Home Trends from Ed Wang & Chris Wannamaker

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

Happy New Year! We hope you took some time to rest during the holidays and that 2023 is off to a strong start. We had a lovely time with both the Wangs and the Wannamakers in December, and now we are feeling recharged and ready for a great start to the new year! As for the Toronto real estate market, December was a slow month, as is typical with people travelling and enjoying the holidays. Normally January is the kickoff to the busy spring season, with low inventory and lots of buyers who are ready to ramp up their searches after relaxing over the holidays. With last year’s rate increases and another rate announcement set for January 25th, as the government continues to battle high inflation numbers, it remains to be seen if this year will have a quick start or a slow burn. Our initial thoughts are that we continue to see the market cool for at least the next few months as rates increase further or stabilize. For investors and those owning more than one property, an annual tax will be levied on vacant Toronto residences, payable beginning in 2023. Owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. Interest applies to any overdue Vacant Home Tax amount at a rate of 1.25 per cent on the first day of default and on the first day of each month thereafter, for as long as taxes or charges remain unpaid. So make sure to fill out your declarations! And finally, for the fourth consecutive year, The W Group Real Estate team has achieved the top award level at Royal LePage and has again made it into the Chairman’s Club, representing the top 1% of Realtors across Canada. Our brokerage has also once again named our team the number one Realtors in the brokerage for 2022. Thank you to all our clients and friends who have worked with us during what can only be described as a very unpredictable and challenging year. Your trust and faith in us to help you make the best decisions for you and your families are responsibilities we do not take likely. We hope we can continue to earn your trust and prove that we want what’s best for you, too! As always, please feel free to reach out to us any time to talk about the market or your situation. Wishing you a joyful and prosperous New Year! Your Friends, Ed + Chris

Office: 416.588.8248 | www.wgrouprealestate.ca