Since in this blog we are discussing tax rules, I would strongly suggest you to get the advice from a qualified tax specialist. What prompted us to write a blog on the subject is frequent misinformation posted on various popular online forums stating that one must reside in the property for 1 year or more in order to qualify for the hst new construction rebate. Before we get to it let’s quickly recap what is the new construction hst rebate, and how it works in Ontario. A... [read more]

In this blog we post a seminar by our lawyer of choice Greg Weedon on the subject of the buyers’ real estate contract breaches. The seminar is fairly lengthy at about an hour and twenty minutes, to help navigate the video we have posted topic timeline below and we suggest watching the video along with the summary prepared by Greg and posted here. The seminar is designed for the real estate agents, but we think anyone interested in the process would find it interesting, there are... [read more]

UPDATE: the filing deadline for 2023 VHT is February 29, 2024. The declaration portal is up and running. By now every homeowner of a residential property in Toronto should have received a letter notification from the City of Toronto about filling out the questionnaire regarding the status of their property for the purpose of the Vacant Home Tax reporting. If you have not received the notice, you will still need to file the declaration or face fines. The filing is mandatory for every... [read more]

February 2024 update. The 2 year foreign buyer ban originally introduced in 2022 has been extended until 2027. Original post. As we are nearing the end of 2022 we will be faced with new regulations coming to life as of January 1, 2023, one of them is a temporary 2 year foreign buyer ban. The temporary ban is introduced with the intent of making housing more affordable for Canadian residents. Any contractual obligations arising from the contracts signed prior to January 1, 2023 will... [read more]

In the hot real estate market we almost never hear of an escape clause because the properties are often sold in multiple offers situation and without conditions, in the slower markets the escape clause happens more often. The escape clause in not limited to real estate and can happen in any type of contract.  Essentially the escape clause means that a party to a contract can escape or get out of the contract without a penalty. The clause can be used be either buyer or... [read more]