Your kind of town, Toronto is

In several studies conducted throughout the past two years Toronto has consistently earned a ranking as an Alpha city, an important hub in the global economic system.

Loughborough University in the United Kingdom undertook one of the first studies developed to rank global cities in 1998. In its updated 2008 study, Toronto ranked 15th in the world. The only North American city to achieve a higher ranking was New York City, in 1st place.

A similar study was also undertaken in 2008 by the consulting firm A. T. Kearney and the Chicago Council on Global Affairs. In this study Toronto ranked 10th in the world.

A more recent study published by Tokyo’s Institute for Urban Strategies at The Mori Memorial Foundation ranked Toronto 15th.

In this case, the only North American cities to achieve higher rankings were New York and Los Angeles, in 1st and 13th spots respectively.

In these studies Toronto consistently received top marks with respect to culture and livability. The GTA is home to more than 5.5 million people and is one of the world’s most ethnically diverse, with more than 100 languages spoken throughout the city. We have low crime rates, a clean environment and a high standard of living.

In fact, Toronto consistently earns the highest world ranking of all North American cities in a quality of living study undertaken annually by the global consulting firm The Mercer Group, and many of the characteristics that contribute to this rating are internationally renowned.

We have the tallest tower in the western hemisphere, the world’s seventh largest stock exchange, globally acclaimed universities and an international airport. Toronto is home to the longest street and the longest running fair in the world. We even have one of the largest zoos. We have more performing arts venues than anywhere else and one of the most significant film festivals in the world as well.

On any given day, there’s no shortage of attractions to take in, from quality galleries and museums, to professional sports matches and cultural festivals like Caribana, Taste of the Danforth and the Dragon Boat Race.

The reasons to love our city are countless. If you haven’t yet invested in a GTA property, I encourage you to talk to a Greater Toronto REALTOR®. For more information please visit www.TorontoRealEstateBoard.com

To learn more about the many opportunities that exist in neighborhoods throughout the GTA talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for neighbourhood profiles, market updates and much more.


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Land Transfer Tax Refund for First-time Homebuyers

Land Transfer Tax applies to all transfers of land in Ontario.

First-time homebuyers may be eligible for a refund of all or part of the tax.

• For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.
• For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.

Applications for a refund must be made within 18 months after the date of the transfer.

On July 1, 2010, Ontario is proposing to introduce a federally administered Harmonized Sales Tax (HST) that will apply to most goods and services.

The HST would apply to newly constructed homes, but would not apply to resale homes. Buyers of new homes would receive a rebate of up to $24,000 regardless of the price of the new home.

Learn more

How much is the refund?

The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund.

Who qualifies?

To claim a refund, you:

• must be at least 18 years of age;
• must occupy the home as your principal residence within 9 months of after the date of transfer; and
• cannot have owned a home, or an interest in a home, anywhere in the world.

In addition:

• your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and
• in the case of a newly constructed home, you must be entitled to a Tarion New Home Warranty.

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