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]

  Finding a rental property in today’s market of the Greater Toronto Area (GTA) can be challenging. The rental market is very HOT! Vacancy rates are at all time low (around 1%) meaning that landlords (property owners) have their pick of who they want to rent to (and for what price). The housing market affects the rental rates. The more landlords pay for the property, the higher their mortgage, the higher the rent. And as it becomes harder to buy a home, with low market... [read more]

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]

November 15, 2018 is a very important date since it determines if the unit falls under the rent control or not. We are often asked about it, and it is even more confusing for the owners and tenants in newer buildings. What does rent control refer to? It refers to how much the rent can be increased, for 2022 the rent can be increased 1.2% as per Municipal Affairs and Housing Guidelines. That means if your rental unit falls under the rent control and the rent charged was $1,000, for 2022... [read more]

  GTA’s real estate market has been very expensive for many decades and it is often very difficult to get into the market, and as we wait to save more the price increases tend to outpace the savings. In the last 20 years the price corrections have been few and far between, with few hiccups along the way the prices are going from expensive to even more expensive. One way to get into the market is to find a place with a rental basement potential, yours truly have done it with our... [read more]