July 12, 2017 – Councillor – Real estate data from TREB can not be trusted
TORONTO, ON – Jim Karygiannis, City Councillor for Ward 39, Scarborough-Agincourt, says the newly released data from the Ontario government on real estate purchases by foreign buyers shows that the Toronto Real Estate Board can not be trusted.
It was revealed today that half of real estate transactions involving a foreign buyer in the Greater Golden Horseshoe region took place in Toronto, one month after the province introduced a speculation tax on non-residents. Foreign buyers are responsible for seven (7) percent of total transactions in the City of Toronto.
“The Toronto Real Estate Board forcefully maintained that foreign home buyers composed only five percent of total transactions in the GTA. Now we know this was false. Knowing that foreign buyers compose seven percent of the market after the speculation tax was announced, surely the number was higher than seven percent before the Ontario government took action,” says Councillor Karygiannis.
TREB relied on data from fewer than ten percent of its member agents involved with real estate transactions in the GTA. This ignored the reality of international agents, cash offers, and a privacy laws that shielded the true identities of foreign home buyers.
“The Ontario government released real data on foreign home buyer transactions in Toronto, something that I and many others knew all along. With the new tax and rules, buyers are now forced to reveal residency and intentions of their purchase,” says Councillor Karygiannis.
“TREB can not be trusted as an authority on real estate data. Real estate brokers are in the business of making money, not protecting housing affordability. The public should look at the data from the Ontario government for the real picture and ignore spin from the real estate industry,” concludes Councillor Karygiannis.
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