On September 24, 2024 The Government of Canada announced significant changes to the mortgage rules qualifications. The two changes are: Increasing the $1M price cap for insured mortgages to $1.5M. Expanding the eligibility for the 30-year mortgage amortizations to all first-time home buyers, and to all home buyers of preconstruction homes.   Increasing the $1M price cap from $1M to $1.5M for insured mortgages. This is a significant change for buyers who could afford... [read more]

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]

In 2023 Fall Economic Statement, among other changes the federal government is introducing the measures to crack down on illegal short-term rentals as well as financial assistance to the municipalities to help enforce the municipal short-term rental rules. We have compiled a list of rules and regulations for GTA by municipalities. The rules will be implemented on January 1, 2024. The federal government will be denying expense deductions on any short-term rentals where the... [read more]

A buyer of a condominium was hit with a $34,000 special assessment shortly after purchasing a condominium and the judge ruled the buyer is exempt from paying his share because the possibly of the special assessment wasn’t properly disclosed in the status certificate.   The case of Adam Bruce v Waterloo North Condominium Corporation No. 26, they buyer Adam Bruce purchased a condominium in 2021. The buyer received the status certificate package including the status certificate... [read more]

GTA’s municipalities short-term rental rules and regulations. Short term rentals have been a hot topic for few years, highly debated on all levels of governments given our housing crisis, with the recent introduction of the federal government crackdown on illegal short term rentals starting January 1, 2024, we thought it would be a good idea to put together a list of rules and regulations by municipalities in the GTA region. The enforcement of the rules has always been very... [read more]