Coldwell Banker Terrequity Congratulates Gavin Chen

Broker and Top 1% GTA Units/Volume 2009/2010 & Five Agent Status 2010

Gavin Chen since licensing in 2005, Gavin has attained the highest designation by OREA by Broker and risen to the top of Coldwell Banker Terrequity and the Toronto market.

Since joining Coldwell Banker in June 2007, the latest statistical analysis for 2010 has shown that Gavin Chen placed in the Top Five in 4 of 4 categories for all Coldwell Banker Terrequity Realty agents.

Gavin Chen finished in the Top Five for:

1. Total Gross Commissions
2. Total Production Units
3. Total Buyer Agent Sales
4. Total Listing Agent Sales

Gavin Chen will receive the CANADIAN DIAMOND SOCIETY AWARD LEVEL and the Platinum Award this year!

Gavin is also in the Top 1% for Unit and Volume 2009/2010.

Congratulations on your professionalism and success in negotiating homes & investments for your clients.


**Edited from Coldwell Banker Terrrequity Realty Newsletter

New Taxes: Land Transfer Tax and Vehicle Registeration Tax

The New Taxes: What You Need To Know After months of wrangling, Toronto city council yesterday adopted two new taxes, marking the first time the city has imposed taxes other than a property tax. For those of you who still have questions about how the taxes will work, here is a (hopefully) helpful Q & A on the issue: Which taxes did council adopt? Council adopted a land-transfer tax, to be paid by the purchaser of a property, and an annual fee to register a vehicle. What will the taxes cost me? Vehicle Tax: Toronto drivers will pay $60 per year to register a car or truck and $30 per year to register a motorcycle or moped. Drivers will pay this tax on top of the provincial registration fee of $74 for cars and $42 for motorcycles. Commercial vehicles are exempt from the municipal vehicle registration tax. Land-Transfer Tax: Torontonians buying a home will be taxed at between 0.5% and 2%, depending on the sale price of the property. The scale tops out at 1.5% for commercial properties. Under the revised LTT passed yesterday, the tax would add $2,225 to the price of a $250,000 house; $3,725 to a $400,000 house; $7,725 to a $600,000 house and $15,725 to a $1-million home. The tax package council adopted yesterday is different from the one it deferred in July. What has changed? The key modifications are to the LTT. They include: An exemption for all first-time homebuyers on residential property up to $400,000; an exemption for everyone who signs a sale or purchase agreement to buy a property before Dec. 31; and a reduction in part of the tax’s sliding scale to 1% from 1.5% for both residential and commercial properties. When will the taxes take effect? The LTT takes effect Feb.1. The vehicle registration fee is not expected to take effect until the fall of 2008. The city is still trying to work out the logistics of having the province administer the vehicle registration program. How much will it cost the city to administer the taxes? Toronto is aiming to piggyback on the province’s administrative structure. Staff say it will cost the municipality $70 per transaction to administer the LTT. They do not know yet what it will cost to administer the vehicle registration fee. How will the new tax money be spent? The money raised by the vehicle tax will be dedicated to roads and transit, but the LTT will not be earmarked for now. Instead, it will go into general revenues to help cover the city’s $413-million shortfall in 2008. How much money will the taxes bring in? Under the old proposal, the taxes were expected to bring in $356-million over a full year. Because of council’s decision in July to the defer the vote, and the modifications to the LTT, finance staff estimate the vehicle fee will bring in $20-million and the LTT will bring in $155-million, for a total of $175-million. In future years, the taxes are expected to rake in $300-million annually. Will the taxes solve Toronto’s budget crisis? No. The city is facing a $414-million operating shortfall next year. Even with $175-million in new tax revenue, council still needs to find $238-million to balance its books in 2008. The city would need to raise residential property taxes by about 7% to make up the difference or find more ways to cut costs. The Mayor has also refused to rule out implementing an alcohol tax next year. Published Tuesday, October 23, 2007 9:48 AM by Kelly Grant Filed under: The Hall Monitor To clarify the Land Transfer tax: It will be calculated at .5% upto the first $55,000, 1% upto the next $345000, and 2% everything over $400,000. The new plan is an addition to the old plan. The old land transfer tax still applies and calculated the same way, but now in addition, they will add an additional .5% for purchases upto $55,000, 1% for the next $345,000, and 2% for anything above $400,000. So a purchase of $400,000 under the old would have $4,475 of LTT, and with the new plan adds another $3,725 for a total LTT of $8,200. There is still a sliding scale, but on the new portion of tax there is only 3 categories, versus the old with four(.5%, 1%, 1.5%, 2%) Please feel free to contact me if you have any questions, concerns, or know somebody that is interested in beating the Land Transfer Tax deadline. Cheers. Gavin

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