Real estate is a highly regulated business in Ontario. These regulations protect consumers, establish standards and provide for a method of delivering consistent, predictable and professional services. It also provides a means to discipline those that do not uphold those standards. Real estate professionals standards include regulatory (TRESA), fiduciary (legal) ...
Continue ReadingWhile certain industries are regulated federally, property laws are a provincial responsibility. Many of the provinces have similarities in their property laws, but even those are not exactly the same. What happens when a buyer or seller resides in one province and the home being bought or sold is in ...
Continue ReadingAdequate housing is essential to one’s sense of dignity, safety, inclusion and ability to contribute to the fabric of our neighbourhoods and societies[3]. As the Commission heard in this consultation, without appropriate housing it is often not possible to get and keep employment, to recover from mental illness or other ...
Continue ReadingIn addition to all the usual taxes residents have to bear owning real estate; all non-residents selling or buying Canadian real estate are required to undergo some additional tax burdens made to deter non-resident investors from speculating in the housing market and ensure governments collect their due taxes. Without proper ...
Continue ReadingIn effect since January 1st, 2022, the UHT is an annual 1% federal tax on real estate owned by any non-resident, non-Canadian, and considered vacant or underused. In some situations, this also applies to Canadian owners. The Underused Housing Tax Act (UHT) requires individuals impacted by this tax to file ...
Continue ReadingA home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other ...
Continue ReadingOn Sunday, February 4, 2024, Finance Minister Chrystia Freeland announced the federal government’s intention to extend the Prohibition on the Purchase of Residential Property by Non-Canadians Act (foreign buyer ban), which was first introduced in 2023, by two years to January 2027. The Canadian Real Estate Association (CREA) believes the federal government’s intention to extend ...
Continue ReadingAll homeowners will need to declare the status of their property as part of an effort to crack down on real estate investors and improve housing Letting a home sit empty in the middle of a housing crisis will now cost you, with the introduction of Toronto’s vacant home tax ...
Continue ReadingDon’t forget, the new residential property flipping rule, introduced in Budget 2022, is now law. This rule was included in Bill C-32, which received Royal Assent on December 15, 2022. The new rule deems profits from a “flipped residential property” as business income to target individuals that misclassify these profits ...
Continue ReadingRules for rent increase In most cases, the rent for a residential unit can be increased 12 months after either: the last rent increase the date the tenancy begins The landlord must give a tenant written notice of a rent increase at least 90 days before it takes effect. The proper forms for this notice ...
Continue ReadingPowered by IXACT Contact® Real Estate CRM Software
