Leased: Exquisite 2 Bedroom + Den Condo in Downtown, Toronto (112 George St #2104)
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The Condo Buyer’s Hack: The Co-Ownership Advantage
Getting More Bang for Your Buck in a Condo Purchase In Toronto’s ever-evolving real estate market, buying a condo is often seen as the go-to entry point for homeownership. But with resale condos averaging around $1,000 per square foot and pre-construction units soaring between $1,400 to $1,600 per square foot, finding an affordable option that still offers ample space can feel like searching for a unicorn. Enter co-ops and co-ownerships—two lesser-known but compelling alternatives that can help you maximize your purchasing power while offering a unique community-based lifestyle.
Why Toronto’s First-Time Homebuyers Are Waiting to Buy in 2024
Ready to buy, but waiting for the perfect moment Toronto’s first-time homebuyers are eager to step into the real estate market, having saved up for their dream homes. However, several factors are causing hesitation in one of Canada’s most dynamic housing markets.
Proposed GST/HST Exemption On New Homes (Global News 640 Toronto)
Ford government plans to remove bike lanes on major Toronto streets like Yonge Street. Conservative Party’s proposed to eliminate the GST/HST on new homes under $1 million. City incentivizes the development of purpose-built rental housing, including reducing development charges.
City’s New Bylaw Proposal Aims to Curb “Renovictions,” But Will It Backfire?
In an effort to address the ongoing issue of “renovictions” — evictions where landlords claim renovations as a reason to displace tenants, only to raise rents later — the City has introduced a proposed bylaw aimed at increasing accountability for landlords undertaking substantial renovations. However, this initiative has sparked significant debate, with questions about its fairness, its impact on rental supply, and whether it will genuinely protect tenants.
CRA Ruling: 13% HST When Selling Airbnb Property (Christine Cardoso – Global News 640 Toronto)
A new CRA ruling calls for 13% HST on property value when selling short term rental properties. Toronto proposing strict renovation eviction bylaws, raising concerns for landlords.
New CRA Ruling: Hosts Must Pay 13% HST on Short-Term Rental Property Sales
In a recent decision, the Canada Revenue Agency (CRA) has clarified its stance on short-term rental properties and taxation. This ruling could mean substantial tax implications for hosts who have used their properties primarily for short-term rental. Here’s a breakdown of what this new development means for property owners:
Airbnb homeowners will be taxed when selling their properties (Kelly Cutrara – Global News 640)
A recent ruling by the Tax Court of Canada that shows homeowners who have regularly rented out their properties on Airbnb or other short-term rental sites will be subject to paying 13% HST when putting their homes up for sale.
Toronto Core House Sales Are Surging (Ben Mulroney – Global News 640 Toronto)
Sales of Toronto homes are surging, while condo sales are lagging behind. New mortgage rules allow 10% down payment for homes up to $1.5M, likely boosting competition in $1-2M range. Stress test removed for mortgage renewals with more than 20% equity.