
win every step of the way.
A lot is happening in the
real estate world and it is my
pleasure to share some of my
recent observations. First and
foremost, the new legislation
that the Ontario Government
introduced on April 21, 2017,
The Fair Housing Initiative. The
province will be implementing
16 measures that will affect
Ontario’s real estate market.
The most significant of these
measures is a 15% tax on
foreign buyers (Non Resident
Foreign Buyer’s Tax) who are not
citizens or permanent residents
of Canada. This tax will apply
to those in the Greater Golden
Horseshoe from the Niagara
Region
to
Peterborough.
Approximately 8% of home
buyers in the GTA are non-
residents.
Any buyers who become
permanent residents within
four years of a purchase will
be reimbursed any taxes
paid. International students
enrolled full time for two years
or someone who has been
working in Ontario for at least
a year will also be eligible for
the reimbursement. To qualify
for the rebate, the property
purchased must be designated
as a principal residence.
When a new tax is first
introduced we find that the
general response of the public
is to sit on the sidelines and do
nothing until they have a clearer
understanding of where the
market is going. Essentially, the
fear of the unknown will cause
some people to do nothing in
the short term. This hesitation
will lead to higher inventory
levels, which could then cause
downward pressure on prices.