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.
Category: General tips
The new anti-flipping tax. What you need to know.
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
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?
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
What happens when a mortgage hits the trigger rate?
All eyes and ears this week will be on the Bank of Canada’s interest rate decision. The general consensus is that we’ll see at least a 0.75% hike to the prime rate, but as with the last increase, we can also be surprised and see a sharper increase, as much as 1%. If that happens,… Continue reading What happens when a mortgage hits the trigger rate?
Should you sell your home privately?
If you’re thinking about selling your home – you might have considered selling your home privately, bypassing a realtor and a buyer’s agent. Why spend any extra money if I can do it by myself, right? The reality is that it’s rarely that simple. While on the surface it might seem like you’re saving money,… Continue reading Should you sell your home privately?