Sales and New Listings Down, Average Price up in July
TORONTO - Thursday, August 5, 2010
Greater Toronto REALTORS reported 6,564 sales in July - a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings at 10,825 dropped to the lowest level for the month of July since 2002.
".... the average price for July transactions was $420,482, representing a six percent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 percent annually to ....." click HERE to view the full report.
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SELLING A HOME CAPITAL GAINS TAX
STAGING… FOR A FASTER SALE AND HIGHER PRICE
LOCATION, LOCATION.... MARKETING!
The Income Tax Act does not specifically set out whether or not a gain or loss is capital in nature. The taxpayer is responsible for reporting the gain as income or capital gain. This report may then be challenged by the Canada Customs and Revenue Agency with the onus of proof on the taxpayer.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
You may have lived in your home for many years. The location factors that you considered when making your purchase decision may not apply to today’s buyers. The task is to identify the current positive aspects of your home’s location and market them aggressively. When it comes to positive locations, people’s different attitudes and preferences will determine if a location is a “good” one.
