There appears to be a rise in the number of listings in the Greater Toronto Area whose sellers are “looking to close before June 24, 2024,” the last day before the changes in the capital gains inclusion rate are implemented.
Beginning June 25, the inclusion rate on capital gains from any sale will increase from 50% above the first $250,000 to 66%, eroding much of what owners can make from selling their properties. This is coming from the new federal budget that was presented in April.
While brokers like Daniel Foch point out that listings are relatively up, data in the coming weeks could more accurately show how the change will impact the housing market, particularly in terms of prices.
TRREB also noted earlier in May that listings in April were markedly higher compared to the month and the year before, but sales were lower likely due to would-be homebuyers waiting for the Bank of Canada to begin cutting interest rates.
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