Many preconstruction buyers are facing the realities of a shifting real estate market, especially those who have purchased preconstruction properties, specifically for assignment. Last quarter was the worst quarter for new condo sales since the financial crisis. According to market research firm Urbanation, condo sales in the greater Toronto region plummeted 79 percent, with just… Continue reading Selling your pre-construction assignment in the current market
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The new anti-flipping tax. What you need to know.
In addition to an upcoming ban on foreign buyers and a vacant home tax in the city of Toronto, the federal government is cracking down on house flipping. On August 9, 2022, draft legislation introduced the government’s new anti-flipping rules to take effect in January 2023. Flipping has been defined in government documents as “purchasing… Continue reading The new anti-flipping tax. What you need to know.
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The foreign buyer ban is coming. Here’s what it means for Real Estate and Mortgage Agents
Starting January 1, 2023, the Government of Canada is putting into effect a foreign buyer ban. More specifically, it is called the Prohibition on the purchase of Residential Property via the Non-Canadians Act. The act essentially bans non-Canadians from purchasing a property in Canada for a period of two years. Housing affordability has long been… Continue reading The foreign buyer ban is coming. Here’s what it means for Real Estate and Mortgage Agents
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I missed a mortgage payment. What happens now?
It’s a dreaded situation to think about, however, with rising interest rates and a looming recession, the possibility of missing a mortgage payment or two can become a realistic scenario for many Canadian homeowners. It is important to, at the very least, know and recognize what happens when you miss a mortgage payment(s) and what… Continue reading I missed a mortgage payment. What happens now?
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Toronto is introducing a vacant home tax. Here’s what you need to know
The City of Toronto is introducing a vacant home tax in 2023 as a measure to increase the supply of housing in the city. The City of Toronto vacant home tax is meant to discourage owners from leaving their residential properties unoccupied or face a hefty tax bill. The vacant home tax is paid in… Continue reading Toronto is introducing a vacant home tax. Here’s what you need to know
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The Seller Took the Appliances – What Do I Do Now?
So you’re a new homeowner, congratulations! But the seller recently moved out and took some appliances with them. You might be wondering: are they allowed to do that? What should you do? Maybe you were expecting certain items to be in the house or were surprised some appliances were left behind. Well, It entirely depends… Continue reading The Seller Took the Appliances – What Do I Do Now?
