Condos Allowing Short Term Rentals DT Core

Tuesday Oct 27th, 2020

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People who are interested in living in or investing in DT condos are often asking which building do, and which once don’t allow short term rentals. The truth is the majority of the condos don’t permit short term rentals and it is stated in their bylaws, of the buildings who are not allowing them there are some who enforce it strictly, and others that don’t. City of Toronto at the end of 2019 implemented new rules and regulations for short term rentals, there are certain... [read more]

Buying First Investment Property.

Thursday May 7th, 2020

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Real estate around GTA has been a great investment for many decades, the prices have appreciated over time, if anyone was unlucky and purchased at the peak prior to a correction, given enough time they were able to recover and show significant gains, most people who invested in rental properties have accumulated significant wealth, in reality owning real estate in GTA equals wealth. Why GTA? Why invest in GTA? The answer is actually very simple: the populations is growing, it attracts... [read more]

Assignments Explained In Simple Terms

Sunday Apr 12th, 2020

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In this blog I will try to explain basics of assignments, the general terms apply to any region in Canada, some specifics will be related to Ontario and more specifically GTA. What is an assignment. Assignment is when the seller sells the interest in the property (contract with the builder) before they actually own the property (before the seller’s name is on the title). In real estate transaction the assignments can happen for preconstruction and resale, in practise it is very rare... [read more]

Principal Residence Exemptions & Elections 45(2) and (3).

Tuesday Apr 7th, 2020

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Very often we are faced with a situation where a person moves temporarily from one city to another, a property becomes a rental unit or a rental unit becomes principal residence. The question is: does a person have to occupy the property all the time for it to be deemed principal residence, and be it exempt from capital gain tax for the period the owner does not ordinarily occupy it? There are certain elections one can make in order to defer the capital gain taxes when there is a change... [read more]

Is The Condo Preconstruction Deposit Safe?

Saturday Mar 28th, 2020

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I have already written about condo project cancellations and there have been a number of them in the last few years. Every time a unit is purchased a deposit is made, are these funds safe? There are number of safeguards in place to protect the buyers and their deposits. Tarion offers condo deposit protection up to $20,000, but as we know most deposits would exceed this amount by a large margin. The developer of the new condominium project must be Tarion registered and must enter into... [read more]

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