The current frenzy in the Toronto Real Estate market has made it increasingly difficult for this Realtor to find the motivation to get out of bed (if it entails working with buyers).  It's a sad state of affairs for these buyers, I'm telling you.

I blame it partially on the new Toronto Land Transfer Tax.  Damn the city for implementing it... the sad thing is they probably don't even realize the extent that this is going to affect the city.  They don't realize how deep the implications are, but if they wanted to have a sneak peek, they could look at the red hot Toronto real estate market right  now... the red hot market that, I think, is artificially burning up in large part, because of this stupid tax.  Many non-first time home buyers are rushing to buy the next home on their property ladders before they get dinged with the extra tax and it's causing a hell of a lot of pressure on the market.

The inventory in the city is so tight it's unbelievable... it's almost abnormal to find a listing on the MLS that doesn't have an offer date posted on it in anticipation of multiple offers.  If you're a seller, you're laughing all the way to the bank - well at least until you have to turn around and buy again. When bidding wars on properties of every level become the norm, it almost makes you wonder if the writing is on the wall... are things getting out of control?  I'd probably lean more towards saying that Toronto is simply on a man-made "Toronto Land Transfer Tax High."  At a time of the year when the market is supposed to start getting as cold as the weather, I'm sorry to say to you buyers that our Toronto real estate market is going to keep steaming up all the way until the Febuary 1st deadline date.

Now the next thing that has me all worried with this new tax is the "905 Effect" a.k.a. the City of Toronto is the only one implementing a new tax.  That's dog poop if you ask me!  After the Toronto Land Transfer Tax kicks in, a lot of people who currently live in the city may end up leaving of the city when it's time to move because the properties out in the 905 burbs are going to be just that much more affordable sans the extra tax.  Then what that means is that our sorry excuses for city transportation are going to start break down as more and more people have to commute to get to work in the core.  Then comes the loss of soul in people who have to lose 2 to 4 hours a day travelling to and from work and end up taking the time away from their families and friends.  Sad, sad, sad - ok fine, I'm being a little melodramatic, but you get the point.  I thought the city was supposed to be promoting people moving to the city to be closer to work and driving/commuting less to decrease pollution.  Wishful thinking.

Oh and lastly, as if property prices weren't getting high enough, they need to add salt to the wounds.  Prices are getting bid up and up and up and up.  Over the last few months, I've lost a couple of good, solid, loyal and qualified buyers that I was working with; you know, the textbook kind that us Realtors only dream about.  We mutually fired each other and called off the search entirely... and of  course you're wondering... why?  Well, it wasn't performance based, but instead, our decision to part ways (moreso for them than for me) was due to the impossibility of finding them something for their price range of under $200,000 for a 1 bedroom downtown condo.   It no longer exists... well not without an offer date with an expected bidding war at least.  My clients, or now I should say EX-clients just simply and totally got priced out of the market and they lost their dreams of ever being able to own a little piece of downtown Toronto in the process.  They're totally disheartened and not to mention heart broken, but that's the way the cookie crumbles.