Real Estate

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.

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.

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: