Rise of Commercial Mortgage in Toronto
Due to a number of commercial transactions the land transfer revenue for Q1 2018 has exceeded expectations by $30.7 million! The Toronto city council predicts a sharp increase of over $800 million in land tax revenue for 2018. As the demand for Toronto’s commercial, office, retail and industrial spaces remains high, it is likely that the target will be reached! The investor interest in the strengthening commercial real estate market encourages this. The upcoming cannabis legalization could open up a new market and increase the revenue further!
On the flip side, Toronto’s dependence on Land transfer tax is raising concern. Many councilors warn of trouble if the market is down! However, experts ensure that a rapid decline is not expected in the current scenario. The number cannot be determined this early in the year, but it is likely that Toronto will meet the budget (approximately $817 million) which is projected!